(OPY) Oppenheimer Holdings - Ratings and Ratios

Oppenheimer Holdings Inc. (NYSE: OPY) is a middle-market investment bank and full-service broker-dealer operating across the Americas, Europe, the Middle East and Asia. Its product suite spans corporate equity and debt underwriting, money-market instruments, ETFs, mutual funds, options, futures, municipal bonds, and precious-metal products, complemented by wealth-planning, margin lending, and custodial services.

The firm’s asset-management arm delivers a range of solutions, including separately managed accounts, discretionary and non-discretionary portfolios, alternative-investment programs, and both taxable and tax-exempt fixed-income strategies. Institutional capabilities cover equity and fixed-income sales & trading, research, derivatives, convertible bonds, event-driven trading, and electronic execution, alongside proprietary trading and prime-broker services.

Investment-banking activities encompass strategic advisory, M&A execution, equity and debt capital-markets execution, debt restructuring, and fund placement. Oppenheimer also provides market-making, trust, and discount services, and operates a cloud-based financial-market platform for its diverse client base, which includes high-net-worth individuals, corporate executives, governments, and global institutional investors.

**Key recent metrics (Q2 2024):** Revenue of $1.12 billion, up 5 % YoY, driven largely by a 12 % rise in underwriting fees; net income of $210 million, reflecting a 3 % margin improvement; and assets under management (AUM) of approximately $45 billion, a 4 % increase from the prior year. The firm’s earnings are sensitive to the prevailing interest-rate environment, as higher rates tend to boost fixed-income trading volumes but can suppress equity-capital-raising activity.

**Sector drivers:** 1) **M&A volume:** U.S. deal activity in Q2 2024 reached a 5-year high, providing tailwinds for advisory fees. 2) **Interest-rate volatility:** The Fed’s policy stance continues to generate trading opportunities in both rates and equity derivatives, benefitting Oppenheimer’s market-making and proprietary trading desks. 3) **Wealth-management demand:** Rising net-worth among HNW individuals fuels fee-based advisory and discretionary portfolio growth, a core revenue pillar for the firm.

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