Siebert Financial Corp. (NASDAQ: SIEB) show an outstanding rise in its stock during after-hours after the company has reported its financial results for the year 2020. A provider of financial services, SIEB deals with retail brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co.
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Financial Results of 2020
- Siebert Financial Corp. has recorded its net income as $3.0 million and the basic and diluted EPS as $0.10.
- The revenue generated for 2020 is $54.9 million that is almost the double of the revenue generated in year 2019 when it was $28.6 million.
- WPS, Weeden Prime Services (LLC) which is the parent organization of SIEB has generated a 15% increase in revenue while the operating income is calculated as $1.3 million in 2020.
- As per the full year results of the company, the securities and finance group has managed to achieve its highest quarterly revenue in Q4 of 2020.
In November 2020, the company made some changes in its management, hired Anthony Palmeri from JPMorgan Chase & Co. and Jerry Losurdo from TD Prime Services, LLC to manage the securities and finance group of SIEB. It has been expected from this new team that they will bring new and diverse changes in the securities and finance group to provide maximum beneficial results for the company.
Not just the Siebert Financial Corp, but also WPS prime services, LLC the parent organization has shown some remarkable results. The hard work put in by the employees and loyal clients of SIEB are held responsible for this success by the company that too in just first year of acquiring WPS.
Siebert has bought an equity interest in Openhand in the month of January 2021, which is a subscription based brokerage platform that promises to provide zero-commission trading for equity and option transactions. The platform will also credit its members on daily basis with rebates of revenues generated through its members’ trading activity, less operational expenses. Siebert will play its role as an exclusive broker-dealer for all OpenHand accounts services while benefitting from their cloud-based technology which uses Amazon Web Services.