JEF - Jefferies Group

[Parsad]

Another 3.8 million shares repurchased from Sep 1 through October 8th. 1.5% of shares out. A 30% reduction in less than three years. This has to work at some point.

Yes, at the prices they are buying...tangible book or less.  But it doesn't work when you buy them back like Eddie Lampert did with Sears!     Cheers!

[petec]

The thing I love about Jefferies is that while TBVPS compounds slowly away over time, the market reliably panics and oversells the stock every time the macro sh1t hits the fan. It’s my go-to name for adding “risk” in a sell-off.

[greenwave]

Mon, January 4, 2021, 4:15 PM EST·

All-Time Record Quarterly and Annual Results at Jefferies Group

Quarterly Cash Dividend Increase of 33% to $0.20 per Jefferies Common Share

Share Repurchase Authorization Increased to $250 million

Jefferies Financial Group Inc. (NYSE: JEF) today announced its financial results for the three and twelve month periods ended November 30, 2020. In addition, the Jefferies Board of Directors declared a quarterly cash dividend equal to $0.20 per Jefferies common share payable on February 26, 2021 to record holders of Jefferies common shares on February 12, 2021. The Jefferies Board of Directors also increased the Company's stock buyback authorization by $193 million to a total of $250 million. We expect to file our Form 10-K on or about January 28, 2021.

Highlights for the three months ended November 30, 2020:

Jefferies Group LLC recorded record quarterly net revenues of $1,609 million, record pre-tax income of $406 million, record net earnings of $307 million and return on tangible equity of 26.2%1

Record quarterly Investment Banking net revenues of $916 million, including record Equity Underwriting net revenues of $341 million, record Advisory net revenues of $357 million, and record Debt Underwriting net revenues of $209 million

Combined Capital Markets net revenues of $590 million; record quarterly Equities net revenues of $327 million and Fixed Income net revenues of $263 million

Asset Management revenues (before allocated net interest2) of $83 million

Merchant Banking recorded pre-tax income of $33 million, reflecting record quarterly results from Idaho Timber and mark-to-market increases in the value of several of our investments in public companies

Net income attributable to Jefferies Financial Group common shareholders was $307 million, or $1.11 per diluted share

We repurchased 9.5 million shares for $193 million, or an average price of $20.34 per share; 249.8 million shares were outstanding and 273.6 million shares were outstanding on a fully diluted basis3 at November 30, 2020; Jefferies book value per share was $37.65 and tangible book value per fully diluted share4 was $27.38 at the end of the fourth quarter

Jefferies Financial Group had parent company liquidity of $1.9 billion at November 30, 2020. Jefferies Group had a record liquidity buffer of $8.6 billion of cash and unencumbered liquid collateral at November 30, 2020, which represented 18% of its total balance sheet............
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greenwave

(  To borrow a thought  from Parsad ) CHEERS !

[petec]

Good results but the gap between SHO and FDSHO bothers me. Lots of that buyback is being given away in options, no?

[gfp]

Berkadia acquired Moran & Company's Apartment Brokerage for institutional clients -
https://www.berkadia.com/aboutus/newsroom/berkadia-acquires-moran-companys-apartment-brokerage-practice-to-further-expand-its-institutional-investment-sales-capabilities/

At the bottom of the press release there is a little summary of Berkadia's past two years of acquisition activity.

Doubt it's material to either firm but Berkadia is more important to JEF than BRK so I put it here.

[greenwave]

Anyone  have any current insight on this Jeffries / Leucadia Union Station Washington D C air rights asset?
 
I emailed Jeffries investor relations some time ago asking about the status of these  air rights ,but have yet to receive any response.

greenwave
___________________________

Jeffries (Leucadia)..Union Station air rights ...the commentary below was from ~ July, 2012

.........
"...If they paid $10 MM for the right, and are Leucadia's JV partner, I guess LUK doesn't own the rights in their entirety?


I read the quote to mean that "they" - meaning the joint venture in total - paid that much for the rights, although you raise a good question. Disclosure seems minimal ... LUK has minority interests on the balance sheet."

--
"If this report is accurate, Leucadia's air rights may be getting more valuable. I don't know the website but it was linked to by American Association of Railroads so it's probably legitimate ... "


http://www.progressiverailroading.com/amtrak/news/Amtrak-for...
.........
"...If they paid $10 MM for the right, and are Leucadia's JV partner, I guess LUK doesn't own the rights in their entirety?

I read the quote to mean that "they" - meaning the joint venture in total - paid that much for the rights, although you raise a good question. Disclosure seems minimal ... LUK has minority interests on the balance sheet."