NEW YORK - Oppenheimer Holdings Inc. (NYSE: OPY), a middle-market investment bank and full-service broker-dealer, has announced a new share repurchase program. The Board of Directors has authorized the company to buy back up to 518,000 shares of its Class A non-voting common stock, which is about 5% of the currently issued and outstanding shares.
This new authorization is in addition to the remaining 120,155 shares available under the previous repurchase program, which was announced on December 14, 2022, bringing the total number of shares authorized for repurchase to 638,155. The program is set to continue indefinitely, allowing the company to make purchases in the open market at prevailing prices using available cash.
The repurchase initiative will adhere to the rules and regulations of the New York Stock Exchange and relevant securities laws. Shares acquired under the program will be canceled.
Management retains discretion over the timing and volume of repurchases, influenced by market conditions, legal requirements, and capital availability. The program does not commit Oppenheimer Holdings to repurchase a specific number of shares or invest a particular amount.
Oppenheimer Holdings, with a history dating back to 1881, operates through subsidiaries offering a variety of financial services, including investment banking, institutional sales, and retail brokerage. The firm is based in New York and maintains a network of 90 offices across 25 states and six foreign jurisdictions.
This news is based on a press release statement issued by Oppenheimer Holdings Inc.
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