Condor Capital Management has significantly increased its stake in Jefferies Financial Group Inc. (NYSE: JEF) by 111.7% during the second quarter of this year. According to a recent disclosure filed with the Securities and Exchange Commission, the firm now holds 47,908 shares of the financial services provider after acquiring an additional 25,276 shares. As of the latest filing, Condor’s holdings are valued at approximately $2.62 million.
This move comes amidst a broader trend among institutional investors adjusting their positions in Jefferies Financial Group. For instance, Elequin Capital LP has increased its stake by 117.9% in the first quarter, now owning 549 shares valued at $29,000 after purchasing 297 shares during that period. Additionally, Bessemer Group Inc. raised its stake by 48.8% in the second quarter, acquiring 912 shares worth $50,000 following the purchase of 299 shares. Hantz Financial Services Inc. made a notable increase of 3,577.8%, leading to ownership of 993 shares valued at $54,000 after adding 966 shares.
IFP Advisors Inc. has also shown interest, growing its stake by 87.9% in the first quarter, now holding 1,387 shares valued at $74,000. Meanwhile, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in the company worth approximately $78,000. Overall, institutional investors and hedge funds currently own about 60.88% of Jefferies Financial Group’s stock.
Analysts Adjust Ratings and Price Targets
In recent weeks, several brokerages have updated their ratings and price targets for Jefferies Financial Group. Capital One Financial set a target price of $55.00 in a report dated October 17, 2023, while BMO Capital Markets revised its price objective from $69.00 to $55.00, assigning a “market perform” rating. Telsey Advisory Group and Morgan Stanley both set a price target of $74.00, reflecting a positive outlook.
The Goldman Sachs Group has adjusted its target as well, lowering it from $84.00 to $74.00 while maintaining a “buy” rating. Currently, one analyst has rated the stock as a Strong Buy, one as Buy, and four have issued Hold ratings. According to data from MarketBeat.com, Jefferies Financial Group holds a consensus rating of “Moderate Buy” with an average price target of $68.83.
Current Performance and Future Outlook
As of the latest trading session, Jefferies Financial Group’s stock opened at $55.42, reflecting a 0.8% decline. The company’s stock has experienced a fifty-two week low of $39.28 and a high of $82.68. With a market capitalization of $11.43 billion, Jefferies has a price-to-earnings (P/E) ratio of 19.04 and a beta of 1.53. Its moving averages stand at $59.27 for the 50-day and $56.69 for the 200-day periods. The firm reports a debt-to-equity ratio of 1.76 and both a current and quick ratio of 1.05.
In its most recent quarterly earnings, released on September 29, 2023, Jefferies Financial Group reported earnings per share (EPS) of $1.01, exceeding analysts’ expectations of $0.79 by $0.22. The company achieved a net margin of 7.40% and a return on equity of 7.25%, with revenue of $2.05 billion, surpassing the estimated $1.75 billion. This marks a 21.6% increase in revenue year-over-year.
Looking ahead, analysts anticipate that Jefferies Financial Group Inc. will post an EPS of $4.41 for the current fiscal year.
In addition to these developments, the firm has announced a quarterly dividend of $0.40 per share, scheduled for payment on November 26, 2023. Shareholders on record by November 17, 2023 will be eligible for this dividend, which represents an annualized total of $1.60 and a yield of 2.9%. The company’s payout ratio currently stands at 54.98%.
Jefferies Financial Group operates as an investment banking and capital markets firm across the Americas, Europe, the Middle East, and Asia-Pacific regions. The company specializes in various services, including investment banking, advisory services for mergers and acquisitions, financial restructuring, and corporate lending.
