Live News • May 06
Sumitomo Mitsui Buys US$310 Million Jefferies Stake as New S&P-Linked Notes Launched Sumitomo Mitsui Financial Group, through Sumitomo Mitsui Banking Corporation, purchased about 6.4 million Jefferies shares in the open market on May 1, 2026, for roughly US$310 million.
The transaction was reported at US$48.22 per share, subject to a post-trade adjustment over a reference period of about two months.
Jefferies is offering S&P 500 Index linked Medium-Term Notes due November 2, 2028, with a 27% upside cap and a 15% downside buffer, and all payments tied to Jefferies’ credit risk.
SMFG’s additional equity stake tightens the link between the two financial groups, especially with SMFG’s Deputy President, Mr. Hyakutome, already serving on Jefferies’ board by deputization. For investors, this move indicates a deeper relationship with a major global banking partner at a time when Jefferies recently reported a first quarter earnings miss alongside record revenues in several business segments.
On the product side, the new S&P linked Medium-Term Notes show Jefferies leaning further into structured offerings. The notes cap upside at 27%, include a 15% buffer on index declines, and then expose holders to 1 to 1 equity-style downside beyond that, up to 85% of principal. Since returns depend entirely on the index level at maturity and on Jefferies’ own credit quality, this product is aimed at investors who prefer defined payoff terms and are willing to accept issuer-linked risk in place of unlimited upside and interim income. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$4.04 to US$3.50 per share. Revenue forecast steady at US$8.23b. Net income forecast to grow 32% next year vs 15% growth forecast for Capital Markets industry in the US. Consensus price target of US$52.83 unchanged from last update. Share price was steady at US$42.05 over the past week. Major Estimate Revision • Apr 01
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$4.03 to US$3.51 per share. Revenue forecast steady at US$8.24b. Net income forecast to grow 32% next year vs 15% growth forecast for Capital Markets industry in the US. Consensus price target down from US$59.33 to US$52.83. Share price rose 4.3% to US$41.36 over the past week. Declared Dividend • Mar 29
First quarter dividend of US$0.40 announced Dividend of US$0.40 is the same as last year. Ex-date: 18th May 2026 Payment date: 29th May 2026 Dividend yield will be 4.0%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 26
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: US$0.76 (up from US$0.60 in 1Q 2025). Revenue: US$2.02b (up 27% from 1Q 2025). Net income: US$155.7m (up 22% from 1Q 2025). Profit margin: 7.7% (down from 8.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Mar 26
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on May 29, 2026 Jefferies Financial Group Inc.'s Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on May 29, 2026 to record holders of Jefferies common shares on May 18, 2026. Announcement • Mar 24
Sumitomo Mitsui Financial Group Reportedly Explores a Takeover of Jefferies Financial Group On March 24, 2026, Jefferies Financial Group Inc. (NYSE:JEF) experienced a dramatic surge in pre-market trading, with shares climbing roughly 10% before the open. The rally was sparked by reports that Japan’s Sumitomo Mitsui Financial Group, Inc. (TSE:8316) (SMFG) is exploring a takeover of the U.S.-listed investment bank. SMFG’s interest has attracted considerable investor attention, prompting market participants to bid aggressively for Jefferies shares ahead of the company’s earnings announcement. The pre-market spike aligns with Reuters coverage of SMFG’s potential acquisition plans, which highlighted the Japanese group’s intent to expand its global presence in capital markets and wealth management. Analysts noted that, while SMFG’s offer has not yet been formally announced, the mere possibility of a takeover has already reshaped sentiment toward Jefferies. Investors appear to be positioning themselves for a potential premium that a merger might bring, driving the 10% jump in early trading. Announcement • Mar 12
Jefferies Financial Group Inc. to Report Q1, 2026 Results on Mar 25, 2026 Jefferies Financial Group Inc. announced that they will report Q1, 2026 results After-Market on Mar 25, 2026 Price Target Changed • Mar 09
Price target decreased by 7.8% to US$68.83 Down from US$74.67, the current price target is an average from 6 analysts. New target price is 80% above last closing price of US$38.16. Stock is down 29% over the past year. The company is forecast to post earnings per share of US$4.19 for next year compared to US$2.95 last year. Buy Or Sell Opportunity • Mar 06
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 35% to US$38.29. The fair value is estimated to be US$50.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 13% per annum over the same time period. Announcement • Mar 06
Western Alliance Bank and its Collateral Agent File Complaint in New York Supreme Court Against Jefferies Financial Group, Leucadia Asset Management LLC and Affiliates Western Alliance Bancorporation (the “Company”) on March 6, 2026 announced that it has been informed by Jefferies Financial Group (“Jefferies”) that payments of $126.4 million owed to Western Alliance Bank (“Bank”) pursuant to a forbearance agreement will not be paid as agreed. Earlier on morning of March 6, 2026, the Bank and its Collateral Agent filed a Complaint in New York Supreme Court against Jefferies, Leucadia Asset Management LLC (“LAM”), and affiliates (collectively, “Defendants”) alleging breach of contract and fraud for Defendants’ conduct related to a commercial loan collateralized by accounts receivable purchased from First Brands Group. In September 2025, the Bank learned of failures by LAM’s servicer, including allowing UCC financing statements to lapse on the receivables, that triggered loan defaults. In October 2025, the Bank entered into a forbearance agreement pursuant to which the Defendants agreed to cause full prepayment of principal on the loan to be completed by March 31, 2026. Defendants then made payments pursuant to the forbearance agreement from October 2025 to January 15, 2026, when the Bank received the most recent payment of $42.125 million. Defendants recently informed the Bank it would not receive the final two principal payments due in the first quarter of 2026. Despite extensive efforts to pursue a constructive commercial resolution, after the Defendants failed to make the $42.1 million payment due on February 27, 2026, the Company concluded on March 2, 2026, that recording a charge-off for the entire remaining $126.4 million loan balance was appropriate. This charge-off will be matched by a provision of the same amount. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$44.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Capital Markets industry in the US. Total returns to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$51.12 per share. Announcement • Feb 24
Jefferies Financial Group Inc., Annual General Meeting, Mar 26, 2026 Jefferies Financial Group Inc., Annual General Meeting, Mar 26, 2026. Upcoming Dividend • Feb 10
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 17 February 2026. Payment date: 27 February 2026. Payout ratio is a comfortable 54% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.1%). Higher than average of industry peers (2.0%). Declared Dividend • Jan 11
Fourth quarter dividend of US$0.40 announced Dividend of US$0.40 is the same as last year. Ex-date: 17th February 2026 Payment date: 27th February 2026 Dividend yield will be 2.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jan 09
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to US$62.25. The fair value is estimated to be US$51.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Reported Earnings • Jan 08
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: US$7.34b (up 4.8% from FY 2024). Net income: US$635.2m (down 4.6% from FY 2024). Profit margin: 8.6% (in line with FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 15% per year. Announcement • Jan 08
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on February 27, 2026 The Jefferies Financial Group Inc. Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on February 27, 2026 to record holders of Jefferies common shares on February 17, 2026. Announcement • Dec 18
Jefferies Financial Group Inc. to Report Q4, 2025 Results on Jan 07, 2026 Jefferies Financial Group Inc. announced that they will report Q4, 2025 results After-Market on Jan 07, 2026 Price Target Changed • Dec 11
Price target increased by 8.4% to US$70.00 Up from US$64.60, the current price target is an average from 6 analysts. New target price is 11% above last closing price of US$63.24. Stock is down 22% over the past year. The company is forecast to post earnings per share of US$2.98 for next year compared to US$3.07 last year. Announcement • Dec 10
Jefferies Financial Group Inc. (NYSE:JEF) entered into an agreement to acquire 50% stake in Hildene Holding Company, LLC for $340 million. Jefferies Financial Group Inc. (NYSE:JEF) entered into an agreement to acquire 50% stake in Hildene Holding Company, LLC for $340 million on December 8, 2025.
Transaction is subject to customary closing conditions, including receipt of required regulatory and client approvals, and is expected to close in the third quarter of 2026.
Jefferies LLC served as exclusive financial advisor to Jefferies. Sidley Austin served as legal advisor to Jefferies. Kirkland & Ellis served as legal advisor to Hildene. Upcoming Dividend • Nov 10
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$53.01, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 16x in the Capital Markets industry in the US. Total returns to shareholders of 92% over the past three years. Major Estimate Revision • Oct 06
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$6.95b to US$7.32b. EPS estimate increased from US$2.49 to US$2.89 per share. Net income forecast to grow 32% next year vs 15% growth forecast for Capital Markets industry in the US. Consensus price target up from US$65.33 to US$69.00. Share price fell 6.3% to US$62.43 over the past week. Declared Dividend • Oct 02
Third quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 17th November 2025 Payment date: 26th November 2025 Dividend yield will be 2.5%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (52% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Sep 30
Price target increased by 8.4% to US$69.00 Up from US$63.67, the current price target is an average from 3 analysts. New target price is 5.5% above last closing price of US$65.42. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of US$2.84 for next year compared to US$3.07 last year. Announcement • Sep 30
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on November 26, 2025 The Board of Directors of Jefferies Financial Group Inc. declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on November 26, 2025 to record holders of Jefferies common shares on November 17, 2025. Announcement • Sep 18
Sumitomo Mitsui Reportedly in Talks to Increase Its Stake in Jefferies Financial Group Sumitomo Mitsui Financial Group, Inc. (TSE:8316) (SMFG) is in talks to increase its stake in Jefferies Financial Group Inc. (NYSE:JEF)(JEF) from the current 15% to about 20% as part of deepening ties between the companies, Bloomberg's Cathy Chan, Katherine Doherty, Manuel Baigorri and Hideki Suzuki report, citing people familiar with the matter. The report notes that Sumitomo Mitsui could proceed by potentially acquiring Jefferies' preferred stock, also indicating that the two financial companies are in discussions to merge parts of their equities businesses in Japan. Announcement • Sep 16
Jefferies Financial Group Inc. to Report Q3, 2025 Results on Sep 29, 2025 Jefferies Financial Group Inc. announced that they will report Q3, 2025 results at 4:00 PM, US Eastern Standard Time on Sep 29, 2025 Price Target Changed • Sep 08
Price target increased by 14% to US$63.67 Up from US$56.00, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of US$64.22. Stock is up 13% over the past year. The company is forecast to post earnings per share of US$2.35 for next year compared to US$3.07 last year. Upcoming Dividend • Aug 11
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 18 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (1.9%). Major Estimate Revision • Jul 07
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$2.62 to US$2.25 per share. Revenue forecast steady at US$6.79b. Net income forecast to grow 17% next year vs 15% growth forecast for Capital Markets industry in the US. Consensus price target of US$55.33 unchanged from last update. Share price was steady at US$55.61 over the past week. Declared Dividend • Jun 29
Second quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 18th August 2025 Payment date: 29th August 2025 Dividend yield will be 2.8%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 26
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: US$0.43 (down from US$0.66 in 2Q 2024). Revenue: US$1.63b (flat on 2Q 2024). Net income: US$88.0m (down 40% from 2Q 2024). Profit margin: 5.4% (down from 8.9% in 2Q 2024). Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) missed analyst estimates by 9.1%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Announcement • Jun 26
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on August 29, 2025 The Board of Directors of Jefferies Financial Group Inc. declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 29, 2025 to record holders of Jefferies common shares on August 18, 2025. Announcement • Jun 12
Jefferies Financial Group Inc. to Report Q2, 2025 Results on Jun 25, 2025 Jefferies Financial Group Inc. announced that they will report Q2, 2025 results After-Market on Jun 25, 2025 Major Estimate Revision • May 16
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$6.93b to US$6.77b. EPS estimate also fell from US$2.71 per share to US$2.43 per share. Net income forecast to grow 14% next year vs 14% growth forecast for Capital Markets industry in the US. Consensus price target down from US$57.00 to US$51.50. Share price rose 4.7% to US$52.70 over the past week. Upcoming Dividend • May 12
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 29 May 2025. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$43.14, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Capital Markets industry in the US. Total returns to shareholders of 52% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$27.68 per share. Major Estimate Revision • Apr 02
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$7.81b to US$7.24b. EPS estimate also fell from US$3.98 per share to US$3.13 per share. Net income forecast to grow 27% next year vs 22% growth forecast for Capital Markets industry in the US. Consensus price target down from US$81.00 to US$71.33. Share price fell 8.5% to US$55.14 over the past week. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. Director Toru Nakashima was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 30
First quarter dividend of US$0.40 announced Shareholders will receive a dividend of US$0.40. Ex-date: 19th May 2025 Payment date: 29th May 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 20% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 122% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 27
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: US$0.60 (down from US$0.72 in 1Q 2024). Revenue: US$1.59b (down 8.4% from 1Q 2024). Net income: US$127.8m (down 19% from 1Q 2024). Profit margin: 8.0% (down from 9.1% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Mar 27
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on May 29, 2025 Jefferies Financial Group Inc. Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on May 29, 2025 to record holders of Jefferies common shares on May 19, 2025. Announcement • Mar 13
Jefferies Financial Group Inc. to Report Q1, 2025 Results on Mar 26, 2025 Jefferies Financial Group Inc. announced that they will report Q1, 2025 results After-Market on Mar 26, 2025 Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$56.25, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Capital Markets industry in the US. Total returns to shareholders of 113% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$28.44 per share. Announcement • Feb 17
Jefferies Financial Group Inc., Annual General Meeting, Mar 27, 2025 Jefferies Financial Group Inc., Annual General Meeting, Mar 27, 2025. Upcoming Dividend • Feb 07
Upcoming dividend of US$0.40 per share Eligible shareholders must have bought the stock before 14 February 2025. Payment date: 27 February 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.5%). Higher than average of industry peers (1.9%). Reported Earnings • Jan 10
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: US$3.07 (up from US$1.12 in FY 2023). Revenue: US$7.03b (up 50% from FY 2023). Net income: US$665.6m (up 155% from FY 2023). Profit margin: 9.5% (up from 5.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Jan 09
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on February 27, 2025 The Board of Directors of Jefferies Financial Group Inc. declared a quarterly cash dividend equal to $0.40 per Jefferies common share, a 14.3% increase from the prior dividend rate, payable on February 27, 2025 to record holders of Jefferies common shares on February 14, 2025. Announcement • Dec 19
Jefferies Financial Group Inc. to Report Q4, 2024 Results on Jan 08, 2025 Jefferies Financial Group Inc. announced that they will report Q4, 2024 results After-Market on Jan 08, 2025 Price Target Changed • Dec 06
Price target increased by 9.4% to US$81.25 Up from US$74.25, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of US$78.12. Stock is up 112% over the past year. The company is forecast to post earnings per share of US$3.01 for next year compared to US$1.12 last year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to US$74.04, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Capital Markets industry in the US. Total returns to shareholders of 98% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$30.24 per share. Recent Insider Transactions • Nov 01
President & Director recently sold US$16m worth of stock On the 30th of October, Brian Friedman sold around 247k shares on-market at roughly US$65.20 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Brian has been a net seller over the last 12 months, reducing personal holdings by US$42m. Recent Insider Transactions • Oct 15
President & Director recently sold US$13m worth of stock On the 10th of October, Brian Friedman sold around 200k shares on-market at roughly US$63.09 per share. This transaction amounted to 3.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Brian has been a net seller over the last 12 months, reducing personal holdings by US$26m. Declared Dividend • Sep 29
Third quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 18th November 2024 Payment date: 27th November 2024 Dividend yield will be 2.1%, which is lower than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 88% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 26
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.85 (up from US$0.20 in 3Q 2023). Revenue: US$1.68b (up 43% from 3Q 2023). Net income: US$181.6m (up 303% from 3Q 2023). Profit margin: 11% (up from 3.8% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • Sep 23
Price target increased by 8.0% to US$66.25 Up from US$61.33, the current price target is an average from 4 analysts. New target price is 6.8% above last closing price of US$62.06. Stock is up 67% over the past year. The company is forecast to post earnings per share of US$2.96 for next year compared to US$1.12 last year. Buy Or Sell Opportunity • Sep 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to US$57.56. The fair value is estimated to be US$47.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 55%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 141% in the next 2 years. Recent Insider Transactions Derivative • Aug 18
Co-Founder & Chairman notifies of intention to sell stock Joseph Steinberg intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 15th of August. If the sale is conducted around the recent share price of US$54.13, it would amount to US$5.4m. Since March 2024, Joseph's direct individual holding has decreased from 20.88m shares to 20.78m. Company insiders have collectively sold US$78m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • Aug 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to US$57.01. The fair value is estimated to be US$47.27, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 55%. Revenue is forecast to grow by 42% in 2 years. Earnings are forecast to grow by 138% in the next 2 years. Announcement • Aug 13
Jefferies Financial Group Inc. Appoints Toru Nakashima to Board of Directors Jefferies Financial Group Inc. announced the appointment of the Sumitomo Mitsui Financial Group Inc. (“SMFG”) President and Group Chief Executive Officer, Toru Nakashima, to Jefferies’ Board of Directors effective August 12, 2024. The appointment of Mr. Nakashima further strengthens the strategic alliance between Jefferies and the SMBC Group first announced in 2021 and then further expanded in 2023 and 2024. Mr. Nakashima began his career in 1986 at The Sumitomo Bank, Limited. He assumed the position of General Manager of the Securities Business Planning Department in 2012 and the position of Managing Executive Officer and General Manager of the Corporate Planning Department in 2016. In 2019, Mr. Nakashima was appointed Group CFO and Group CSO of SMFG. In 2023, he was elected as a member of the Board of Directors and Deputy President of SMBC, heading Global Corporate Banking Division; he also served as Deputy President and Executive Officer of SMFG, co-heading Wholesale Business Unit. In November 2023, he was appointed President and Group Chief Executive Officer of SMFG. Upcoming Dividend • Aug 12
Upcoming dividend of US$0.35 per share Eligible shareholders must have bought the stock before 19 August 2024. Payment date: 30 August 2024. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (2.3%). Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. Independent Director Thomas Jones was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Jul 23
Price target increased by 13% to US$59.00 Up from US$52.00, the current price target is an average from 3 analysts. New target price is 5.7% above last closing price of US$55.80. Stock is up 51% over the past year. The company is forecast to post earnings per share of US$2.93 for next year compared to US$1.12 last year. Buy Or Sell Opportunity • Jul 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to US$52.56. The fair value is estimated to be US$43.69, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 55%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 132% in the next 2 years. Declared Dividend • Jun 30
Second quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 19th August 2024 Payment date: 30th August 2024 Dividend yield will be 2.5%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 156% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 28
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.66 (up from US$0.049 in 2Q 2023). Revenue: US$1.66b (up 60% from 2Q 2023). Net income: US$145.7m (up US$133.7m from 2Q 2023). Profit margin: 8.8% (up from 1.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jun 18
Jefferies Financial Group Inc. to Report Q2, 2024 Results on Jun 26, 2024 Jefferies Financial Group Inc. announced that they will report Q2, 2024 results After-Market on Jun 26, 2024 Recent Insider Transactions • May 16
President & Director recently sold US$13m worth of stock On the 14th of May, Brian Friedman sold around 280k shares on-market at roughly US$46.27 per share. This transaction amounted to 4.7% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$65m. This was Brian's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • May 15
President & Director notifies of intention to sell stock Brian Friedman intends to sell 115k shares in the next 90 days after lodging an Intent To Sell Form on the 13th of May. If the sale is conducted around the recent share price of US$45.93, it would amount to US$5.3m. Since June 2023, Brian's direct individual holding has decreased from 6.85m shares to 5.93m. Company insiders have collectively sold US$107m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • May 10
Upcoming dividend of US$0.30 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 30 May 2024. Payout ratio is on the higher end at 96% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.6%). Higher than average of industry peers (2.3%). Recent Insider Transactions • Apr 27
CEO & Director recently sold US$65m worth of stock On the 24th of April, Richard Handler sold around 2m shares on-market at roughly US$43.50 per share. This transaction amounted to 8.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Richard's only on-market trade for the last 12 months. Major Estimate Revision • Apr 03
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$6.35b to US$6.72b. EPS estimate fell from US$3.35 to US$2.90 per share. Net income forecast to grow 156% next year vs 19% growth forecast for Capital Markets industry in the US. Consensus price target broadly unchanged at US$49.67. Share price fell 4.3% to US$44.16 over the past week. Announcement • Apr 02
OneMain Holdings, Inc. (NYSE:OMF) completed the acquisition of Foursight Capital LLC from Jefferies Financial Group Inc. (NYSE:JEF). OneMain Holdings, Inc. (NYSE:OMF) reached a definitive agreement to acquire Foursight Capital LLC from Jefferies Financial Group Inc. (NYSE:JEF) for $115 million on November 20, 2023. As part of the transaction, OneMain will acquire Foursight's approximately $900 million loan portfolio. Foursight's approximately 200 employees are expected to join OneMain. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions and applicable regulatory approvals. Jefferies LLC is serving as exclusive financial advisor and Morgan Lewis & Bockius LLP is serving as legal counsel to Jefferies. Barclays Capital, Inc. is serving as exclusive financial advisor and Covington & Burling LLP is serving as legal counsel to OneMain.
OneMain Holdings, Inc. (NYSE:OMF) completed the acquisition of Foursight Capital LLC from Jefferies Financial Group Inc. (NYSE:JEF) on April 1, 2024. Declared Dividend • Mar 31
First quarter dividend of US$0.30 announced Dividend of US$0.30 is the same as last year. Ex-date: 17th May 2024 Payment date: 30th May 2024 Dividend yield will be 2.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 6.6% to bring the payout ratio under control. EPS is expected to grow by 196% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 28
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: US$0.72 (up from US$0.56 in 1Q 2023). Revenue: US$1.74b (up 35% from 1Q 2023). Net income: US$157.5m (up 18% from 1Q 2023). Profit margin: 9.1% (down from 10% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Mar 28
Jefferies Financial Group Inc. Declares Quarterly Cash Dividend, Payable on May 30, 2024 Jefferies Financial Group Inc. declared a quarterly cash dividend equal to $0.30 per Jefferies common share, payable on May 30, 2024 to record holders of Jefferies common shares on May 20, 2024. Announcement • Mar 15
Jefferies Financial Group Inc. to Report Q1, 2024 Results on Mar 27, 2024 Jefferies Financial Group Inc. announced that they will report Q1, 2024 results After-Market on Mar 27, 2024 Upcoming Dividend • Feb 08
Upcoming dividend of US$0.30 per share at 3.0% yield Eligible shareholders must have bought the stock before 15 February 2024. Payment date: 27 February 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.8%). Higher than average of industry peers (2.4%). Price Target Changed • Jan 10
Price target increased by 8.3% to US$48.00 Up from US$44.33, the current price target is an average from 3 analysts. New target price is 21% above last closing price of US$39.64. The company is forecast to post earnings per share of US$3.44 for next year compared to US$1.13 last year. 
