Oppenheimer (NYSE:OPY) Shares Down 14.4% – Here’s What Happened

Oppenheimer Holdings, Inc. (NYSE:OPY)’s share price dropped 14.4% on Friday. The stock traded as low as $93.25 and last traded at $92.4130. Approximately 60,919 shares traded hands during mid-day trading, a decline of 32% from the average session volume of 90,210 shares. The stock had previously closed at $107.94.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OPY. Wall Street Zen raised Oppenheimer from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings raised Oppenheimer from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy”.

Oppenheimer Stock Down 21.5%

The firm has a market cap of $907.62 million, a price-to-earnings ratio of 9.56 and a beta of 1.10. The stock’s 50 day moving average is $114.37 and its 200 day moving average is $102.23.

Oppenheimer (NYSE:OPY) last announced its earnings results on Friday, October 30th. The financial services provider reported $1.81 EPS for the quarter. The business had revenue of $382.00 million during the quarter. Oppenheimer had a return on equity of 19.51% and a net margin of 5.72%.

Hedge Funds Weigh In On Oppenheimer

Several institutional investors and hedge funds have recently modified their holdings of OPY. Lazard Asset Management LLC bought a new stake in Oppenheimer during the first quarter valued at about $1,590,000. Empowered Funds LLC raised its position in shares of Oppenheimer by 48.6% in the 1st quarter. Empowered Funds LLC now owns 46,066 shares of the financial services provider’s stock valued at $4,109,000 after acquiring an additional 15,073 shares during the period. Engineers Gate Manager LP lifted its stake in Oppenheimer by 208.5% in the second quarter. Engineers Gate Manager LP now owns 10,026 shares of the financial services provider’s stock valued at $1,058,000 after buying an additional 6,776 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Oppenheimer by 1.5% during the first quarter. Dimensional Fund Advisors LP now owns 497,033 shares of the financial services provider’s stock worth $44,329,000 after purchasing an additional 7,384 shares during the last quarter. Finally, Sei Investments Co. grew its stake in shares of Oppenheimer by 57.9% in the first quarter. Sei Investments Co. now owns 12,532 shares of the financial services provider’s stock valued at $1,118,000 after buying an additional 4,593 shares in the last quarter. 32.26% of the stock is currently owned by hedge funds and other institutional investors.

Oppenheimer Company Profile

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.