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KBW Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 8, 2012 05:29PM

KBW Inc. (KBW) filed Quarterly Report for the period ended 2012-06-30. Kbw, Inc. has a market cap of $524.8 million; its shares were traded at around $15.44 with and P/S ratio of 2. The dividend yield of Kbw, Inc. stocks is 1.3%.



Highlight of Business Operations:

Investment banking revenue increased $10.1 million, or 66.2%, to $25.3 million for the three months ended June 30, 2012 compared with $15.2 million for the same period in 2011. M&A and advisory revenue increased $7.2 million, or 104.3%, to $14.1 million for the three months ended June 30, 2012 compared with $6.9 million for the same period in 2011, primarily due to a higher number of M&A and advisory engagements, which included two larger than average transactions completed in 2012. Capital markets revenue increased $2.8 million, or 33.7%, to $11.1 million for the three months ended June 30, 2012 compared with $8.3 million for the same period in 2011, primarily due to a higher number of equity capital market transactions for the three months ended June 30, 2012 compared with the same period in 2011.

Commissions revenue was $24.6 million for the three months ended June 30, 2012 compared with $32.2 million for the same period in 2011, a decrease of $7.5 million, or 23.4%. U.S. equity commissions were $17.7 million for the three months ended June 30, 2012 compared with $23.0 million for the same 2011 period, a decrease of $5.3 million, or 23.0%, and non-U.S. equity commissions were $6.9 million for the three months ended June 30, 2012 compared with $9.2 million for the same period in 2011, a decrease of $2.3 million, or 25.0%, reflecting lower market volumes in financial services companies’ stocks for the same period in 2012.

Principal transactions, net revenue was $3.5 million for the three months ended June 30, 2012 compared with $12.0 million for the same period in 2011, a decrease of $8.5 million, or 70.9%. Fixed income revenue was $4.5 million for the three months ended June 30, 2012 compared with $8.3 million for the same period in 2011, a decrease of $3.8 million, or 45.8%, primarily due to reduced client activity. Trading for our own account, including firm investments, resulted in revenue of $0.6 million for the three months ended June 30, 2012 compared with revenue of $2.4 million for the same period in 2011, a decrease of $1.8 million and equity market making resulted in negative revenue of $1.7 million for the three months ended June 30, 2012 compared with negative revenue of $1.1

Commissions revenue was $53.9 million for the six months ended June 30, 2012 compared with $66.6 million for the same period in 2011, a decrease of $12.8 million, or 19.1%. U.S. equity commissions were $38.7 million for the six months ended June 30, 2012 compared with $46.8 million for the same 2011 period, a decrease of $8.1 million, or 17.3%, and non-U.S. equity commissions were $15.2 million for the six months ended June 30, 2012 compared with $19.8 million for the same period in 2011, a decrease of $4.6 million, or 23.2%, reflecting lower market volumes in financial services companies’ stocks in 2012.

Principal transactions, net revenue was $14.0 million for the six months ended June 30, 2012 compared with $29.3 million for the same period in 2011, a decrease of $15.3 million, or 52.3%. Fixed income revenue was $13.3 million for the six months ended June 30, 2012 compared with $20.6 million for the same period in 2011, a decrease of $7.3 million, or 35.4%, primarily due to reduced client activity. Trading for our own account, including firm investments, resulted in revenue of $4.0 million for the six months ended June 30, 2012 compared with revenue of $8.0 million for the same period in 2011, a decrease of $4.0 million and equity market making resulted in negative revenue of $3.5 million for the six months ended June 30, 2012 compared with negative revenue of $2.4 million for the same period in 2011. The realized gains and change in the fair value of our trust preferred backed collateralized debt obligations and related securities owned resulted in net revenue of $0.2 million for the six months ended June 30, 2012 compared with a gain of $3.1 million for the same period in 2011.

Read the The complete Report



Stocks Discussed: KBW,
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