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Feb. 23, 2015, 5:52 PM
- Of the above group, Ladenburg Thalmann (NYSEMKT:LTS) is of small enough size ($730M market cap) to easily be scooped up. Raymond James (NYSE:RJF), LPL Financial (NASDAQ:LPLA), and Waddell & Reed (NYSE:WDR) are all higher since the Stfiel purchase first leaked on Friday morning, suggesting investors for the moment aren't too concerned with Stifel's boosted firepower.
- Previously: Stifel Financial up 6.9% on Sterne Agee purchase (Feb. 23)
- Previously: Stifel Financial reportedly in talks to buy brokerage rival (Feb. 20)
Sep. 23, 2014, 11:02 AM
- Ladenburg Thalman (LTS +1.4%) yesterday announced an agreement to purchase Knoxville-based Securities Service Network for $45M - $25M in cash and $20M of four-year notes.
- Founded in 1983, SSN has about 450 financial advisors and roughly $13B in client assets. The business had revenue of $115M for the year ended June 30.
- Following this deal and two other pending purchases, Ladenburg's network of brokerages will have about 4K financial advisors, $125B in client assets, and revenues of $1.1B.
- Barrington boosts its price target on the Outperform-rated name to $5 from $4.25, noting the fast pace of acquisitions this year.
Ladenburg Thalmann Financial Services Inc, through its subsidiaries, is engaged in independent brokerage and advisory services, investment banking, equity research, institutional sales and trading, asset management services and trust services.
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