Oppenheimer (NYSE:OPY) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

Oppenheimer Holdings, Inc. (NYSE:OPY)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $101.03 and traded as high as $116.35. Oppenheimer shares last traded at $115.59, with a volume of 83,986 shares changing hands.

Wall Street Analysts Forecast Growth

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

Oppenheimer Stock Up 0.1%

The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 13.56 and a beta of 1.09. The company’s 50-day simple moving average is $112.42 and its 200 day simple moving average is $101.23.

Oppenheimer (NYSE:OPY) last posted its earnings results on Friday, July 31st. The financial services provider reported $3.98 earnings per share for the quarter. The company had revenue of $454.88 million for the quarter. Oppenheimer had a return on equity of 19.51% and a net margin of 5.72%.

Oppenheimer Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Friday, August 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.7%. The ex-dividend date is Friday, August 14th. Oppenheimer’s payout ratio is 9.03%.

Hedge Funds Weigh In On Oppenheimer

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. California State Teachers Retirement System acquired a new stake in shares of Oppenheimer in the second quarter worth $72,045,000. Empowered Funds LLC grew its stake in 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 buying an additional 15,073 shares during the last quarter. Lazard Asset Management LLC bought a new position in Oppenheimer in the 1st quarter worth $1,590,000. Renaissance Technologies LLC raised its holdings in Oppenheimer by 1.8% in the 1st quarter. Renaissance Technologies LLC now owns 22,800 shares of the financial services provider’s stock worth $2,034,000 after acquiring an additional 400 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Oppenheimer by 9.0% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 72,035 shares of the financial services provider’s stock worth $6,425,000 after acquiring an additional 5,971 shares during the period. Institutional investors and hedge funds own 32.26% of the company’s stock.

Oppenheimer Company Profile

Oppenheimer & Co Inc is a full-service investment bank and wealth management firm headquartered in New York City. Founded in the mid-20th century, the company provides a broad array of financial services to individual, institutional and corporate clients. Its core competencies include equity and fixed-income research, institutional sales and trading, underwriting and merger-and-acquisition advisory.

In the wealth management segment, Oppenheimer offers tailored investment solutions, comprehensive financial planning and retirement strategies.