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Oppenheimer Holdings Inc. (OPY)

NYSE - NYSE Delayed Price. Currency in USD
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51.11+0.19 (+0.37%)
At close: 4:00PM EDT
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  • D
    Doug
    has to a buyout coming soon!
  • b
    bill sedric
    Why the drop
  • E
    Eric
    Shareholders' Equity reached a record $719.7 million as of March 31, 2021.
    Bullish
  • D
    Doug
    wow $250 million in cash, no stock bought back a sale soon $80!!
  • T
    Trayes
    Bought this on the break out in low 30s. Added 25 percent more shares as it bounced off the 21 day moving average. I have a nice cushion so I will sit through earnings. If things go as planned I will finish up by buying on the next pull back to the 21 day.

    Will only sell of it crosses the 10 week moving average buy 1 or 2 percent at the close on any Friday.

    As of right now... she’s on auto pilot.
    Bullish
  • M
    Michael
    Looking for commentary on this stock
    Bullish
  • D
    Doug
    Albert G. Lowenthal , Chairman and CEO commented, "We are pleased with the performance of the business during the first quarter of 2019. Although our results were aided by a strong equities market, the firm's core businesses performed well and we believe that the strong underlying economic landscape will continue to provide support for the growth objectives of the firm. After the sharp sell-off in the equities markets during the fourth quarter of 2018, our asset management fees for the first quarter, which are based on asset values at December 31, 2018 , declined 5.0%. The significant increase in equity asset values in the first quarter of 2019 will favorably impact our asset management fees for the second quarter of 2019. Our investment banking business performed well as a result of increased fees from advisory assignments and despite a significant decline in underwriting income. Our operating results continue to benefit from the present level of short-term interest rates as we continue to realize the effect of interest rate hikes in 2018.
    Our institutional equities commission business showed improvement during the first quarter of 2019 as a result of an increase in volatility which drove greater activity by institutional counterparties. However, our retail transaction-based business declined during the period reflecting an ongoing secular reduction in portfolio turnover as our clients continue to move to more passive investment strategies. We continue to be optimistic about our investment banking business for 2019, particularly as we foresee a strong pipeline for initial public offerings as private equity investments enter the public markets. Finally, we are encouraged by the decline in legal and regulatory costs as many of the investments in our compliance efforts are realized."
  • D
    Doug
    Oppenheimer Holdings ($26 OPY) Tangible book value grows rapidly due to strong earnings and low dividend payout ratio.
    Again virtually no one covers this name on the buy or sell side, this is again why this is mispriced massively. No one covering this one but me is another reason it is a great value in this world it is hard to get an edge on such a liquid stock with high insider ownership and high insider buying and no insider selling.
    Also, every firm out there has some insider selling, not OPY!
    Many people think OPY is an investment bank, when it is really a good -sized asset management firm with a little investment bank on the side.
    Results the last several quarters have beaten any estimates, buy a ton, but no one seems to care other than a POP, here and there on great earnings last year twice, only to trade back down levels before the POP.
    Even without incentive fee income, say the market crashed, they make a mint today, from just 2 years ago, as short-term interest rates are way up, creating a stable earnings machine, as far as we can see, with potential huge if anything else goes right, it is just a huge bonus, and in fact many other parts of the business are doing very well. The CEO even said last year “the future looks bright” I don’t any other CEO in this sector that has ever said that.
    While we never like to invest without huge insider ownership, here we have that in spades and in fact insiders never seem to sell. In fact, I can only name a handful of banks and almost no asset management firms were insiders never, ever sell, this is a strong statement, of doing nothing.
    In early 2014 the stock traded at $29 with a price to TBV of 1.2, today it trades under tangible book, even with this strong earnings growth, seems just insane.
    Bottom line it is a liquid stock, that is extremely undervalued again at $26 a share and tangible book of $29 a share, with this recent sell-off, the second in 3 months.
    Shares are worth at least $50, using a current price times book and P/E ratio and past sales of similar firms.
    Catalysts for
    The market is active for wealth management a sale this year include a strong stock market, with low rates as firms as brokers and banks are trying to grow client assets.
    Stable interest income, as long as short-term rates stay anywhere these levels.
    Mergers and low rates here to stay, means lots of business for them.
    The CEO again is in his mid-seventies and he keeps buying stock back even at todays prices is the strongest statement he has said; besides all the other positive comments he has made the past year, is not the way this CEO has spoken in the past ever.
    This private client wealth management and asset management company, is putting the ARS costs behind them, putting the technogly costs behind them, putting regulatory settlements behind them and now they are ready to be sold to a much larger financial institution. The stock I believe is just so undervalued in today’s market.
    I t was even trading for 1.7 times TBV in 2009, so even if they only got that price it would be a $50 stock today, this is a rare example of just a miss-priced security after a ten year bull run, that nobody still cares about, even with the 100% rise, from the lows of $13 and change a few years ago, it is cheaper today than back then, due to all the earnings growth, further earnings growth, book value growth, and the right sales of the right business at the right prices, they have done the past few years.
    This firm will earn well over $5.00 a share in 2020, either way on takeout or earnings this stock is going much higher.
    The CEO said also “we look forward to higher levels of profitability with higher interest rates and also that the future looks bright”
    There is no-way they would be buying back shares at these levels if they didn’t see a great future or they are getting ready to sell. They have not bought back stock like this ever, let alone paying 50% more for it than just a year and a half ago, shows they mean business and have lots of cash and they think it is super cheap. This is a prudent Investment bank and they are very frugal.
    Why not make this a top holding with a P/E of 8 for 2019, trading under book value, and growing their book value very fast for the foreseeable future?
    TBV is mostly made up of corporate bonds, monies, agency securities, a little ARS left and a small repo book.
    OPY has a strong record of growing AUM.
    No other firm like this trades anywhere near this discount to TBV, and TBV does not reflect the underlying earnings power of these steady, high-margin, fee earning businesses that require minimal tangible capital.
    Even Stifel (SF), has 13 times the market cap even it only has 1.80 times assets under management and trades at 1.40 times book.
    A number of players would love to get their stable earnings power going forward and with so many deals in this space the past ten years it is easy to comp this one at $50 as share or almost a 100% gain from today’s levels very
  • d
    dave012454
    this stock is up about 35% from the end of January of this year... that is a technical break out and combined with the outstanding improving financials, bodes well for an expansion of the multiple and the direction of the stock price...
    Bullish
  • D
    Doug
    Some of our favorite small banks are still trading near new lows each week as this market rips higher, with many bubbles. We are sticking to our lane and loading the past few weeks on these names as long-term core holdings with huge yields in a zero rate world. It is really that simple just make sure you buy on down days like today as there have been a few big pops the last month but it never lasts. The market thinks rates are going lower and they might, but these banks will return 8%-14% for the next ten years anyway.

    A few names we bought heavy are, CHMG under $25 all-day long oldest bank in NY with a 5% yield. Huge trust division and insiders always buy and so does the bank so far under Tangible book it is insanely cheap.

    WSBC mini powerhouse 6.5% yield. Under $20 all day long.

    FBSS near-perfect asset quality 4.55% yield. Uner $14 all day long.

    WASH mini powerhouse, huge mortgage division, and nice money management business. Under $30 all day long.

    Get these all today and sleep well.
  • D
    Doug
    Oppenheimer Holdings ($26 OPY) Tangible book value grows rapidly due to strong earnings and low dividend payout ratio.
    Again virtually no one covers this name on the buy or sell side, this is again why this is mispriced massively.
    Many people think OPY is an investment bank, when it is really a good -sized asset management firm with a little investment bank on the side.
    Results the last several quarters have beaten any estimates, buy a ton, but no one seems to care other than a POP here and there on great earnings last year twice, only to trade back down levels before the POP.
    Even without incentive fee income, say the market crashed, they make a mint today, from just 2 years ago, as short-term interest rates are way up, creating a stable earnings machine, as far as we can see, with potential huge if anything else goes right, it is just a huge bonus, and in fact many other parts of the business are doing very well.
    While we never like to invest without huge insider ownership, here we have that in spades and in fact insiders never seem to sell. In fact, I can only name a handful of banks and almost no asset management firms were insiders never, ever sell, this is a strong statement, of doing nothing.
    In early 2014 the stock traded at $29 with a price to TBV of 1.2, today it trades under tangible book, even with this strong earnings growth, seems just insane.
    Bottom line it is a liquid stock, that is extremely undervalued again with this recent sell-off the second in 3 months.
    Shares are worth at least $50, using a current price times book and P/E ratio.
    The market is active for wealth management firms as brokers and banks are trying to grow client assets.
    The CEO again is in his mid-seventies and he keeps buying stock back even at todays prices is the strongest statement he has said; besides all the other positive comments he has made the past year, is not the way this CEO has spoken in the past ever.
    This private client wealth management and asset management company, is putting the ARS costs behind them, putting the technogly costs behind them, putting regulatory settlements behind them and now they are ready to be sold to a much larger financial institution. The stock I believe is just so undervalued in today’s market.
    I t was even trading for 1.7 times TBV in 2009, so even if they only got that price it would be a $50 stock today, this is a rare example of just a miss-priced security after a ten year bull run, that nobody still cares about, even with the 100% rise, from the lows of $13 and change a few years ago, it is cheaper today than back then, due to all the earnings growth, further earnings growth, book value growth, and the right sales of the right business at the right prices, they have done the past few years.
    This firm will earn well over $5.00 a share in 2020, either way on takeout or earnings this stock is going much higher.
    The CEO said also “we look forward to higher levels of profitability with higher interest rates and also that the future looks bright”
    There is no-way they would be buying back shares at these levels if they didn’t see a great future or they are getting ready to sell.
    A number of players would love to get their stable earnings power going forward and with so many deals in this space the past ten years it is easy to comp this one at $50 as share or almost a 100% gain from today’s levels very rare in today’s world to get a double, in this sector of the market.
    Maybe the best comp was Raymond James acquired Morgan Keegan’s private client and capital markets groups for what would be an easy double in OPY’s stock from today’s levels to match that price.
    This stock trades over 60,000 shares a day on average so to get a large position is very easy.
    For a liquid stock it is by far the cheapest and safest in this sector today.
    Douglas Hughes
    3/26/2019
    Hughesdoug8@gmail.com
    Banknewsletter.com
  • d
    dave012454
    with an actual $9.30 per share in earnings and an expected PE of 8, a very reasonable ratio for the sector, this stock could be around $75.00 per share... plus it keeps hitting new highs... up, up and away...
    Bullish
  • D
    Doug
    earnings out today great report $33 next stop and bank bought back 450,000 at around $16 nice job, with short-term rates up and up next quarter will also be blowout
    banknewsletter.com
  • D
    Doug
    a sale to MS could happen this month hang on
    so cheap, something big is coming could be one of ten things lowest is $55 highest [price $73
  • D
    Doug
    Repeat: Oppenheimer ($26.40 OPY) breaking out should head back to at least $27.50 - $28.50 in the near term, and once earnings are out at the end of JULY look at $32 on significant profits. With the market at almost new highs, they also make a bonus fee that can add up to more profits than even I had predicted for the next two quarters. They should earn $1.40 a share in the July quarter and maybe $1.60 in the October quarter. That’s over $6.00 a share in earnings in 2020 if rates don't drop by more than 0.50 basis points and the market stays strong. The cheapest stock in the market today and zero analysts cover it. This firm could be sold for well over $55 a share, look what BID got this week, it could quickly happen to OPY. We added even more something is happening soon on OPY mark my word today.
    Insiders still buying more and more shares the past few months.
    The Russell Indexes rebalance this month, look for some great entrée points for banks put on sale and maybe some good selling points. Usually, a risk-free event keep all your names up on the screen.
    ORIT sold to VLY for stock in a flat trade today, price matters. NJ banks hot again or cold for prices today.
    JMIA another new IPO, which may be involved in so-so accounting or worst, “short” it now, very risky.
    BNS taking profits today and also taking profits on CLBK in light of ORIT price today.
    22% cash now.
    Added a little to RCBC, MCPH and GNBF
    No “shorts”.
    Douglas Hughes
    BankNewsletter.com
    6//26/2019
  • D
    Doug
    6/11/2019

    TSLA, SQ, and CATM we covered all for small losses the past week. We “shorted” all of them again today. May cover at any time. We covered all again and may “short” TSLA only again at $225 and $250.
    Again trade trade trade and keep hedges on is the game that’s in front of us today . Especially when earnings reports come out if you know your company, we will play the earnings report with stock and options in this market that is the best way to make a safe return.
    So the theme we are “short” just 5% now, with the significant gains and losses we took, but we are 190% long as well — only 1% cash today.
    Also, we added more in an old favorite Lydall ( $19.00 LDL) today under $18.50. This one just did a few mergers the past few years and is trading at less than what it paid for the deals, so either you get the original LDL for free or maybe I missing something. If the Mexican tariffs don’t come in then this one pops right back to $22-$24 range, but worth at least $35 - $40 in a few years. This one seems so cheap; it is scary. So it is a trade for this week or long-term hold. If the tariffs come on, then add 10% lower. Our fourth largest holding now.
    Columbia Bank (CLBK) bought Stewardship Financial, ( SSFN) for a 70% premium today, let's hope for more deals next week at 1.67 times tangible book not bad.
    CLBK announced a huge buyback today, we are in heavy now under $15.00 our 6th largest holding now.
    We added more OPY and GNBF and MCPH also this week.
    We bought the 150 puts for this week on BYND at the close yesterday, will cover today or Friday. Biggest bubble in years that has weekly options to play.

    Douglas Hughes
    Banknewsletter.com
    203-942-5905
    Hughesdoug8@gmail.com
    6/11/2019
  • D
    Doug
    Bhughes7918
    small-cap investor, value investor for over 29 years banknewsletter site for small bank ideas.
    Looking for strong management teams, with great asset quality. Today there are plenty trading 25% or more under book value, love OPY $18, AROW $23, PCSB $12
    and TMP $53 all great NY banks that are cheap and getting cheaper, we buy now for great long-term gains, Love Bear Markets.more
    Bullish
  • D
    Doug
    1/31/2020
    OPY record earnings of $1.99 a share for a quarter today, even with short term rates down, wow.
    This was even above our $1.70 estimate.
    We were at a 50% position we bought a ton more today now 60% of all funds again. We waited years for this kind of quarter, but seems even time they have blowout numbers the over-all market gets crushed, buy of a lifetime today still, add up to $27.75 heavy.
    We did put a bunch of S & P puts today again. We are holding these for more gains.
    Don’t get caught at the top we are 27% cash today, be safe please.
    The market is in the final blow stages with MSFT and TSLA going crazy, but to risky to “short”.
    OPY again has $6.00 to $8.00 earnings power this year we think a sale is coming at $55 a share no reason it should not be at $40 on its own, so cheap.
    BankNewsletter.com
    203-942-5905
    Hughesdoug8@gmail.com
    Douglas Hughes
    Bullish
  • D
    Doug
    Today OPY, another great quarter buy more up to $29, this is a breakout number. Also paying off a bunch of debt and raised the dividend.
    Several banks deals this week with GLDT and BANR.
    Also, still adding GNBF and MCPH.
    Still no "shorts".
    Adding a few new names, SBBX and also added to AVBH under $23.75, and CFFI back in under $51. All these also had great earnings reports.
    BankNewsletter.com
    203-942-5905
    Douglas Hughes
  • T
    Trayes
    Ive owned it for about a month. I wish my whole portfolio was as boring as this beauty. If I owned more I would sell a third here or maybe even half. Unfortunately my second limit order didn’t take, so I only have half of the amount I wanted. Anyways. I’m holding and looking to add if and when appropriate.