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Oppenheimer Holdings Inc. Reports Second Quarter 2025 Earnings
Prnewswire· 2025-08-01 12:00
Core Viewpoint - Oppenheimer Holdings Inc. reported significant growth in net income and revenue for the second quarter of 2025, reflecting strong performance across its Wealth Management and Capital Markets segments, despite market volatility and recession fears [1][2][4]. Financial Performance - Net income for Q2 2025 was $21.7 million, or $2.06 per share, compared to $10.3 million, or $0.99 per share, in Q2 2024, marking an increase of 111.1% [1][21]. - Revenue for Q2 2025 reached $373.2 million, a 12.9% increase from $330.6 million in Q2 2024 [1][21]. - Pre-tax income rose to $32.2 million, up 103.0% from $15.9 million in the prior year [21]. Wealth Management Segment - Wealth Management revenue was $246.4 million, a 5.1% increase from $234.5 million in the prior year [8][9]. - Assets under management (AUM) reached a record high of $52.8 billion, up from $47.5 billion a year ago [10][14]. - Pre-tax income in Wealth Management decreased by 2.2% to $62.8 million compared to $64.2 million in Q2 2024 [8][11]. Capital Markets Segment - Capital Markets revenue increased by 33.5% to $123.0 million compared to $92.1 million in the prior year [12][21]. - Investment Banking revenue surged by 49.5% to $43.5 million, driven by higher underwriting volumes and larger advisory mandates [12][19]. - Sales and trading revenue also saw significant growth, with equities trading revenue up 20.2% and fixed income trading revenue up 23.6% compared to the previous year [19]. Expense Management - Total expenses increased by 8.3% to $340.9 million, with compensation expenses rising by 8.3% to $239.1 million [21]. - Non-compensation expenses rose by 13.8%, primarily due to increased communication and technology costs [19][21]. Market Conditions and Outlook - The firm experienced favorable market conditions, with a rally in equity markets following the suspension of tariffs, leading to increased trading volumes and asset values [2][4]. - The company remains optimistic about continued growth in deal volumes and overall performance in the latter half of the year as market conditions stabilize [4][5].
Oppenheimer Appoints Jon Hudson As Managing Director and Co-head of Healthcare Services Investment Banking
Prnewswire· 2025-07-14 10:00
Core Insights - Oppenheimer & Co. Inc. has appointed Jon Hudson as Managing Director and Co-Head of its Healthcare Services Investment Banking team, reflecting the firm's commitment to expanding its capabilities in the healthcare sector [1][2] - Hudson brings over 25 years of experience in the healthcare industry, focusing on M&A advisory and capital markets, particularly in provider and physician services, as well as the payor landscape [2][3] - The appointment is seen as a strategic move to enhance Oppenheimer's healthcare investment banking team, benefiting clients through Hudson's extensive expertise [4] Company Overview - Oppenheimer & Co. Inc. is a principal subsidiary of Oppenheimer Holdings Inc. and provides a full range of wealth management, securities brokerage, and investment banking services to high net-worth individuals, families, corporate executives, local governments, businesses, and institutions [4]
Turtle Beach Corporation to Participate in Oppenheimer 25th Annual Consumer Growth and E-Commerce Conference
GlobeNewswire News Room· 2025-06-06 12:30
Core Insights - Turtle Beach Corporation, a leading gaming accessories brand, will participate in the Oppenheimer 25th Annual Consumer Growth and E-Commerce Conference from June 9-11, 2025 [1] - CEO Cris Keirn will host a fireside chat on June 10 at 11:15 a.m. ET, with management available for meetings during the conference [1] Company Overview - Turtle Beach Corporation is recognized as one of the world's leading gaming accessory providers, known for its best-selling gaming headsets, top-rated game controllers, and award-winning PC gaming peripherals [3] - The company has maintained its position as a market leader in console gaming audio for over a decade, emphasizing innovation and customer support [3] - In 2024, Turtle Beach acquired Performance Designed Products LLC, further expanding its product offerings [3] - The company's shares are traded on the Nasdaq Exchange under the symbol TBCH [3]
Oppenheimer(OPY) - 2025 FY - Earnings Call Transcript
2025-05-05 20:30
Financial Data and Key Metrics Changes - For the fiscal year 2024, total revenues reached $1,432 million, an increase from $1,248 million in 2023, while net income rose to $71.6 million from $30.2 million in the previous year [25][23] - Basic earnings per share for 2024 were $6.91, compared to $6.31 in 2023, with first quarter earnings per share for 2025 at $2.93, up from $2.50 in the same period of 2024 [25][24] - Stockholders' equity at the end of the first quarter of 2025 reached a record $872 million, compared to $850 million at the end of 2024 [26] Business Line Data and Key Metrics Changes - Wealth management revenue for 2024 was $972 million, up from $890 million in 2023, while capital markets revenue increased to $447.6 million from $345.9 million [28][31] - In the first quarter of 2025, total revenue was $367.8 million, with $242 million (66%) from wealth management and $123.3 million (34%) from capital markets, compared to $353 million in the first quarter of 2024 [29][24] - Pre-tax income from wealth management for 2024 was $265.7 million, compared to $218.5 million in 2023, while capital markets reported a loss of $39.6 million, improved from a loss of $63 million in 2023 [29] Market Data and Key Metrics Changes - Client assets under administration reached a new high of $129.9 billion at the end of the first quarter of 2025, while assets under management were $48.9 billion, slightly down from year-end 2024 [32] - The company had 89 retail branches in the US and employed 3,012 individuals, including 933 financial advisors [22] Company Strategy and Development Direction - The company is focused on organic and inorganic growth opportunities in areas complementary to existing businesses, with a strong emphasis on wealth management and capital markets [35] - The company plans to opportunistically hire qualified candidates across its platform in response to market conditions [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position to provide client advice amidst volatile market conditions due to new administration policies [35] - However, they noted that advisory fees may be adversely impacted by lower billable assets under management if recent market declines persist [36] Other Important Information - Albert Lowenthal will step down as CEO but remain as Executive Chairman, with Robert Lowenthal taking over as CEO [20] - The company repurchased 243,806 shares of Class A non-voting common stock during 2024 under its share repurchase program [23] Q&A Session Summary Question: Were there any questions from Class B stockholders? - There were no questions from Class B stockholders, and any questions from Class A stockholders submitted via email will be responded to within the next 24 hours [37]
Oppenheimer(OPY) - 2025 Q1 - Quarterly Report
2025-04-25 12:32
Financial Performance - The Company reported net income of $30.7 million or $2.93 basic earnings per share for Q1 2025, compared to net income of $26.1 million or $2.50 per share for Q1 2024, representing a 17.7% increase in net income [183]. - Revenue for Q1 2025 was $367.8 million, an increase of 4.2% from $353.1 million in Q1 2024 [183]. - Wealth Management revenue was $242.0 million, a 1.7% increase year-over-year, while pre-tax income decreased by 10.5% to $67.9 million [188]. - Capital Markets revenue increased by 10.0% to $123.3 million, despite challenging market conditions [187]. - Revenue for Q1 2025 was $241.986 million, a 1.7% increase from $237.961 million in Q1 2024 [189]. - Advisory fee revenue increased by 12.2% to $128.792 million, driven by higher assets under management (AUM) during the billing period [191]. - Pre-tax income decreased by 10.5% to $67.864 million, resulting in a pre-tax margin of 28.0%, down from 31.8% [189]. Assets Management - Assets under management (AUM) totaled $48.9 billion as of March 31, 2025, up 4.9% from $46.6 billion a year earlier [184]. - Assets under administration (AUA) reached $129.9 billion, a 4.0% increase from $124.9 billion in the previous year [184]. - Assets under administration increased by 4.0% to $129.9 billion, while assets under management rose by 4.9% to $48.9 billion [189]. Expenses - Total expenses rose by 7.4% to $174.122 million, with compensation expenses increasing by 3.5% and non-compensation expenses rising by 16.9% [189]. - Compensation expenses rose by 2.4% to $227.1 million, driven by inflationary pressures on wages [184]. - Non-compensation expenses increased by 5.7% to $99.4 million, primarily due to higher interest and technology-related costs [184]. Strategic Focus - The Company is focused on expanding its wealth management business through strategic hiring and targeted acquisitions [173]. - The Company aims to improve its technology platform to enhance client service and remain competitive while managing expenses [174]. Financing and Loans - The company had an outstanding bank call loan balance of $439.6 million as of March 31, 2025, compared to $252.1 million at December 31, 2024 [200]. - As of March 31, 2025, the company had $359.5 million in bank call loans, an increase from $252.1 million at December 31, 2024 [207]. - The average daily bank loan outstanding for the three months ended March 31, 2025, was $277.3 million, compared to $57.8 million for the same period in 2024 [207]. - Securities loan balances totaled $360.9 million as of March 31, 2025, up from $235.5 million at December 31, 2024 [208]. - The average daily securities loan balances for the three months ended March 31, 2025, were $359.2 million, compared to $303.4 million for the same period in 2024 [208]. - The gross balances of reverse repurchase agreements and repurchase agreements were $292.9 million and $1,159.3 million, respectively, as of March 31, 2025 [211]. - The average daily balance of reverse repurchase agreements was $370.5 million for the three months ended March 31, 2025, compared to $122.9 million for the same period in 2024 [211]. - Cash provided by financing activities for the three months ended March 31, 2025, was $95,645 thousand, an increase from $78,132 thousand in 2024 [217]. - The company has $171.5 million in operating lease obligations, with an estimated cash requirement of $8.8 million for interest expense for the remainder of 2025 [216]. Regulatory Compliance - As of March 31, 2025, all active regulated subsidiaries had net capital in excess of minimum requirements [231]. - The SEC's new rule amendments will require the company to perform daily computations of net cash owed to customers starting December 31, 2025, potentially increasing staffing levels [232].
Oppenheimer(OPY) - 2025 Q1 - Quarterly Results
2025-04-25 12:19
[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) The firm reported strong Q1 2025 results with increased net income and revenue, driven by advisory fees and trading, despite macroeconomic uncertainties and rising expenses [First Quarter 2025 Earnings Summary](index=1&type=section&id=First%20Quarter%202025%20Earnings%20Summary) Oppenheimer Holdings Inc. reported a solid first quarter for 2025, with net income rising to $30.7 million ($2.93 per share) from $26.1 million ($2.50 per share) in Q1 2024 Earnings Summary (Millions USD, except EPS) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net Income** | $30.7 million | $26.1 million | | **Basic EPS** | $2.93 | $2.50 | | **Revenue** | $367.8 million | $353.1 million | - The CEO highlighted significant macroeconomic challenges, including swift policy changes on trade and immigration, concerns of a potential trade war, and increased market volatility, raising the likelihood of a recession and dampening hopes for active capital market activity[2](index=2&type=chunk) - Despite market challenges, the firm achieved record equity levels and is positioned for its CEO-elect, Robert Lowenthal, to lead the company into its next phase[4](index=4&type=chunk) [Summary Operating Results](index=2&type=section&id=Summary%20Operating%20Results) The firm's overall revenue grew to $367.8 million, with pre-tax income rising to $41.4 million, while Wealth Management saw a slight revenue increase but a decrease in pre-tax income Summary Operating Results (Millions USD) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Firm Revenue** | $367.8 million | $353.1 million | | **Firm Pre-Tax Income** | $41.4 million | $37.5 million | | **Wealth Management Revenue** | $242.0 million | $238.0 million | | **Wealth Management Pre-Tax Income** | $67.9 million | $75.8 million | | **Capital Markets Revenue** | $123.3 million | $112.1 million | | **Capital Markets Pre-Tax Loss** | $(5.1) million | $(6.7) million | [Key Highlights](index=2&type=section&id=Key%20Highlights) Revenue growth in Q1 2025 was primarily fueled by higher advisory fees and trading revenue, while expenses increased due to wage inflation and higher non-compensation costs - Revenue was primarily driven by higher advisory fees, transaction-based commissions, and sales and trading revenue[9](index=9&type=chunk) - Expenses increased due to: - **Compensation:** Inflationary wage pressures and higher production-related expenses - **Non-compensation:** Higher interest, technology, and clearing/execution costs[9](index=9&type=chunk) - The company achieved record highs in total stockholders' equity, book value, and tangible book value per share due to positive earnings[9](index=9&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Wealth Management revenue increased but pre-tax income declined due to higher expenses, while Capital Markets saw revenue growth and a narrowed pre-tax loss driven by sales and trading [Wealth Management](index=3&type=section&id=Wealth%20Management) The Wealth Management segment reported a 1.7% revenue increase to $242.0 million, driven by advisory fees and retail commissions, despite a 10.5% fall in pre-tax income due to rising expenses Wealth Management Performance (Millions USD, except %) | Wealth Management | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $242.0 million | $238.0 million | | **Pre-Tax Income** | $67.9 million | $75.8 million | | **Pre-Tax Margin** | 28.0% | 31.8% | | **AUM (billions)** | $48.9 | $46.6 | - Key revenue drivers: - **Advisory fees:** Increased **12.2%** due to higher AUM - **Retail commissions:** Increased **7.8%** from higher trading activity - **Bank deposit sweep income:** Decreased by **$6.6 million** due to lower balances and rates[16](index=16&type=chunk) - Total expenses rose, driven by a **3.5%** increase in compensation costs and a **16.9%** increase in non-compensation expenses, primarily from higher legal and external portfolio management costs[16](index=16&type=chunk) [Capital Markets](index=4&type=section&id=Capital%20Markets) The Capital Markets segment's revenue grew 10.0% year-over-year to $123.3 million, while its pre-tax loss narrowed to $5.1 million, driven by strong sales and trading performance Capital Markets Performance (Millions USD) | Capital Markets | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenue** | $123.3 million | $112.1 million | | **Investment Banking Revenue** | $45.0 million | $47.9 million | | **Sales and Trading Revenue** | $76.9 million | $63.7 million | | **Pre-Tax Loss** | $(5.1) million | $(6.7) million | - Investment Banking revenue changes: - **Advisory fees:** Decreased **18.5%** due to fewer private placement transactions - **Fixed income underwriting:** Increased **116.6%** due to higher public finance activity[22](index=22&type=chunk) - Sales and Trading revenue grew, with equities up **37.9%** on higher volumes and options activity, and fixed income up **5.2%** from higher interest income on trading inventory[22](index=22&type=chunk) [Financial Statements and Other Matters](index=4&type=section&id=Financial%20Statements%20and%20Other%20Matters) The consolidated income statement shows revenue and net income growth, supported by a lower effective tax rate and increased stockholders' equity [Consolidated Income Statement](index=6&type=section&id=Consolidated%20Income%20Statement) The consolidated income statement details a 4.2% rise in total revenue to $367.8 million, leading to a 10.5% rise in pre-tax income and a 17.7% increase in net income attributable to the company Consolidated Income Statement (Millions USD) | | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total revenue** | 367.8 million | 353.1 million | 4.2% | | Commissions | 110.9 million | 95.9 million | 15.7% | | Advisory fees | 128.8 million | 114.8 million | 12.2% | | Investment banking | 47.6 million | 50.5 million | (5.8)% | | **Total expenses** | 326.4 million | 315.7 million | 3.4% | | **Pre-Tax Income** | 41.4 million | 37.5 million | 10.5% | | **Net income attributable to OPY** | 30.7 million | 26.1 million | 17.7% | [Other Matters](index=4&type=section&id=Other%20Matters) The company announced a quarterly dividend of $0.18 per share, with stockholders' equity increasing to $872.3 million and a lower effective tax rate of 25.9% - The Board of Directors declared a quarterly dividend of **$0.18 per share**, payable on May 23, 2025[22](index=22&type=chunk) Other Financial Metrics (Millions USD, except %) | | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Stockholders' Equity** | $872.3 million | $801.5 million | | **Common Stock Repurchases** | $0.1 million | $8.4 million | | **Effective Tax Rate** | 25.9% | 31.3% | - The effective tax rate decreased to **25.9%** from **31.3%** in the prior year, benefiting from fewer non-deductible expenses and a higher tax benefit on the vesting of share awards[22](index=22&type=chunk) [Company Information and Disclosures](index=5&type=section&id=Company%20Information%20and%20Disclosures) Oppenheimer Holdings Inc. provides diverse financial services and includes standard forward-looking statement disclosures [Company Information](index=5&type=section&id=Company%20Information) Oppenheimer Holdings Inc. is a prominent middle-market investment bank and full-service broker-dealer with a history dating back to 1881, providing a comprehensive suite of financial services - Oppenheimer is a leading middle-market investment bank and full-service broker-dealer engaged in retail securities brokerage, institutional sales and trading, investment banking, research, and asset management services[23](index=23&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements, and readers are advised to consult the company's Annual Report on Form 10-K for a comprehensive discussion of related risks and factors - The report includes forward-looking statements, and for a discussion of related risks, reference is made to the Company's Annual Report on Form 10-K for the year ended December 31, 2024[24](index=24&type=chunk)
Oppenheimer Holdings Inc. Reports First Quarter 2025 Earnings
Prnewswire· 2025-04-25 12:00
Core Insights - Oppenheimer Holdings Inc. reported a net income of $30.7 million for Q1 2025, an increase from $26.1 million in Q1 2024, with basic earnings per share rising to $2.93 from $2.50 [1][21] - Revenue for Q1 2025 was $367.8 million, reflecting a 4.2% increase compared to $353.1 million in Q1 2024 [1][22] Financial Performance - The firm experienced a 4.2% increase in revenue, driven by higher advisory fees and increased transaction-based commissions [11][12] - Compensation expenses rose to $227.1 million, a 2.4% increase from the previous year, while non-compensation expenses increased by 3.4% [22] - Pre-tax income for the quarter was $41.4 million, up 10.5% from $37.5 million in the prior year [22] Wealth Management Segment - Wealth Management revenue was $242.0 million, a 1.7% increase year-over-year, although pre-tax income decreased by 10.5% to $67.9 million [8][11] - Assets Under Management (AUM) stood at $48.9 billion, up from $46.6 billion a year ago, despite a slight decrease from recent highs [8][11] Capital Markets Segment - Capital Markets revenue reached $123.3 million, a 10.0% increase compared to the prior year, with a pre-tax loss of $5.1 million, an improvement from a loss of $6.7 million [13][15] - Institutional trading volumes increased during the volatile market conditions, benefiting sales and trading revenues [4][15] Market Conditions and Outlook - The firm noted increased market volatility due to macroeconomic uncertainties, including trade policy changes and inflation concerns, which have affected consumer confidence and capital market activity [2][3] - The firm ended the quarter with record equity levels, positioning itself for future opportunities under new leadership [5][16]
Regulus Therapeutics to Present at the 2025 Oppenheimer Innovation on the Island Biotech Summit
Prnewswire· 2025-04-02 12:00
Core Viewpoint - Regulus Therapeutics Inc. is actively participating in the 2025 Oppenheimer Innovation on the Island Biotech Summit, highlighting its focus on innovative medicines targeting microRNAs [1]. Company Overview - Regulus Therapeutics Inc. is a biopharmaceutical company listed on Nasdaq (RGLS) that specializes in the discovery and development of medicines aimed at microRNAs [3]. - The company has developed a robust pipeline supported by a strong intellectual property portfolio in the microRNA sector [3]. - Regulus is headquartered in San Diego, California [3]. Event Participation - Jay Hagan, the CEO of Regulus, will present at the summit on April 9th, 2025, at 11:32 a.m. ET [1]. - The live event and its replay will be accessible through the investor relations section of the company's website for 90 days post-presentation [2].
Oppenheimer Adds to Technology Banking Group with the Hire of Ranjot Singh as Managing Director
Prnewswire· 2025-03-25 10:00
Core Insights - Oppenheimer & Co. Inc. has appointed Ranjot Singh as a Managing Director in its Technology Investment Banking Group, enhancing its advisory capabilities in the technology sector [1][2] Company Overview - Oppenheimer & Co. Inc. is a principal subsidiary of Oppenheimer Holdings Inc. and provides a comprehensive range of wealth management, securities brokerage, and investment banking services to high net-worth individuals, families, corporate executives, local governments, businesses, and institutions [5] Leadership and Expertise - Ranjot Singh brings over 16 years of experience in investment banking, having previously worked at Guggenheim Securities, Barclays Capital, and Lehman Brothers, and has executed over $90 billion in M&A transactions [2] - The Technology Investment Banking group at Oppenheimer now consists of 18 senior bankers with extensive expertise across more than 10 sub-sectors of the technology landscape [4] Strategic Vision - Singh emphasized the importance of technology companies in driving global economic growth and expressed enthusiasm about joining Oppenheimer's dedicated team to support client success [3]
GBI Integrates With Oppenheimer to Offer Wealth Management Clients Seamless Access to Precious Metals
Prnewswire· 2025-03-19 16:55
Core Insights - GBI has integrated its platform with Oppenheimer & Co. Inc., allowing Oppenheimer's clients to invest in physical precious metals like gold and silver [1][2][3] - This integration enhances Oppenheimer's wealth management services by providing clients with access to alternative investments [2][3] - GBI, founded in 2009, manages over $4 billion in assets and offers a comprehensive solution for buying, selling, storing, and delivering precious metals [4] Company Overview - GBI is recognized as a leading institutional platform for physical precious metals investments, focusing on security, transparency, and liquidity [4] - Oppenheimer & Co. Inc. provides a range of financial services, including wealth management and investment banking, targeting high-net-worth individuals and institutions [6]