Oppenheimer (NYSE:OPY) Shares Gap Up – Here’s Why

Oppenheimer Holdings, Inc. (NYSE:OPY) gapped up before the market opened on Wednesday. The stock had previously closed at $83.77, but opened at $92.54. Oppenheimer shares last traded at $90.7650, with a volume of 12,608 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Oppenheimer from a “buy” rating to a “hold” rating in a research report on Saturday, October 31st. Needham & Company LLC raised Oppenheimer to an “outperform” rating in a report on Tuesday. Finally, Weiss Ratings raised Oppenheimer from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Three equities research analysts have rated the stock with a Buy rating. According to data from MarketBeat, the stock has a consensus rating of “Buy”.

Oppenheimer Price Performance

The stock has a market cap of $977.21 million, a price-to-earnings ratio of 12.28 and a beta of 1.12. The business’s 50-day simple moving average is $111.64 and its two-hundred day simple moving average is $102.51.

Oppenheimer (NYSE:OPY) last announced its quarterly earnings results on Friday, October 30th. The financial services provider reported $1.81 earnings per share (EPS) for the quarter. Oppenheimer had a net margin of 4.94% and a return on equity of 19.02%. The company had revenue of $382.00 million during the quarter.

Oppenheimer Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 27th. Investors of record on Friday, November 13th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, November 13th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Oppenheimer’s payout ratio is currently 10.77%.

Hedge Funds Weigh In On Oppenheimer

Several large investors have recently bought and sold shares of the company. Signaturefd LLC raised its holdings in Oppenheimer by 103.0% in the 3rd quarter. Signaturefd LLC now owns 603 shares of the financial services provider’s stock valued at $71,000 after buying an additional 306 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Oppenheimer by 138.6% during the third quarter. Nisa Investment Advisors LLC now owns 1,076 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 625 shares during the last quarter. Tidal Investments LLC bought a new position in shares of Oppenheimer during the second quarter valued at $207,000. Ullmann Wealth Partners Group LLC bought a new position in shares of Oppenheimer during the third quarter valued at $211,000. Finally, DGS Capital Management LLC raised its stake in shares of Oppenheimer by 2.7% during the first quarter. DGS Capital Management LLC now owns 3,681 shares of the financial services provider’s stock valued at $328,000 after acquiring an additional 97 shares during the last quarter. 32.26% of the stock is currently owned by institutional investors.

About Oppenheimer

Oppenheimer Holdings Inc is a diversified financial services company that operates primarily through its subsidiaries, including Oppenheimer & Co Inc and Oppenheimer Asset Management Inc The company provides investment banking, securities brokerage, wealth management and asset management services to individual investors, businesses, institutional clients and government entities.

Its investment banking activities include public and private securities offerings, mergers and acquisitions advisory services, financial restructuring and municipal finance.