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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Oppenheimer Holdings Inc | NYSE:OPY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.35 | 0.86% | 40.83 | 40.96 | 40.52 | 40.96 | 14,506 | 22:30:00 |
Delaware
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98-0080034
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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Date: October 26, 2018
By: /s/ Jeffrey J. Alfano --------------------------------- Jeffrey J. Alfano Chief Financial Officer (Duly Authorized Officer) |
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As of
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As of
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9/30/2018
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9/30/2017
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% Change
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9/30/2018
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12/31/2017
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% Change
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Book Value Per Share
(1)
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$
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40.94
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$
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38.48
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6.4
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$
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40.94
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$
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39.55
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3.5
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Tangible Book Value Per Share
(1)(2)
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$
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28.13
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$
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25.54
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10.1
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$
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28.13
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$
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26.74
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5.2
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(1)
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Attributable to Oppenheimer Holdings Inc.
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(2)
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Represents book value less goodwill and intangible assets divided by number of shares outstanding.
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*
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Percentage not meaningful.
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•
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During the third quarter of 2018, the Company participated in tender offers by issuers of ARS which resulted in recognized losses totaling $8.1 million (after-tax impact of $6.0 million). The recognized losses are comprised of realized losses of $4.6 million related to tendering ARS holdings at prices below par and unrealized losses of $3.5 million related to revaluing the remaining affected ARS owned and commitments to purchase at the tender offer prices.
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•
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The Company recorded compensation and related expenses of $4.3 million (after-tax impact of $3.2 million) related to its OARs Plan due to the price of its Class A Stock increasing from $28.00 at the end of the second quarter of 2018 to $31.60 at the end of the third quarter of 2018.
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•
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Commission revenue was
$79.7 million
for the third quarter of 2018, an increase of
2.6
% compared with
$77.6 million
for the third quarter of 2017 due to higher transaction-based revenue in the institutional equities business partially offset by lower transaction-based revenue in the retail business during the third quarter of 2018.
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•
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Advisory fees were
$78.2 million
for the third quarter of 2018, an increase of
5.1
% compared with
$74.3 million
for the third quarter of 2017 due to a higher level of client assets under management ("AUM").
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•
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Investment banking revenue increased
18.3
% to
$28.3 million
for the third quarter of 2018 compared with
$23.9 million
for the third quarter of 2017 due to higher equity underwriting fees as well as higher merger and acquisition advisory fees during the third quarter of 2018.
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•
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Bank deposit sweep income was
$30.1 million
for the third quarter of 2018, an increase of
42.1
% compared with
$21.1 million
for the third quarter of 2017 due to higher short-term interest rates during the third quarter of 2018.
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•
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Interest revenue was
$13.4 million
for the third quarter of 2018, an increase of
3.5
% compared with
$13.0 million
for the third quarter of 2017 due primarily to an increase in interest revenue on margin extended to customers during the third quarter of 2018.
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•
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Principal transactions revenue was
$(16,000)
for the third quarter of 2018 compared with
$5.1 million
for the third quarter of 2017 primarily due to recognized losses during the third quarter of 2018 resulting from participating in tender offers of ARS as indicated above partially offset by higher government trading income.
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•
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Client assets under administration were $86.9 billion at September 30, 2018, remained flat compared with $86.9 billion at December 31, 2017.
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•
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Financial adviser headcount was 1,078 at the end of the third quarter of 2018 (1,083 at the end of the second quarter of 2018), down from 1,117 at the end of the third quarter of 2017. The decline since the third quarter of 2017 has resulted from the Company's emphasis on adviser productivity.
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•
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Retail commissions were $47.6 million for the third quarter of 2018, a decrease of 1.0% from the third quarter of 2017 due to reduced transaction volumes from retail investors during the third quarter of 2018.
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Advisory fee revenue on traditional and alternative managed products was $60.5 million for the third quarter of 2018, an increase of 9.6% from the third quarter of 2017 (see Asset Management below for further information). The increase in advisory fees was due to the increase in the value of AUM.
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•
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Bank deposit sweep income was
$30.1 million
for the third quarter of 2018, an increase of
42.1
% compared with
$21.1 million
for the third quarter of 2017 due to higher short-term interest rates during the third quarter of 2018.
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•
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Advisory fee revenue on traditional and alternative managed products was $17.6 million for the third quarter of 2018, a decrease of 7.9% from the third quarter of 2017 primarily due to the change in the method of reporting management fees from alternative investments referred to above offset by higher AUM. Advisory fees are calculated based on the value of AUM at the end of the prior quarter which totaled $28.7 billion at June 30, 2018 ($26.1 billion at June 30, 2017) and are allocated to the Private Client and Asset Management business segments.
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•
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AUM increased 8.8% to a record high of $29.6 billion at September 30, 2018 compared with $27.2 billion at September 30, 2017. AUM at September 30, 2018 is the basis for advisory fee billings for the fourth quarter of 2018. The increase in AUM was comprised of asset appreciation of $1.7 billion and net contributions of assets of $0.7 billion.
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•
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Institutional equities commissions increased 7.4% to $23.1 million for the third quarter of 2018 compared with the third quarter of 2017 reflecting higher client trading activity in the third quarter of 2018.
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•
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Advisory fees from investment banking activities increased 41.2% to $9.6 million in the third quarter of 2018 compared with the third quarter of 2017 due to higher fees earned on completed merger and acquisition transactions during the third quarter of 2018.
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•
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Equity underwriting fees increased 26.5% to $14.8 million for the third quarter of 2018 compared with the third quarter of 2017 due to the Company's increased focus on equity issuances as well as a robust market for equity underwritings during the third quarter of 2018.
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•
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Revenue from Taxable Fixed Income increased 10.5% to $14.7 million for the third quarter of 2018 compared with the third quarter of 2017 due to higher government trading income during the third quarter of 2018.
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Public Finance and Municipal Trading revenue increased 37.1% to $4.8 million for the third quarter of 2018 compared with the third quarter of 2017 due to higher municipal capital markets fees and commissions offset by lower municipal trading income during the third quarter of 2018.
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At September 30, 2018, total equity was $543.9 million
compared with $523.9 million
at December 31, 2017, an increase of 3.8%.
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•
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At September 30, 2018, book value per share was
$40.94
(compared with
$39.55
at December 31, 2017) and tangible book value per share was
$28.13
(compared with
$26.74
at December 31, 2017).
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•
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The Company's level 3 assets, primarily auction rate securities, were $21.5 million at September 30, 2018 (compared with $87.6 million at December 31, 2017). The decline in level 3 assets during the period was driven by the sales of ARS referred to above.
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•
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During the third quarter of 2018, the Company obtained additional liquidity on its ARS owned of $45.2 million through ARS issuer redemptions and tender offers, net of additional client buybacks.
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