NEW YORK, Jan. 31, 2020 /CNW/ - Oppenheimer Holdings
Inc. (NYSE: OPY) today reported net income of $25.4 million or $1.99 basic net income per share for the fourth
quarter of 2019 compared with net income of $8.3 million or $0.62 basic net income per share for the fourth
quarter of 2018. Revenue for the fourth quarter of 2019 was
$295.9 million compared to revenue of
$243.3 million for the fourth quarter
of 2018, an increase of 21.6%.
For the year ended December 31,
2019, the Company reported net income of $53.0 million or $4.10 basic net income per share compared with
net income of $28.9 million or
$2.18 basic net income per share for
the year ended December 31,
2018. Revenue for the year ended December 31, 2019 was $1.03 billion compared to revenue of $958.2 million for the year ended December 31, 2018, an increase of 7.9%.
Summary Operating
Results (Unaudited)
|
('000s, except per
share amounts)
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
Revenue
|
$
|
295,881
|
|
$
|
243,254
|
|
21.6
|
|
$
|
1,033,379
|
|
$
|
958,154
|
|
7.9
|
Expenses
|
260,908
|
|
227,677
|
|
14.6
|
|
958,467
|
|
913,285
|
|
4.9
|
Income Before Income
Taxes
|
34,973
|
|
15,577
|
|
124.5
|
|
74,912
|
|
44,869
|
|
67.0
|
Income
Taxes
|
9,538
|
|
7,316
|
|
30.4
|
|
21,959
|
|
15,977
|
|
37.4
|
Net Income
|
$
|
25,435
|
|
$
|
8,261
|
|
207.9
|
|
$
|
52,953
|
|
$
|
28,892
|
|
83.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Per
Share
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.99
|
|
$
|
0.62
|
|
221.0
|
|
$
|
4.10
|
|
$
|
2.18
|
|
88.1
|
Diluted
|
|
$
|
1.84
|
|
$
|
0.59
|
|
211.9
|
|
$
|
3.82
|
|
$
|
2.05
|
|
86.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December
31,
|
|
|
|
|
|
|
|
|
12/31/2019
|
|
12/31/2018
|
|
%
Change
|
|
|
|
|
|
|
Book Value Per
Share
|
|
46.31
|
|
41.81
|
|
10.8
|
|
|
|
|
|
|
Tangible Book Value
Per Share (1)
|
33.03
|
|
28.78
|
|
14.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Represents book
value less goodwill and intangible assets divided by number of
shares outstanding.
|
Fourth Quarter and Full Year 2019 Highlights
- Highest gross revenue since 2010
- Highest net income and earnings per share since 2007
- Record assets under management of $32.1
billion at December 31,
2019
- Record client assets under administration of $91.0 billion at December
31, 2019
- Incentive fees of $38.3 million
for the year ended December 31, 2019,
the highest since 2007
- Highest investment banking quarterly and full year revenue
since 2010
- Shareholders' equity of $592.7
million, a record high
- Book value per share was $46.31
and tangible book value per share was $33.03 at December 31,
2019, both at record highs
The major stock indices in the U.S. increased 8.5% during the
fourth quarter of 2019 and 28.9% for the year ended December 31, 2019 as the U.S. equities market had
its strongest year since 2013 ending the year at all-time
highs. The extended rally in the equities markets was driven
by Federal Reserve interest rate cuts during the second half of the
year, progress made in the China
trade negotiations, strong corporate earnings combined with strong
consumer confidence, and a positive economic outlook going into
2020. As the year ended, investors chose to look beyond the
uncertainty provided by ongoing geopolitical concerns, domestic
political infighting as well as headwinds in economic conditions in
many other economies around the world. Interest rates
declined overall during the year as the Federal Reserve cut its
benchmark interest rate three times during 2019. The Federal
Reserve's funding of the Repo market through significant purchases
of U.S. Treasury bills provided powerful stimulus during the
final quarter of the year. The 10-year Treasury yield began
the year yielding 2.69% and ended the year at 1.92%.
Albert G. Lowenthal, Chairman and
CEO commented, "We are very pleased with the operating results for
the fourth quarter and full year of 2019. Total revenue,
after-tax income, and earnings per share were the second best the
firm has ever reported. The strong operating results were
driven by robust investment banking activity, particularly in
mergers and acquisitions advisory work and debt capital markets
activity. Also, the performance for the year of the hedge
funds that we sponsor led to a significant increase in incentive
fees from alternative investments in the fourth quarter of 2019
which are measured and earned at the end of each year.
Asset management fees rebounded during the year after the
sell-off in the equities markets in the later part of 2018 which
led to lower fees to begin 2019. The prolonged rally in U.S.
equities drove an increase in assets under management to record
levels at the end of the year which will positively impact advisory
fees for the first quarter of 2020. This helped offset lower
cash sweep income for the fourth quarter and full year 2019 due to
decreases in short-term interest rates. Our fixed income
business remained strong in the fourth quarter of 2019 and was a
significant contributor to quarterly and year-end results.
Although commission income in the fourth quarter of 2019 was flat
compared to the fourth quarter of 2018, we continued to see clients
move to fee-based relationships. We continue to be bullish on
the U.S. economy and the stock market which should benefit our
major business lines. We continue to invest in our investment
banking business as we head into the new year and remain positive
on the progress we continue to make in developing an already
significant franchise."
Business Segment
Results (Unaudited)
|
('000s)
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
Private
Client
|
$
|
175,900
|
|
$
|
149,141
|
|
17.9
|
|
$
|
653,409
|
|
$
|
617,871
|
|
5.8
|
Asset
Management
|
35,179
|
|
18,476
|
|
90.4
|
|
88,755
|
|
71,696
|
|
23.8
|
Capital
Markets
|
83,982
|
|
74,854
|
|
12.2
|
|
290,830
|
|
272,719
|
|
6.6
|
Corporate/Other
|
820
|
|
783
|
|
4.7
|
|
385
|
|
(4,132)
|
|
*
|
Total
|
295,881
|
|
243,254
|
|
21.6
|
|
1,033,379
|
|
958,154
|
|
7.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
Before Income Taxes
|
|
|
|
|
|
|
|
|
Private
Client
|
42,416
|
|
37,814
|
|
12.2
|
|
163,917
|
|
149,097
|
|
9.9
|
Asset
Management
|
19,114
|
|
6,787
|
|
181.6
|
|
31,606
|
|
18,590
|
|
70.0
|
Capital
Markets
|
(2,891)
|
|
(5,084)
|
|
43.1
|
|
(13,724)
|
|
(13,416)
|
|
(2.3)
|
Corporate/Other
|
(23,666)
|
|
(23,940)
|
|
1.1
|
|
(106,887)
|
|
(109,402)
|
|
2.3
|
Total
|
$
|
34,973
|
|
$
|
15,577
|
|
124.5
|
|
$
|
74,912
|
|
$
|
44,869
|
|
67.0
|
|
|
|
|
|
|
|
|
|
|
|
|
* Percentage not meaningful
|
Private Client
Fourth Quarter
Private Client reported revenue
of $175.9 million for the fourth
quarter of 2019, 17.9% higher than the fourth quarter of 2018 due
to higher incentive fees, and an increase in the cash surrender
value of Company-owned life insurance partially offset by lower
bank deposit sweep income during the fourth quarter of 2019.
Income before income taxes was $42.4
million for the fourth quarter of 2019, an increase of 12.2%
compared with the fourth quarter of 2018 due to the foregoing
revenue items and lower legal and regulatory costs partially offset
by higher producer-related, incentive, share-based and deferred
compensation costs during the fourth quarter of 2019.
- Client assets under administration were $91.0 billion, a record high, at December 31, 2019 compared with $80.1 billion at December
31, 2018, an increase of 13.6%.
- Financial adviser headcount was 1,032 at the end of the fourth
quarter of 2019, down from 1,073 at the end of the fourth quarter
of 2018.
- Retail commissions were $48.4
million for the fourth quarter of 2019, roughly flat from
the fourth quarter of 2018.
- Advisory fee revenue on traditional and alternative managed
products was $83.2 million for the
fourth quarter of 2019, an increase of 32.1% from the fourth
quarter of 2018 (see Asset Management below for further
information). The increase in advisory fees was due to an
increase in incentive fees earned from alternative investments
during the fourth quarter of 2019.
-
- Incentive fees from alternative investments were $20.4 million for the fourth quarter of 2019
compared with $0.4 million for the
fourth quarter of 2018. Incentive fees allocated to this
business segment are computed at the fiscal year-end of the
underlying fund when the measurement period ends and generally are
earned in the fourth quarter of the Company's fiscal year.
- Bank deposit sweep income was $22.7
million for the fourth quarter of 2019, a decrease of 28.6%
compared with $31.8 million for the
fourth quarter of 2018 due to lower short-term interest rates and
lower client cash balances during the fourth quarter of 2019.
Full Year
Private Client reported revenue of $653.4
million for the year ended December
31, 2019, 5.8% higher than the year ended December 31, 2018 due to higher incentive fees an
increase in the cash surrender value of Company-owned life
insurance, and an increase in investment income related to a
deferred compensation plan partially offset by decreases in
commissions and margin interest revenue. Income before income
taxes was $163.9 million for the year
ended December 31, 2019, an increase
of 9.9% compared with the year ended December 31, 2018 due to the foregoing plus lower
legal and regulatory costs partially offset by higher
producer-related, incentive, share-based and deferred compensation
costs during the year ended December 31,
2019.
- Retail commissions were $188.7
million for the year ended December
31, 2019, a decrease of 4.1% from the year ended
December 31, 2018.
- Advisory fee revenue on traditional and alternative managed
products was $264.8 million for the
year ended December 31, 2019, an
increase of 8.7% compared with the year ended December 31, 2018. The increase in advisory
fees was due to the increase in incentive fees earned from
alternative investments during the year ended December 31, 2019.
-
- Incentive fees earned from alternative investments were
$20.8 million for the year ended
December 31, 2019 compared with
$0.6 million for the year ended
December 31, 2018.
- Bank deposit sweep income was $117.4
million for the year ended December
31, 2019, an increase of 1.2% compared with $116.1 million for the year ended December 31, 2018.
Asset Management
Fourth Quarter
Asset Management reported
revenue of $35.2 million for the
fourth quarter of 2019, 90.4% higher than the fourth quarter of
2018 due to higher incentive fees earned from alternative
investments. Income before income taxes was $19.1 million for the fourth quarter of 2019, an
increase of 181.6% compared with the fourth quarter of 2018.
- Advisory fee revenue on traditional and alternative managed
products was $35.2 million for the
fourth quarter of 2019, an increase of 92.3% from the fourth
quarter of 2018 primarily due to higher assets under management
("AUM") at September 30, 2019.
-
- Advisory fees are calculated based on the value of client AUM
at the end of the prior quarter which totaled $30.2 billion at September
30, 2019 ($29.6 billion at
September 30, 2018) and are allocated
between the Private Client and Asset Management business
segments.
- Incentive fees earned from alternative investments were
$16.3 million for the fourth quarter
of 2019 compared with $0.1 million
for the fourth quarter of 2018. Incentive fees allocated to
this business segment are computed when the measurement period of
the underlying fund ends and generally are earned in the fourth
quarter of the Company's fiscal year.
- AUM increased 20.2% to $32.1
billion at December 31, 2019
compared with $26.7 billion at
December 31, 2018, which is the basis
for advisory fee billings for the first quarter of 2020. The
increase in AUM was comprised of higher asset values of
$3.9 billion on existing client
holdings and a positive net contribution of assets of $1.5 billion.
Full Year
Asset Management reported revenue of
$88.8 million for the year ended
December 31, 2019, 23.8% higher than
the year ended December 31, 2018 due
to higher incentive fees earned from alternative investments.
Income before income taxes was $31.6
million for the year ended December
31, 2019, an increase of 70.0% compared with the year ended
December 31, 2018.
- Advisory fee revenue on traditional and alternative managed
products was $88.7 million for the
year ended December 31, 2019, an
increase of 25.3% compared with the year ended December 31, 2018 due to higher incentive
fees earned from alternative investments.
- Incentive fees earned from alternative investments were
$16.7 million for the year ended
December 31, 2019 compared with
$0.3 million for the year ended
December 31, 2018.
Capital Markets
Fourth Quarter
Capital Markets reported revenue
of $84.0 million for the fourth
quarter of 2019, 12.2% higher than the fourth quarter of 2018 due
to higher fees from equities and debt underwriting transactions
during the fourth quarter of 2019 partially offset by lower
commissions and fees from mergers and acquisition activity.
Loss before income taxes was $2.9
million for the fourth quarter of 2019, a decrease of 43.1%
compared with a loss before income taxes of $5.1 million for the fourth quarter of 2018.
- Institutional equities commissions decreased 15.3% to
$22.7 million for the fourth quarter
of 2019 compared with the fourth quarter of 2018 partially due to
lower commission revenue on options activity during the fourth
quarter of 2019 when compared to the fourth quarter of 2018, a
period of high volatility in the equity markets.
- Advisory fees earned from investment banking activities
decreased 22.0% to $12.8 million for
the fourth quarter of 2019 compared with $16.4 million for the fourth quarter of 2018 due
to a decrease in fees from mergers and acquisitions during the
fourth quarter of 2019.
- Equities underwriting fees increased 46.6% to $12.9 million for the fourth quarter of 2019
compared with the fourth quarter of 2018 due to higher capital
raising activity during the fourth quarter of 2019.
- Debt underwriting fees increased to $14.3 million for the fourth quarter of 2019
compared with $1.3 million for the
fourth quarter of 2018 due to an increase in underwriting fee
income in emerging markets.
- Revenue from taxable fixed income increased to $17.0 million during the fourth quarter of 2019
from $14.7 million during the fourth
quarter of 2018 due to higher syndicate income partially offset by
lower trading income during the fourth quarter of 2019.
- Revenue from public finance and municipal trading increased
34.3% to $6.3 million during the
fourth quarter of 2019 compared with the fourth quarter of 2018
primarily due to higher commission revenue during the fourth
quarter of 2019.
Full Year
Capital Markets reported revenue of
$290.8 million for the year ended
December 31, 2019, 6.6% higher than
the year ended December 31, 2018 due
to higher fees from mergers and acquisitions activity, and debt
underwriting transactions, and higher trading revenue partially
offset by lower equity capital market transactions during the year
ended December 31, 2019. Loss
before income taxes was $13.7 million
for the year ended December 31, 2019
compared with a loss before income taxes of $13.4 million for the year ended December 31, 2018. The increase in the loss
before income taxes during the year ended December 31, 2019 is primarily due to higher
salaries, producer-related, incentive, and share-based
compensation.
- Institutional equities commissions decreased 2.3% to
$94.0 million for the year ended
December 31, 2019 compared with the
year ended December 31, 2018 due to
lower client participation in the equities markets during the year
ended December 31, 2019.
- Advisory fees earned from investment banking activities
increased 15.7% to $49.5 million for
the year ended December 31, 2019
compared with the year ended December 31,
2018 due to an increase in mergers and acquisitions activity
during the year ended December 31,
2019.
- Equities underwriting fees decreased 19.0% to $40.8 million for the year ended December 31, 2019 compared with the year ended
December 31, 2018 due to decreased
capital raising activity during the year ended December 31, 2019.
- Debt underwriting fees more than tripled to $18.2 million for the year ended December 31, 2019 compared with the year ended
December 31, 2018 due to an increase
in underwriting fee income in emerging markets.
- Revenue from taxable fixed Income increased 15.5% to
$65.7 million for the year ended
December 31, 2019 compared with the
year ended December 31, 2018 due to
higher commissions and trading profits in corporate, government,
and agencies during the year ended December
31, 2019.
- Revenue from public finance and municipal trading increased
14.2% to $20.1 million the for the
year ended December 31, 2019 compared
with the year ended December 31, 2018
due to higher trading and syndicate income as well as higher
advisory fees during the year ended December
31, 2019.
Compensation and Related Expenses
Fourth Quarter
Compensation and related
expenses totaled $190.3 million
during the fourth quarter of 2019, an increase of 27.4% compared
with the fourth quarter of 2018. The increase was due to
higher production, incentive, share-based and deferred compensation
expenses during the fourth quarter of 2019. The Company
recorded a credit to compensation and related expenses of
$2.1 million related to its OARs Plan
due to the price of its Class A Stock decreasing from $29.93 at the end of the third quarter of 2019 to
$27.48 at the end of the fourth
quarter of 2019. During the fourth quarter of 2018, the
Company recorded a credit to compensation and related expenses of
$5.8 million related to its OARs Plan
due to the price of its Class A Stock decreasing from $31.60 at the end of the third quarter of 2018 to
$25.55 at the end of the fourth
quarter of 2018. Compensation and related expenses as a
percentage of revenue was 64.3% for the fourth quarter of 2019
compared with 61.4% for the fourth quarter of 2018.
Full Year
Compensation and related expenses
totaled $657.7 million during the
year ended December 31, 2019, an
increase of 8.3% compared with the year ended December 31, 2018. The increase was due to
higher salaries, producer, incentive, share-based, and deferred
compensation expenses during the year ended December 31, 2019. The Company recorded
compensation and related expenses of $3.7
million related to its OARs Plan during the year ended
December 31, 2019 compared with
$0.7 million during the year ended
December 31, 2018. Compensation
and related expenses as a percentage of revenue was 63.6% for the
year ended December 31, 2019 compared
with 63.4% for the year ended December 31,
2018.
Non-Compensation Expenses
Fourth Quarter
Non-compensation expenses were
$70.6 million during the fourth
quarter of 2019, a decrease of 9.8% compared with $78.3 million during the fourth quarter of 2018
due primarily to lower legal and regulatory costs, and interest
costs partially offset by higher communication and technology
costs, external portfolio management costs, and underwriting
deal-related costs during the fourth quarter of 2019.
Full Year
Non-compensation expenses were
$300.8 million during the year ended
December 31, 2019, a decrease of 1.7%
compared with $306.1 million during
the year ended December 31, 2018 due
primarily to lower legal and regulatory costs partially offset by
higher communication and technology costs and underwriting
deal-related costs during the year ended December 31, 2019.
Provision for Income Taxes
Fourth Quarter
The effective income tax rate
for the fourth quarter of 2019 was 27.3% compared with 46.9% for
the fourth quarter of 2018. The lower effective tax rate for
the fourth quarter of 2019 was primarily due to higher income
before income taxes while non-deductible items remained relatively
stable. The elevated effective tax rate for the fourth
quarter of 2018 was primarily due to the establishment of a
valuation allowance for the deferred tax asset related to net
operating losses of the Company's operations in Europe.
Full Year
The effective income tax rate for the
year ended December 31, 2019 was
29.3% compared with 35.6% for the year ended December 31, 2018. The elevated effective
tax rate for the year ended December 31,
2018 was partially due to the establishment of a valuation
allowance for the deferred tax asset related to net operating
losses of the Company's operations in Europe.
Balance Sheet and Liquidity
- At December 31, 2019, total
equity was $592.7
million compared with $545.3
million at December 31,
2018.
- At December 31, 2019, book value
per share was $46.31 (compared with
$41.81 at December 31, 2018) and tangible book value per
share was $33.03 (compared with
$28.78 at December 31, 2018), both at record highs.
- During the year ended December 31,
2019, the Company redeemed a total of $50 million (25%) of its Senior Secured
Notes.
- The Company's level 3 assets were $nil at December 31, 2019 (compared with $21.8 million at December
31, 2018). The decline in level 3 assets was the
result of the Company participating in ARS tender offers in
July 2019 and the resulting marking
of the remaining ARS positions held by the Company to the relevant
tender price.
Dividend Announcement
The Company today announced a quarterly dividend in the amount
of $0.12 per share effective for the
fourth quarter of 2019 and payable on February 28, 2020 to holders of Class A
non-voting and Class B voting common stock of record on
February 14, 2020.
Company Information
Oppenheimer Holdings Inc., through its operating subsidiaries,
is a leading middle market investment bank and full service
broker-dealer that provides a wide range of financial services
including retail securities brokerage, institutional sales and
trading, investment banking (both corporate and public finance),
research, market-making, trust, and investment management.
With roots tracing back to 1881, the firm is headquartered in
New York and has 93 retail branch
offices in the United States and
has institutional businesses located in London, Tel
Aviv, and Hong Kong.
Forward-Looking Statements
This press release includes certain "forward-looking statements"
relating to anticipated future performance. For a discussion
of the factors that could cause future performance to be different
than anticipated, reference is made to Factors Affecting
"Forward-Looking Statements" and Part 1A – Risk Factors in the
Company's Annual Report on Form10-K for the year ended December 31, 2018.
Oppenheimer
Holdings Inc.
|
Consolidated
Income Statement (Unaudited)
|
('000s, except
number of shares and per share amounts)
|
|
For the Three
Months Ended
|
|
For the Year
Ended
|
|
December
31,
|
|
December
31,
|
|
2019
|
|
2018
|
|
%
Change
|
|
2019
|
|
2018
|
|
%
Change
|
REVENUE
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
$
|
81,182
|
|
$
|
83,733
|
|
(3.0)
|
|
$
|
320,114
|
|
$
|
329,668
|
|
(2.9)
|
Advisory
fees
|
118,430
|
|
81,377
|
|
45.5
|
|
353,671
|
|
314,349
|
|
12.5
|
Investment
banking
|
44,364
|
|
30,911
|
|
43.5
|
|
126,211
|
|
115,353
|
|
9.4
|
Bank deposit sweep
income
|
22,730
|
|
31,849
|
|
(28.6)
|
|
117,422
|
|
116,052
|
|
1.2
|
Interest
|
12,102
|
|
13,798
|
|
(12.3)
|
|
50,723
|
|
52,484
|
|
(3.4)
|
Principal
transactions, net
|
8,005
|
|
5,351
|
|
49.6
|
|
30,094
|
|
14,461
|
|
108.1
|
Other
|
9,068
|
|
(3,765)
|
|
*
|
|
35,144
|
|
15,787
|
|
122.6
|
Total
revenue
|
295,881
|
|
243,254
|
|
21.6
|
|
1,033,379
|
|
958,154
|
|
7.9
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Compensation and
related expenses
|
190,292
|
|
149,371
|
|
27.4
|
|
657,714
|
|
607,192
|
|
8.3
|
Communications and
technology
|
20,131
|
|
19,192
|
|
4.9
|
|
81,588
|
|
74,479
|
|
9.5
|
Occupancy and
equipment costs
|
15,342
|
|
15,736
|
|
(2.5)
|
|
62,198
|
|
61,171
|
|
1.7
|
Clearing and exchange
fees
|
5,483
|
|
5,731
|
|
(4.3)
|
|
21,962
|
|
22,985
|
|
(4.5)
|
Interest
|
7,978
|
|
13,609
|
|
(41.4)
|
|
45,687
|
|
46,396
|
|
(1.5)
|
Other
|
21,682
|
|
24,038
|
|
(9.8)
|
|
89,318
|
|
101,062
|
|
(11.6)
|
Total
expenses
|
260,908
|
|
227,677
|
|
14.6
|
|
958,467
|
|
913,285
|
|
4.9
|
Income before income
taxes
|
34,973
|
|
15,577
|
|
124.5
|
|
74,912
|
|
44,869
|
|
67.0
|
Income
taxes
|
9,538
|
|
7,316
|
|
30.4
|
|
21,959
|
|
15,977
|
|
37.4
|
Net
income
|
$
|
25,435
|
|
$
|
8,261
|
|
207.9
|
|
$
|
52,953
|
|
$
|
28,892
|
|
83.3
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
share
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
1.99
|
|
$
|
0.62
|
|
221.0
|
|
$
|
4.10
|
|
$
|
2.18
|
|
88.1
|
Diluted
|
$
|
1.84
|
|
$
|
0.59
|
|
211.9
|
|
$
|
3.82
|
|
$
|
2.05
|
|
86.3
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
|
|
|
|
|
|
|
Basic
|
12,798,368
|
|
13,237,839
|
|
(3.3)
|
|
12,904,397
|
|
13,248,876
|
|
(2.6)
|
Diluted
|
13,860,637
|
|
14,118,181
|
|
(1.8)
|
|
13,851,832
|
|
14,061,369
|
|
(1.5)
|
|
|
|
|
|
|
|
|
|
|
* Percentage not meaningful
|
View original
content:http://www.prnewswire.com/news-releases/oppenheimer-holdings-inc-reports-fourth-quarter-and-full-year-2019-earnings-and-announces-quarterly-dividend-300996618.html
SOURCE Oppenheimer Holdings Inc.