Ladenburg Thalmann Financial Services Inc.NYSEMKT
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.