Jefferies boosts dividends on back of record second quarter performance
Financial services firm Jefferies said that it had recorded record revenues for the second quarter, prompting the investment bank to jack up its dividend.
The New York-headquartered firm said that its revenue had jumped 56 per cent compared to a year ago, rising to $1.6bn.
It added that its pre-tax income hit $429m, up 148 per cent on a year ago.
Earnings for the quarter rose to $1.30 a share from 16 cents a year earlier, beating the 90 cents consensus estimate of two analysts polled by FactSet.
As a result, the firm declared a quarterly cash dividend equal to $0.25 per common share, a 25 per cent increase on the prior dividend rate.
Chief executive Rich Handler and president Brian Friedman said in a statement: “We would like to thank our colleagues and clients for Jefferies’ spectacular results thus far in 2021.
“Our performance reflects the continued growth and strength of our global full-service business model and our increasing market share – particularly in Investment Banking, where net revenues for the first half of the year were more than $2 billion and our backlog for the third quarter is at a record level.
“Additionally, our Equities, Fixed Income and Asset Management businesses all are performing well, even as the environment becomes more normalized relative to the uniquely exceptional first quarter.”