Jefferies Financial jumps 9.0% after boosting buyback, strong Q3

Sep. 23, 2020 4:59 PM ETJefferies Financial Group Inc. (JEF)By: Liz Kiesche, SA News Editor6 Comments
  • Jefferies Financial Group (NYSE:JEFclimbs 9.0% in after-hours trading after the company increases its stock repurchase program by $128M to $250M.
  • Furthermore, fiscal Q3 net revenue of $1.62B increased from $856.8M in the year-ago quarter.
  • Net income for the quarter ended Aug. 31, 2020 was $304.8M, or $1.07 per diluted share, compared with $49.4M, or 15 cents per share, in the year-ago quarter.
  • The results reflect Jefferies Group becoming an increasing portion of JEF's overall business, greater productivity through growing market share, and a limited increase in headcount, said JEF CEO Rich Handler and President Brian Friedman.
  • They point out that since the beginning of fiscal 2018, JEF's tangible book value per fully diluted share increased 29% to $26.49, while the company issued dividends during the period of $2.90 per share.
  • Jefferies Group Q3 net revenue of $1.38B included record Investment Banking net revenue of $589M and combined Capital Markets net revenue of $655M.
  • Asset Management revenue was a record $122M during the quarter.
  • Previously: Jefferies Financial Group EPS beats by $0.73 (Sept. 23)

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