Jefferies Financial Group Inc. (JEF) Analyst/Investor Day October 19, 2026 9:00 AM EDT
Company Participants
Richard Handler - CEO & Director
Brian Friedman - President & Director
Matthew Larson - Executive VP & CFO
Andrea Lee
Raphael Bejarano
John Miller - Global Head of Investment Banking
Peter Forlenza - Global Head of Equities
Frederic Jallot
Nicholas Daraviras - Managing Director
Conference Call Participants
Brennan Hawken - BMO Capital Markets Equity Research
Madeleine Hines
Christoph Kotowski - Oppenheimer & Co. Inc., Research Division
Steve Fullerton
James Yaro - Goldman Sachs Group, Inc., Research Division
Connell Schmitz - Morgan Stanley, Research Division
Kurt Feuerman - AllianceBernstein L.P.
Presentation
Richard Handler
CEO & Director
Okay. Good morning, everybody. Welcome to our Investor Day, Jefferies. My name is Rich Handler, the CEO. I'm going to give you a very brief overview of our company today and how we see the future, followed up by Brian, who's going to put a little more detail on it, but the lion's share of the specifics will be driven by our leadership team, which we're very proud of, and then we'll all be available for a question-and-answer afterwards.
The thing I'm hoping -- the 2 things I'm hoping that people will take away from the meeting today is something that our whole leadership team is very well aware of. First, the strength and scale and scope and capabilities of Jefferies today is something we think is incredibly unique and perhaps not fully understood. We hope to flesh that out a little bit more. And more importantly, the opportunity in the future going forward allows us with the scale and the scope, we believe, to continue to grow and invest, but also bring even more profits to the bottom line. And I think we'll talk a little bit today about how we're going to do that.
Argenx má podporu Wall Street: 10 analytiků čeká během 12 měsíců růst akcie alespoň na 1 200 USD. V posledním čtvrtletí firma vykázala globální čisté tržby z produktů ve výši 1,5 miliardy USD, meziročně o 60 %.
With a market cap hovering near $60 billion, Argenx SE (ARGX -1.79%) is no longer a new kid on the block in the biopharmaceutical world. However, the drugmaker still has a long way to go before becoming one of the largest healthcare companies.
Quite a few people on Wall Street believe that Argenx will make some headway on that goal in the near future, though. While the biotech stock was priced at roughly $919 as of the market close on Friday, Oct. 2, 2026, 10 analysts predict that it's headed to at least $1,200 over the next 12 months.
Image source: Getty Images.
Wall Street's take on Argenx Two analysts are especially bullish about Argenx. Wells Fargo (WFC +0.25%) and UBS (UBS +0.29%) set 12-month price targets of $1,415 and $1,400, respectively, for the stock, reflecting potential gains of more than 50%.
Another two analysts are only slightly less upbeat. TD Cowen (TD +0.23%) thinks Argenx can climb to $1,353, while Citi (C +1.18%) expects the stock to rise to $1,301.
Six others also have price targets of between $1,200 and $1,300: Citizens JMP (CFG +0.99%), H.C. Wainwright, Jefferies (JEF +1.59%), Piper Sandler (PIPR -0.64%), Morgan Stanley (MS +1.22%), and Stifel Nicolaus (SF -0.09%).
Granted, some analysts aren't as enthusiastic about Argenx. Still, the average price target for the stock is around $1,182, which represents potential upside of roughly 29%. Of the 21 analysts who have rated Argenx in the past three months, all but one rated it a "buy." The sole outlier recommending holding the stock.
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What's behind the optimism? It shouldn't be surprising that most analysts are optimistic about Argenx. The company delivered $1.5 billion in global product net sales in its latest quarter, up 60% year over year and 17% quarter over quarter.
Vyvgart and Vyvgart Hytrulo are driving Argenx's growth. Both drugs are approved in the U.S. for the treatment of generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP), autoimmune diseases that affect different parts of the nervous system. Vyvgart is also approved in Japan for the treatment of primary immune thrombocytopenia (ITP).
More approvals for other autoimmune diseases could be on the way. In August 2026, Argenx announced positive results from a late-stage study evaluating Vyvgart Hytrulo for the treatment of adults with autoimmune myositis. The company expects to report data from two other late-stage studies next year, one targeting primary ITP and another targeting Sjogren's disease.
Argenx isn't a two-trick pony, though. Its pipeline also features empasiprubart, which is being evaluated in registrational clinical trials for the treatment of multifocal motor neuropathy (MMN) and CIDP. The company is testing adimanebart as a treatment for congenital myasthenic syndromes (CMS) and spinal muscular atrophy. Argenx recently completed its acquisition of Forte Biosciences, adding promising experimental autoimmune disease therapy FB102 to its quiver.
Wall Street overwhelmingly views Argenx stock as a great stock to buy right now. But are the majority of analysts right? I think so.
It's important not to ignore the potential challenges for the company, though. Argenx's success hinges on positive results from its multiple ongoing Phase 3 clinical studies. Any disappointments from those trials could cause the stock to decline. More than one clinical setback could send Argenx's shares spiraling downward.
Argenx also faces a headwind in China. Net product sales in the country plunged 62% year over year in the second quarter of 2026. Granted, China accounts for only a small percentage of Argenx's total revenue, but it remains an important long-term opportunity.
Whether or not Argenx's share price can soar 30% or more over the next 12 months, as many Wall Street analysts expect, remains to be seen. However, the risk-reward proposition for this biotech growth stock looks attractive.
Jefferies rozšiřuje partnerství se SMBC a plánuje japonský společný podnik, který má začít obsluhovat klienty v lednu 2027. SMBC zároveň zvýšila podíl v Jefferies na téměř 20 % a stala se největším akcionářem.
Key Takeaways JEF's Japan JV will combine SMBC's domestic reach with Jefferies' global equities platform and client network.JEF's M&A and ECM market share rose more than fourfold among selected jointly covered sponsor clients. SMBC's 20% stake and the planned 2027 JV deepen the alliance and expand cross-border growth opportunities. Jefferies Financial Group Inc. (JEF - Free Report) is expanding its partnership with Sumitomo Mitsui Banking Corporation (SMBC) with a Japan-based joint venture (JV), which is expected to begin serving clients in January 2027. As part of the broader strategic alliance, SMBC has increased its equity ownership in Jefferies to almost 20%, making it the company’s largest shareholder.
The venture will combine SMBC and SMBC Nikko’s domestic client coverage, equities, Equity Capital Markets (ECM), research and corporate access capabilities with Jefferies’ global client network, sector expertise, trading technology and capital-markets capabilities. The shared goal is to build a leading institutional Japanese equities and ECM franchise.
The partnership will strengthen Jefferies’ access to Japanese equities and ECM opportunities while helping Japanese clients tap into its global investment banking network. The venture will also jointly source and execute Japan-related cross-border mergers & acquisitions (M&A) and ECM transactions, leveraging the complementary strengths of both firms. The planned JV is also intended to scale a leading wholesale equities and equity capital markets business in Japan.
JEF’s Early Alliance Gains Support for Further ExpansionThe broader SMBC alliance is already showing commercial traction. Jefferies said joint coverage of selected large sponsor clients began in 2024, and its M&A and ECM market share for those jointly covered clients increased more than fourfold. The partners are now expanding joint coverage to larger sponsors globally, while SMBC-provided credit facilities are supporting Jefferies’ growth in targeted areas.
These early gains highlight the potential of combining SMBC’s Japanese investment banking presence and lending capabilities with Jefferies’ global advisory and capital-markets expertise. Management expects the collaboration to deepen as the partners expand their client coverage and capabilities.
JEF’s Global Platform Could Amplify Japan OpportunitiesThe JV will leverage Jefferies’ global reach and sector expertise to support Japanese companies pursuing international opportunities, while SMBC’s domestic relationships can broaden Jefferies’ access to Japanese clients. Management highlighted the overlap between the companies’ client networks as an opportunity to expand M&A, ECM and leveraged-finance activity.
The planned JV therefore provides Jefferies with a stronger local platform while extending the reach of its existing global investment banking capabilities. Management also expects the Japan JV to provide a template for other ways Jefferies and SMBC can work together globally.
Our Take on JEFThe planned Japan JV gives Jefferies a more established local platform to pursue Japanese equities, ECM and cross-border investment banking opportunities. SMBC’s increased ownership and position as Jefferies’ largest shareholder further underscore the strategic depth of the alliance. However, the venture is not expected to be launched until January 2027, making execution and the ability to convert the expanded platform into sustained transaction activity key factors to monitor.
JEF’s Peers Tap New Growth Opportunities Through ExpansionCitigroup Inc. (C - Free Report) is expanding its collaboration with Coinbase Global (COIN) to strengthen its role in stablecoin-based payments. The expanded partnership combines Coinbase’s digital-asset infrastructure with Citigroup’s virtual-account, payment, and fiat-settlement capabilities, enabling businesses to accept, hold, and pay funds while converting incoming fiat into stablecoins. Citigroup will also support institutional clients accepting stablecoin payments through Spring by Citi, with Coinbase Payments converting stablecoins into fiat and Citigroup handling settlement as the bank of record.
The expanded relationship could help Citigroup capture growth in the stablecoin payments market by extending its payments infrastructure to blockchain-based transactions without requiring merchants to directly hold or manage digital assets. With Citigroup already banking 90% of the top e-commerce companies and 15 of the world’s 20 largest fintechs, its institutional client base provides a broad potential distribution channel.
Likewise, JPMorgan Chase & Co. (JPM - Free Report) is expanding its cross-border payments capabilities through a partnership with Thunes, integrating Thunes’ Direct Global Network with J.P. Morgan Payments’ Xpedite Remit solutions. The collaboration will enable faster and simpler international payouts across more than 100 corridors, connecting businesses to local bank accounts and mobile wallets while providing foreign-exchange conversion and end-to-end payment traceability.
JPMorgan’s expanded payment reach could boost cross-border volumes and deepen client relationships, leveraging Thunes’ access to 12 billion accounts and wallets across 140 countries. As businesses increasingly adopt faster, digital cross-border payment channels, the partnership could expand JPMorgan’s payment volumes, client reach, and fee-based revenue opportunities.
Jefferies vidí u Emitelu až 60% růst ocenění a 34% nárůst čisté hodnoty aktiv Cordiant Digital Infrastructure při úspěšné realizaci růstové strategie. Emitel tvořil 56 % NAV Cordiantu k 31. březnu 2026.
Jefferies said successful execution of Emitel’s growth strategy could deliver 60% valuation upside for the business and increase Cordiant Digital Infrastructure Ltd (LSE:CORD, FRA:86L)’s net asset value by 34%.
The broker reached the estimate after a site visit to Emitel in Kraków, describing Cordiant’s largest asset as a multi-pillar growth opportunity.
Emitel represented 56% of Cordiant’s net asset value at 31 March 2026, making its future performance particularly important to the investment company.
Jefferies reported that Emitel had already achieved a compound annual growth rate of 8.5% in EBITDAaL, which refers to earnings after lease costs, between 2022 and 2025.
Free cash flow grew at a 25.5% compound annual rate over the same period, supporting management’s plans for further expansion across several businesses.
The broadcasting operation aims to digitise its core offering, win a new multiplex known as MUX-5 and develop products including 5G broadcasting.
Emitel also plans to double its tower portfolio from 776 sites while increasing the average number of mobile network operator tenants from 1.8 times to more than 2 times.
Tower expansion could accelerate through Emitel’s existing build-to-suit pipeline with Orange and potential acquisitions from smaller operators or mobile network operators.
The company is also pursuing adjacent markets including data centres, drone infrastructure and security, airspace management, and smart-city projects.
Emitel recently entered Poland’s data centre market by acquiring DC Blonie, a 2MW Warsaw site with Kyndryl as an anchor tenant under a five-year contract.
Jefferies highlighted further upside from filling the remaining space at the site, brownfield development at other Emitel locations and potential acquisitions.
Emitel is targeting high single-digit to low double-digit annual revenue growth and low double-digit annual EBITDA growth through 2030.
Management expects EBITDAaL to exceed PLN700 million in 2030, with the strategy backed by PLN600 million of growth capital expenditure between 2026 and 2030.
Jefferies stated that operational cash flow should fund most of that investment, with debt facilities offering additional support as needed.
The broker rates Cordiant Digital Infrastructure 'buy,' with the shares at 123p against a 52-week range of 96p to 128p, while no price target was provided in the note.
SSE potvrdila výhled upraveného EPS 168p až 193p pro finanční rok 2026/27 a její investiční program za 33 miliard GBP zůstává podle Jefferies na správné cestě.
SSE PLC (LSE:SSE), the UK-listed utility, remains on track with its £33 billion investment programme after reiterating earnings guidance and reporting a sharp increase in network investment, Jefferies said.
The broker retained its 'buy' rating and 3,060p price target against a reference share price of 2,491p, implying a 23% upside, after SSE reiterated its adjusted earnings per share guidance of 168p to 193p for the 2026/27 financial year.
Jefferies analysts Ahmed Farman and Arturo Murua said first-half adjusted earnings per share are expected at 64p to 68p as regulated networks become a larger contributor to group earnings, reducing the normal seasonal weighting towards the second half.
The broker said SSE’s divisional expectations were unchanged, although the guidance remains dependent on weather, market conditions and the availability of its generating assets.
Network investment is running about 70% higher year on year, driven largely by the transmission business, while renewable generation is expected to rise by about 20% due to favourable weather and additional capacity.
Jefferies highlighted progress at Dogger Bank B, where turbine installation has moved beyond halfway, with more than 47 turbines installed compared with 30 at the time of SSE’s first-quarter update.
SSE has also maintained its longer-term target of 225p to 250p in adjusted earnings per share for 2029/30, although Jefferies noted that the midpoint is about 2% below consensus.
Jefferies described the trading update as broadly in line with expectations, with audited first-half results due on 18 November 2026.
Jefferies vykázala rekordní výnosy z investičního bankovnictví ve výši 1,33 mld. USD, meziročně o 17 % více. Tahounem byly poradenské výnosy a upisování akcií, což naznačuje oživení dealmakingu na Wall Street.
Key Takeaways Jefferies posted record Q3 IB revenues of $1.33B, up 17% y/y.Advisory revenues rose 25% and equity underwriting surged 69%, reflecting stronger deal activity.Healthy backlogs support the recovery, though Q3 bank results are expected to vary. Jefferies Financial Group’s (JEF - Free Report) third-quarter fiscal 2026 results offer an encouraging early signal for Wall Street’s investment-banking (IB) businesses ahead of the earnings release from the major U.S. banks. Jefferies is closely watched as an industry bellwether because it reports ahead of most large banks and has substantial exposure to advisory and underwriting activity.
The strongest signal came from investment banking. Jefferies generated record third-quarter fiscal 2026 IB net revenues of $1.33 billion, up 17% year over year. Advisory revenues climbed 25% to a record $818 million, while equity-underwriting revenues surged 69% to $306 million.
The performance indicates that improving merger and acquisition (M&A) activity and stronger equity issuance continue to support Wall Street fee pools. Global dealmaking has already crossed $4 trillion this year as companies have become more willing to pursue strategic transactions despite periods of market volatility. Jefferies also highlighted a healthy backlog and solid new business activity, supporting optimism for the remainder of 2026 and momentum heading into 2027. Hence, JEF's large peers like JPMorgan (JPM - Free Report) , Bank of America (BAC - Free Report) , Morgan Stanley (MS - Free Report) and Citigroup (C - Free Report) are also likely to post decent IB results.
JEF Signals Healthy IB Backdrop, but Bank Results May DivergeRecent management commentary from JPMorgan Chase, Citigroup and Bank of America reinforces the view that the IB backdrop remains healthy, though fiscal third-quarter revenue growth is likely to vary significantly across firms.
JPMorgan appears to be seeing the strongest momentum. Management expects fiscal third-quarter investment-banking fees to increase year over year in the mid-to-high teens, supported by broad-based strength across products and geographies, and a robust deal pipeline. Jefferies’ record advisory quarter provides additional evidence that stronger M&A activity is translating into completed transactions and fee revenues.
Citigroup also expects investment-banking revenue growth, though at a more moderate low-single-digit pace. Strength in equity capital markets and continued corporate M&A activity should support the results, while softer sponsor activity and some moderation in debt capital markets could limit upside.
In contrast, Bank of America expects fiscal third-quarter investment-banking fees of $1.6-$1.8 billion, implying a year-over-year decline. Nevertheless, management emphasized that its pipeline remains strong, suggesting that deal timing rather than weakening underlying demand is weighing on near-term revenues.
The backdrop is also encouraging for Morgan Stanley, given its significant exposure to advisory and underwriting. Morgan Stanley entered the fiscal third quarter with strong momentum after fiscal second-quarter investment-banking revenues soared 58% year over year to $2.44 billion. Healthy pipelines and broad client dialogue could support continued activity, particularly if the stronger M&A and equity issuance trends highlighted by Jefferies persist.
Bottom LineJefferies’ fiscal third-quarter results strengthen the case that Wall Street’s investment-banking recovery remains on track. Record advisory revenues, sharply higher equity underwriting and a healthy backlog suggest corporate and sponsor activity remains supportive heading into year-end. Still, the recovery is unlikely to be uniform. We will have to wait till JPM, BAC, MS and C start reporting their third-quarter 2026 results.
JPMorgan and Citigroup are scheduled to announce third-quarter 2026 results on Oct. 13, while Bank of America and Morgan Stanley are scheduled to report on Oct. 14.
Jefferies oznámila zisk 1,09 USD na akcii a tržby 2,22 mld. USD za čtvrtletí, obojí nad odhady. Zisk vzrostl meziročně z 1,05 USD na akcii a tržby z 2,05 mld. USD.
Jefferies (JEF - Free Report) came out with quarterly earnings of $1.09 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +4.81%. A quarter ago, it was expected that this investment banking and capital markets company would post earnings of $1.09 per share when it actually produced earnings of $1.03, delivering a surprise of -5.5%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Jefferies, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $2.22 billion for the quarter ended August 2026, surpassing the Zacks Consensus Estimate by 0.43%. This compares to year-ago revenues of $2.05 billion. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Jefferies shares have lost about 23.1% since the beginning of the year versus the S&P 500's gain of 13.1%.
What's Next for Jefferies?While Jefferies has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Jefferies was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.00 on $2.31 billion in revenues for the coming quarter and $3.73 on $8.67 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the top 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Triumph Financial (TFIN - Free Report) , is yet to report results for the quarter ended September 2026.
This financial holding company is expected to post quarterly earnings of $0.58 per share in its upcoming report, which represents a year-over-year change of +205.3%. The consensus EPS estimate for the quarter has been revised 0.4% higher over the last 30 days to the current level.
Triumph Financial's revenues are expected to be $122.28 million, up 11.9% from the year-ago quarter.
Jefferies získala téměř 4 miliardy USD kapacity pro svou evropskou strategii přímého úvěrování. Zároveň čelí novým obavám kvůli expozici Point Bonita vůči Radiant World téměř 500 milionů USD.
Key Takeaways Jefferies secured about $4B in capacity for its European institutional direct-lending strategy.JEF targets senior-secured loans to sponsor-backed middle-market firms across Europe and the U.K.Point Bonita faces scrutiny over Radiant World and First Brands, raising investor concerns. Jefferies Financial Group Inc. (JEF - Free Report) is expanding its private credit footprint in Europe even as its Point Bonita platform faces renewed scrutiny following reported exposure of nearly $500 million to troubled iron ore trader Radiant World. The move highlights the growth opportunity in private credit while raising questions about whether Jefferies can scale the business without taking on excessive credit and reputational risks.
Jefferies Expands European Private Credit CapacityJefferies Credit Partners (JCP) announced on Sept. 9, 2026 that it had secured almost $4 billion of lending capacity for its European institutional direct-lending strategy. The inaugural European Direct Lending Fund is anchored by Allianz Global Investors, with additional commitments from the South Carolina Retirement System Investment Commission and other institutional investors. The fund has also been seeded with a diversified portfolio of recently originated European private-credit investments.
JCP launched its European direct-lending platform in late 2024 and has since deployed balance sheet capital. Including the new fund, two partnership accounts expected to close later in 2026 and balance sheet resources, Jefferies expects nearly $4 billion of near-term lending capacity for the strategy. The fund targets primarily sponsor-backed, senior-secured loans to middle-market and upper-middle-market companies across Europe and the United Kingdom.
The institutional backing is significant for Jefferies' asset-management ambitions as it provides a channel to grow fee-generating private-credit assets beyond the firm's balance sheet. The European strategy also allows Jefferies to leverage its existing sponsor and corporate relationships to source lending opportunities.
JEF’s Point Bonita Exposure Raises Risk QuestionsThe expansion comes at a time when a separate Jefferies-linked private-credit platform is dealing with significant challenges.
Point Bonita, a trade-finance platform managed through Jefferies' Leucadia Asset Management business, has already been under scrutiny following its exposure to bankrupt auto-parts supplier First Brands Group. Point Bonita had approximately $715 million of purported First Brands receivables, and Jefferies recorded a $30 million pre-tax loss related to its investment in the fund in the fourth quarter of fiscal 2025.
The latest issue involves Radiant World, an iron ore trader. LAM Trade Finance Group II, a fund managed by Jefferies' Point Bonita unit, has nearly $500 million of exposure to Radiant World, its founder and a related entity. The fund has accused Radiant World of misrepresenting receivables purportedly owed by major commodity traders and is pursuing legal action over the alleged fraud. Jefferies-linked entities have secured freezing orders against Radiant World and related parties in London and Singapore. Authorities in Singapore are investigating potentially invalid invoice submissions.
The reported exposure does not necessarily translate into an equivalent loss for Jefferies. Recovery will depend on the value and validity of the underlying receivables, legal proceedings and the ability to recover assets. Still, the case adds to concerns around collateral verification, receivables quality, counterparty due diligence and concentration risk within Point Bonita's trade-finance activities.
JEF’s Investor Confidence Could Shape Private-Credit GrowthThe Point Bonita issues also create a potential investor-confidence challenge. Following the First Brands problems, Point Bonita investors requested redemptions. Payments will be spread over several quarters to allow Jefferies time to maximize portfolio recoveries and resolve First Brands-related receivables.
This matters for Jefferies because scaling private credit requires more than finding attractive lending opportunities. It also requires maintaining institutional confidence so that capital can be raised and retained through different credit cycles.
The new European fund nevertheless demonstrates that institutional demand for JEF’s private-credit capabilities remains present. The Allianz Global Investors-backed first close provides external validation of the European strategy, although the European direct-lending business is structurally different from Point Bonita's receivables-focused trade-finance activities.
However, the First Brands and Radiant World exposures highlight the importance of strong risk controls, as problems with underlying receivables can lead to financial losses, litigation, investor redemptions and reputational pressure. Jefferies has acknowledged lessons from First Brands and said it is strengthening its control regime.
The key test will be whether JEF can turn institutional demand for European private credit into sustained, fee-generating growth while maintaining rigorous underwriting, collateral verification and portfolio controls.
Over the past six months, JEF shares have gained 19.9% compared with the industry’s 6.9% growth.
6-Month Price Performance
Image Source: Zacks Investment Research
Currently, JEF carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Restructuring Efforts by Other Financial FirmsThis week, JPMorgan Chase & Co. (JPM - Free Report) announced a strategic partnership with Qatar Investment Authority (QIA), with both signing a Memorandum of Understanding to establish a $20 billion investment framework across public and private markets. The partnership includes a $15 billion public equities mandate and a $5 billion private markets initiative focused on established U.S. middle-market companies, providing JPMorgan Asset Management with an opportunity to deepen its relationship with a major sovereign investor while expanding its institutional asset-management and private-markets capabilities.
JPMorgan’s broader private-capital strategy is supported by continued demand for financing, private-credit leverage and structured financing, along with significant private-equity dry powder and invested capital seeking liquidity. The partnership could support incremental recurring management and investment-related fees as capital is deployed, while JPMorgan’s integrated investment banking, markets, financing and asset-management capabilities could help deepen client relationships and capture additional private-capital activity.
Likewise, HSBC Holdings plc (HSBC - Free Report) announced the expansion of its U.S. Premier offering with wealth, health, travel and international banking services to address the evolving needs of affluent customers with international lifestyles and cross-border wealth requirements. The initiative includes digital wealth-management capabilities, self-directed brokerage services, personalized financial planning and international banking benefits, supported by HSBC’s network of 21 U.S. Wealth Centers.
HSBC’s wealth franchise is already showing momentum, with wealth balances rising 7% year over year to $1.58 trillion and wealth revenues increasing 18% to $5.5 billion in the first half of 2026. While the enhanced U.S. Premier offering could deepen affluent-client relationships and support additional wealth and fee income, HSBC’s plans to simplify its organization and exit non-strategic businesses are expected to generate approximately $2 billion in annualized savings by the end of 2026, providing additional resources for priority growth initiatives.
Jefferies Financial Group Inc. (NYSE:JEF – Get Free Report) has been assigned an average rating of “Hold” from the seven research firms that are presently covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $62.75.
Several research firms have issued reports on JEF. UBS Group dropped their target price on Jefferies Financial Group from $65.00 to $61.00 and set a “neutral” rating on the stock in a research report on Friday, September 11th. Weiss Ratings cut Jefferies Financial Group from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, August 27th. Morgan Stanley boosted their price objective on Jefferies Financial Group from $44.00 to $50.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 9th. The Goldman Sachs Group reissued a “buy” rating and set a $67.00 price objective on shares of Jefferies Financial Group in a report on Wednesday, September 9th. Finally, Wall Street Zen upgraded Jefferies Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday.
View Our Latest Report on JEF
Hedge Funds Weigh In On Jefferies Financial Group A number of institutional investors have recently added to or reduced their stakes in JEF. BlackRock Inc. purchased a new position in shares of Jefferies Financial Group during the second quarter worth about $834,947,000. Eminence Capital LP lifted its position in Jefferies Financial Group by 13.5% during the fourth quarter. Eminence Capital LP now owns 3,812,615 shares of the financial services provider’s stock valued at $236,268,000 after purchasing an additional 454,054 shares during the last quarter. Geode Capital Management LLC lifted its position in Jefferies Financial Group by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 2,942,554 shares of the financial services provider’s stock valued at $182,390,000 after purchasing an additional 24,171 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Jefferies Financial Group by 2.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,666,097 shares of the financial services provider’s stock worth $110,015,000 after buying an additional 58,585 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Jefferies Financial Group in the 2nd quarter worth approximately $127,242,000. 60.88% of the stock is currently owned by institutional investors. Jefferies Financial Group Price Performance Jefferies Financial Group stock opened at $47.85 on Friday. The business’s 50 day simple moving average is $53.99 and its 200 day simple moving average is $50.72. Jefferies Financial Group has a 12 month low of $35.53 and a 12 month high of $71.04. The company has a market cap of $9.27 billion, a price-to-earnings ratio of 13.37 and a beta of 1.52. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.99.
Jefferies Financial Group (NYSE:JEF – Get Free Report) last issued its quarterly earnings results on Wednesday, June 24th. The financial services provider reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.14). Jefferies Financial Group had a net margin of 7.58% and a return on equity of 9.23%. The firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the company earned $0.40 EPS. The firm’s quarterly revenue was up 35.0% on a year-over-year basis. Sell-side analysts forecast that Jefferies Financial Group will post 3.97 EPS for the current year.
Jefferies Financial Group Dividend Announcement The company also recently declared a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 18th. Jefferies Financial Group’s dividend payout ratio (DPR) is presently 44.69%.
Jefferies Financial Group declared that its Board of Directors has approved a stock buyback plan on Wednesday, June 24th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Jefferies Financial Group News Roundup Here are the key news stories impacting Jefferies Financial Group this week:
Positive Sentiment: Oppenheimer maintained an Outperform rating and said Jefferies could benefit from a revival in mergers and acquisitions, although it lowered its price target to $76 from $83. A stronger M&A environment could support Jefferies’ investment-banking revenue. Jefferies Financial Group Seen Benefiting From M&A Revival Positive Sentiment: Jefferies is serving as a joint book-running manager for Electra Therapeutics’ upsized $350 million IPO. The mandate highlights continued equity-capital-markets activity and could generate underwriting fees, though the financial impact on JEF is likely modest. Electra Therapeutics IPO Jefferies Financial Group Company Profile (Get Free Report)
Jefferies Financial Group Inc (NYSE:JEF) is a diversified financial services company that provides investment banking, capital markets, asset management and wealth management services. Its principal operating business, Jefferies, advises companies, governments and institutional investors on mergers and acquisitions, capital raising, restructuring and other strategic transactions.
Through its investment banking and securities operations, Jefferies offers equity and fixed-income underwriting, sales and trading, research, prime brokerage and related services.
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Jefferies Financial Group Inc. (NYSE:JEF) will release its third-quarter earnings report after the closing bell on Monday, Sept. 28.
Analysts expect the New York-based company to report quarterly earnings of $1.00 per share, down from $1.01 per share in the year-ago period. The consensus estimate for JEF’s quarterly revenue is $2.2 billion. It reported $2.05 billion last year, according to Benzinga Pro.
On June 24, Jefferies Financial Group reported worse-than-expected second-quarter financial results.
Jefferies Financial shares rose 1.1% to close at $47.87 on Thursday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.
UBS analyst Michael Brown maintained a Neutral rating and cut the price target from $65 to $61 on Sept. 11, 2026. This analyst has an accuracy rate of 59%. BMO Capital analyst Brennan Hawken maintained a Market Perform rating and slashed the price target from $60 to $57 on Sept. 11, 2026. This analyst has an accuracy rate of 72%. Oppenheimer analyst Chris Kotowski maintained an Outperform rating and cut the price target from $87 to $83 on June 25, 2026. This analyst has an accuracy rate of 82%. Morgan Stanley analyst Ryan Kenny maintained an Equal-Weight rating and increased the price target from $44 to $50 on June 9, 2026. This analyst has an accuracy rate of 51%. Goldman Sachs analyst James Yaro maintained a Buy rating and raised the price target from $47 to $54 on April 14, 2026. This analyst has an accuracy rate of 65%. Considering buying JEF stock? Here’s what analysts think:
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NewEdge Advisors LLC grew its position in shares of Jefferies Financial Group Inc. (NYSE:JEF – Free Report) by 77.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,577 shares of the financial services provider’s stock after buying an additional 29,899 shares during the period. NewEdge Advisors LLC’s holdings in Jefferies Financial Group were worth $3,427,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Jefferies Financial Group in the second quarter valued at approximately $834,947,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Jefferies Financial Group during the 2nd quarter worth about $127,242,000. Norges Bank acquired a new position in shares of Jefferies Financial Group in the 4th quarter valued at about $145,584,000. Bamco Inc. NY acquired a new position in Jefferies Financial Group in the 2nd quarter worth about $107,044,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of Jefferies Financial Group in the second quarter worth about $79,537,000. 60.88% of the stock is currently owned by institutional investors.
Analyst Ratings Changes Several equities research analysts have recently issued reports on the stock. Loop Capital set a $60.00 price objective on shares of Jefferies Financial Group in a research note on Monday, June 8th. The Goldman Sachs Group restated a “buy” rating and issued a $67.00 target price on shares of Jefferies Financial Group in a research note on Wednesday, September 9th. Oppenheimer decreased their price target on shares of Jefferies Financial Group from $87.00 to $83.00 and set an “outperform” rating on the stock in a research note on Thursday, June 25th. UBS Group decreased their price target on Jefferies Financial Group from $65.00 to $61.00 and set a “neutral” rating on the stock in a report on Friday, September 11th. Finally, Weiss Ratings cut shares of Jefferies Financial Group from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, August 27th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $63.62.
View Our Latest Stock Report on Jefferies Financial Group Key Stories Impacting Jefferies Financial Group Here are the key news stories impacting Jefferies Financial Group this week:
Positive Sentiment: Jefferies announced that it will release third-quarter financial results after the market closes on September 28, 2026. The scheduled report provides a clear catalyst and could support the shares if deal activity and trading performance show continued improvement. Jefferies third-quarter earnings release announcement Neutral Sentiment: Jefferies analysts remain active across Indian equities, including positive views on Groww and HDFC Bank and a negative view on BSE. These reports highlight the strength of Jefferies’ research and brokerage franchise, but they are analyst calls on other companies rather than direct financial updates for JEF. Jefferies analyst views on HDFC Bank and other stocks Neutral Sentiment: Jefferies economist forecasts include a potential Federal Reserve rate cut in December. Changes in interest-rate expectations can influence capital-markets activity and financing demand, but the immediate effect on JEF is uncertain. Jefferies Federal Reserve rate outlook Negative Sentiment: Jefferies’ most recent reported quarter fell short of consensus, with earnings per share of $1.02 versus the $1.16 estimate and revenue of $2.21 billion versus $2.30 billion expected. Although revenue increased 35% year over year, the earnings miss has likely weighed on sentiment ahead of the next report. Jefferies Financial Group Trading Down 2.5% JEF opened at $48.84 on Wednesday. The stock has a market capitalization of $9.46 billion, a P/E ratio of 13.64 and a beta of 1.52. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.99. Jefferies Financial Group Inc. has a 12 month low of $35.53 and a 12 month high of $71.04. The firm’s fifty day simple moving average is $54.24 and its 200 day simple moving average is $50.69.
Jefferies Financial Group (NYSE:JEF – Get Free Report) last announced its quarterly earnings results on Wednesday, June 24th. The financial services provider reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.14). Jefferies Financial Group had a net margin of 7.58% and a return on equity of 9.23%. The firm had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the company posted $0.40 earnings per share. The firm’s revenue was up 35.0% on a year-over-year basis. As a group, research analysts anticipate that Jefferies Financial Group Inc. will post 3.68 EPS for the current fiscal year.
Jefferies Financial Group Dividend Announcement The firm also recently announced a quarterly dividend, which was paid on Friday, August 28th. Shareholders of record on Tuesday, August 18th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, August 18th. Jefferies Financial Group’s payout ratio is presently 44.69%.
Jefferies Financial Group declared that its Board of Directors has approved a stock buyback program on Wednesday, June 24th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Jefferies Financial Group Company Profile (Free Report)
Jefferies Financial Group Inc (NYSE:JEF) is a diversified financial services company that provides investment banking, capital markets, asset management and wealth management services. Its principal operating business, Jefferies, advises companies, governments and institutional investors on mergers and acquisitions, capital raising, restructuring and other strategic transactions.
Through its investment banking and securities operations, Jefferies offers equity and fixed-income underwriting, sales and trading, research, prime brokerage and related services.
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Amundi lifted its holdings in Jefferies Financial Group Inc. (NYSE:JEF – Free Report) by 378.7% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 228,236 shares of the financial services provider’s stock after buying an additional 180,553 shares during the quarter. Amundi owned approximately 0.12% of Jefferies Financial Group worth $11,407,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the stock. Smithfield Trust Co purchased a new position in Jefferies Financial Group during the 4th quarter valued at about $27,000. CX Institutional raised its position in shares of Jefferies Financial Group by 77.6% in the second quarter. CX Institutional now owns 547 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 239 shares during the period. Elyxium Wealth LLC acquired a new stake in shares of Jefferies Financial Group in the fourth quarter worth $28,000. Ramirez Asset Management Inc. acquired a new stake in shares of Jefferies Financial Group in the fourth quarter worth $31,000. Finally, Basecamp Wealth Advisors LLC raised its stake in Jefferies Financial Group by 665.4% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 796 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 692 shares during the last quarter. Institutional investors and hedge funds own 60.88% of the company’s stock.
Key Headlines Impacting Jefferies Financial Group Here are the key news stories impacting Jefferies Financial Group this week:
Positive Sentiment: A Jefferies-linked fund obtained an asset-freezing order against Radiant World, potentially helping preserve assets tied to reported exposure of nearly $500 million. This may improve recovery prospects, although the situation remains unresolved. Jefferies fund wins Singapore asset freeze against Radiant World Neutral Sentiment: Jefferies is reportedly winding down its outsourced fixed-income trading business. The move could reduce operational and counterparty risk, but it may also limit revenue opportunities and signal a strategic pullback. Jefferies to Wind Down Outsourced Fixed-Income Trading Business Neutral Sentiment: Jefferies continues to promote investor meetings and publish bullish research on companies including LG Electronics India, Adani Enterprises and Vodafone Idea. These activities support its investment-banking and research franchise, but are unlikely to materially change near-term earnings expectations for JEF. LG Electronics India in Jefferies’ pole position Negative Sentiment: UBS lowered its price target on JEF from $65 to $61 and maintained a Neutral rating, while BMO cut its target from $60 to $57 and retained a Market Perform rating. The revisions suggest more cautious views on valuation and earnings prospects. Jefferies’ latest quarterly results also missed consensus estimates for earnings and revenue, adding pressure to sentiment. Negative Sentiment: Reports that a Jefferies-linked trade-finance fund had substantial Radiant World exposure have renewed concerns about potential credit losses, legal costs and reputational risk for the broader group. Jefferies-linked fund faces reported Radiant exposure Jefferies Financial Group Stock Down 3.6% NYSE:JEF opened at $51.98 on Friday. Jefferies Financial Group Inc. has a twelve month low of $35.53 and a twelve month high of $71.04. The firm has a market capitalization of $10.07 billion, a price-to-earnings ratio of 14.52 and a beta of 1.52. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.99. The stock’s 50 day moving average price is $54.42 and its two-hundred day moving average price is $50.70. Jefferies Financial Group (NYSE:JEF – Get Free Report) last released its quarterly earnings data on Wednesday, June 24th. The financial services provider reported $1.02 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.14). Jefferies Financial Group had a net margin of 7.58% and a return on equity of 9.23%. The company had revenue of $2.21 billion during the quarter, compared to analyst estimates of $2.30 billion. During the same period in the previous year, the company posted $0.40 EPS. The company’s quarterly revenue was up 35.0% compared to the same quarter last year. Equities research analysts expect that Jefferies Financial Group Inc. will post 3.71 earnings per share for the current fiscal year.
Jefferies Financial Group announced that its Board of Directors has approved a stock repurchase program on Wednesday, June 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to purchase up to 2% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Jefferies Financial Group Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, August 18th. Jefferies Financial Group’s dividend payout ratio (DPR) is 44.69%.
Analyst Upgrades and Downgrades A number of equities research analysts have weighed in on the company. Capital One Financial set a $57.00 price objective on Jefferies Financial Group in a report on Friday. The Goldman Sachs Group restated a “buy” rating and set a $67.00 target price on shares of Jefferies Financial Group in a report on Wednesday. Oppenheimer dropped their target price on shares of Jefferies Financial Group from $87.00 to $83.00 and set an “outperform” rating for the company in a research note on Thursday, June 25th. Weiss Ratings downgraded Jefferies Financial Group from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 27th. Finally, Loop Capital set a $60.00 price objective on shares of Jefferies Financial Group in a research report on Monday, June 8th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $63.62.
Get Our Latest Stock Report on JEF
Jefferies Financial Group Company Profile (Free Report)
Jefferies Financial Group Inc (NYSE:JEF) is a diversified financial services company that provides investment banking, capital markets, asset management and wealth management services. Its principal operating business, Jefferies, advises companies, governments and institutional investors on mergers and acquisitions, capital raising, restructuring and other strategic transactions.
Through its investment banking and securities operations, Jefferies offers equity and fixed-income underwriting, sales and trading, research, prime brokerage and related services.
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LAM Trade Finance Group II, v níž americká banka Jefferies drží menšinový podíl, chystá žalobu na obchodníka se železnou rudou Radiant World u londýnského soudu. Jde o první soudní spor v Británii v této kauze.
LAM Trade Finance Group II, in which U.S. bank Jefferies (JEF.N) holds a minority stake, is set to sue iron ore trader Radiant World in London, according to court records.
Radiant World has come under pressure in recent weeks due to concerns that invoices provided to its banks may not have been valid. The firm has strongly denied the allegations, which have prompted some counterparties and lenders to halt or restrict business with it.
LAM Trade Finance Group II filed a pre-action application with London's High Court on August 27, court records show. The nature of the application or what it sought was not clear from the court file, which contained no publicly available documents.
As well as Radiant World, its founder Pinkesh Nahar, Sapphire Minmetals Corp - another trading firm that used to be part of Radiant World - and Sapphire Minmetals Chairman Rakesh Sethi were named as defendants in the filing. No further information was available.
The CEO of commodity trader Glencore (GLEN.L), Gary Nagle, said last month the company considered Radiant World and Sapphire Minmetals to be part of the same group, although Sethi has denied this is the case.
Radiant World, Jefferies and Sethi did not immediately respond to requests for comment on Wednesday. Nahar could not immediately be reached for comment.
Jefferies was told that some of the invoices underpinning its financing to Sapphire Minmetals were not genuine, Bloomberg News reported last month.
The London High Court filing marks the first litigation in Britain in the Radiant World saga.
Mizuho Bank, the banking unit of Mizuho Financial Group (8411.T), has filed a case against the Singapore operating entity of Radiant World, according to the website of Singapore's Supreme Court.
Another creditor, trade-finance firm Incomlend, is suing Radiant World and Nahar in Singapore for $34 million, Bloomberg News reported last month.
Bank of Nova Scotia acquired a new stake in shares of Jefferies Financial Group Inc. (NYSE:JEF – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 70,203 shares of the financial services provider’s stock, valued at approximately $3,509,000.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Jefferies Financial Group during the second quarter valued at approximately $834,947,000. Alyeska Investment Group L.P. lifted its position in Jefferies Financial Group by 422.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 3,972,352 shares of the financial services provider’s stock valued at $246,167,000 after acquiring an additional 3,211,375 shares in the last quarter. Eminence Capital LP boosted its stake in Jefferies Financial Group by 13.5% during the 4th quarter. Eminence Capital LP now owns 3,812,615 shares of the financial services provider’s stock valued at $236,268,000 after purchasing an additional 454,054 shares during the last quarter. AQR Capital Management LLC boosted its stake in Jefferies Financial Group by 696.8% during the 4th quarter. AQR Capital Management LLC now owns 3,412,301 shares of the financial services provider’s stock valued at $211,460,000 after purchasing an additional 2,984,055 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Jefferies Financial Group by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 2,942,554 shares of the financial services provider’s stock worth $182,390,000 after purchasing an additional 24,171 shares in the last quarter. 60.88% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In JEF has been the subject of several research analyst reports. BMO Capital Markets lifted their price objective on Jefferies Financial Group from $42.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, June 8th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Jefferies Financial Group in a report on Friday, June 5th. Morgan Stanley lifted their price target on shares of Jefferies Financial Group from $44.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 9th. Weiss Ratings raised shares of Jefferies Financial Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Finally, Oppenheimer lowered their price objective on shares of Jefferies Financial Group from $87.00 to $83.00 and set an “outperform” rating on the stock in a research report on Thursday, June 25th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $62.62.
Get Our Latest Stock Report on JEF Jefferies Financial Group Stock Up 1.3% NYSE JEF opened at $52.56 on Wednesday. Jefferies Financial Group Inc. has a 52 week low of $35.53 and a 52 week high of $71.04. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.99. The company has a market capitalization of $10.18 billion, a P/E ratio of 14.68 and a beta of 1.54. The stock’s 50-day moving average price is $54.95 and its 200-day moving average price is $50.84.
Jefferies Financial Group (NYSE:JEF – Get Free Report) last announced its quarterly earnings data on Wednesday, June 24th. The financial services provider reported $1.02 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.14). Jefferies Financial Group had a net margin of 7.58% and a return on equity of 9.23%. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter in the previous year, the business earned $0.40 earnings per share. The firm’s revenue for the quarter was up 35.0% on a year-over-year basis. On average, equities research analysts predict that Jefferies Financial Group Inc. will post 3.71 earnings per share for the current year.
Jefferies Financial Group Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Tuesday, August 18th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.0%. Jefferies Financial Group’s dividend payout ratio (DPR) is 44.69%.
Jefferies Financial Group declared that its board has approved a stock buyback program on Wednesday, June 24th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the financial services provider to buy up to 2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
(Free Report)
Jefferies Financial Group Inc is a diversified financial services company that provides a range of investment banking, capital markets and asset management services to corporations, governments and institutional investors worldwide. Through its core platform, Jefferies offers advisory services for mergers and acquisitions, debt and equity underwriting, restructuring and recapitalization. The firm also operates a global sales and trading business covering equities, fixed income and foreign exchange products, complemented by equity research and macroeconomic analysis.
In addition to its capital markets franchise, Jefferies maintains a growing asset management division that delivers customized investment solutions across public and private markets.
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Barrow Hanley Mewhinney & Strauss LLC ve 2. čtvrtletí koupila nový podíl v Jefferies Financial Group: 2 545 859 akcií za zhruba 127 242 000 USD. Fond nyní drží 1,31 % společnosti.
Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Jefferies Financial Group Inc. (NYSE:JEF – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,545,859 shares of the financial services provider’s stock, valued at approximately $127,242,000. Barrow Hanley Mewhinney & Strauss LLC owned 1.31% of Jefferies Financial Group as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of JEF. BlackRock Inc. acquired a new position in Jefferies Financial Group in the second quarter valued at about $834,947,000. Alyeska Investment Group L.P. raised its position in Jefferies Financial Group by 422.0% in the 4th quarter. Alyeska Investment Group L.P. now owns 3,972,352 shares of the financial services provider’s stock valued at $246,167,000 after purchasing an additional 3,211,375 shares in the last quarter. Eminence Capital LP raised its holdings in shares of Jefferies Financial Group by 13.5% in the 4th quarter. Eminence Capital LP now owns 3,812,615 shares of the financial services provider’s stock valued at $236,268,000 after purchasing an additional 454,054 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Jefferies Financial Group by 696.8% in the 4th quarter. AQR Capital Management LLC now owns 3,412,301 shares of the financial services provider’s stock valued at $211,460,000 after acquiring an additional 2,984,055 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Jefferies Financial Group by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 2,942,554 shares of the financial services provider’s stock valued at $182,390,000 after acquiring an additional 24,171 shares during the last quarter. 60.88% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In Several analysts have commented on the company. Oppenheimer decreased their price objective on Jefferies Financial Group from $87.00 to $83.00 and set an “outperform” rating for the company in a research report on Thursday, June 25th. Morgan Stanley increased their price target on shares of Jefferies Financial Group from $44.00 to $50.00 and gave the company an “equal weight” rating in a report on Tuesday, June 9th. Weiss Ratings raised shares of Jefferies Financial Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, August 12th. Loop Capital set a $60.00 target price on shares of Jefferies Financial Group in a report on Monday, June 8th. Finally, UBS Group reduced their price target on shares of Jefferies Financial Group from $67.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, June 25th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $62.62.
Read Our Latest Analysis on JEF Jefferies Financial Group Stock Up 0.0% JEF stock opened at $52.35 on Monday. The company has a debt-to-equity ratio of 1.99, a current ratio of 0.98 and a quick ratio of 0.98. The company’s 50 day simple moving average is $55.34 and its 200-day simple moving average is $50.93. Jefferies Financial Group Inc. has a 12 month low of $35.53 and a 12 month high of $71.04. The firm has a market capitalization of $10.14 billion, a PE ratio of 14.62 and a beta of 1.54.
Jefferies Financial Group (NYSE:JEF – Get Free Report) last issued its quarterly earnings data on Wednesday, June 24th. The financial services provider reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.16 by ($0.14). The company had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.30 billion. Jefferies Financial Group had a return on equity of 9.23% and a net margin of 7.58%.The company’s revenue for the quarter was up 35.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 earnings per share. Equities analysts expect that Jefferies Financial Group Inc. will post 3.71 earnings per share for the current fiscal year.
Jefferies Financial Group announced that its board has approved a share repurchase program on Wednesday, June 24th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the financial services provider to buy up to 2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
Jefferies Financial Group Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 28th. Stockholders of record on Tuesday, August 18th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, August 18th. Jefferies Financial Group’s dividend payout ratio is currently 44.69%.
(Free Report)
Jefferies Financial Group Inc is a diversified financial services company that provides a range of investment banking, capital markets and asset management services to corporations, governments and institutional investors worldwide. Through its core platform, Jefferies offers advisory services for mergers and acquisitions, debt and equity underwriting, restructuring and recapitalization. The firm also operates a global sales and trading business covering equities, fixed income and foreign exchange products, complemented by equity research and macroeconomic analysis.
In addition to its capital markets franchise, Jefferies maintains a growing asset management division that delivers customized investment solutions across public and private markets.
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Společnost Jefferies Financial Group je vyšetřována kvůli možnému porušení federálních zákonů o cenných papírech v souvislosti s kolapsem First Brands. Vyšetřování se zaměřuje na možná nepravdivá či zavádějící tvrzení a opomenuté informace pro investory.
NEW YORK, Aug. 13, 2026 (GLOBE NEWSWIRE) -- Abraham, Fruchter & Twersky, LLP (www.aftlaw.com), a nationally recognized law firm focusing on protecting investors’ rights, informs shareholders that it is investigating potential violations of federal securities laws by Jefferies Financial Group Inc. (“Jefferies”) (NYSE:JEF), and Jefferies’ directors and officers. The investigation is focused on whether Jefferies or its executives made false or misleading statements or failed to disclose material information to investors.
On September 29, 2025, The Wall Street Journal published an article titled “Auto Supplier First Brands Files for Bankruptcy Amid Accounting Questions; First Brands lenders are looking into possible irregularities stemming from the company’s billions of dollars of off-balance-sheet debt.” That article reported that First Brands’ lenders and directors were probing whether First Brands made misrepresentations in its financial reporting and that “First Brands relied heavily on accounts-receivable-backed financing, supplying automotive products to customers on delayed payment terms and borrowing from outside investors against the billed receivables.”
On October 8, 2025, The Wall Street Journal further reported in an article titled “First Brands Bankruptcy Damage Spreads to Jefferies, UBS; Banks disclose how much of the funds they manage are exposed to collapsed auto-parts supplier” that Jefferies “said funds run by an asset-management unit, Point Bonita Capital, are owed around $715 million from companies that bought First Brands’ parts.”
On October 9, 2025, Reuters disclosed that the U.S. Department of Justice had opened an inquiry into the collapse of First Brands. Reuters reported that the DOJ was probing First Brands and its dealings with creditors.
On October 12, 2025, The Wall Street Journal published an article titled “Behind the Collapse of an Auto-Parts Giant: $2 Billion Hole and Mysterious CEO; Patrick James started out buying small Ohio factories and ended atop a messy conglomerate with piles of hidden debt.” That article reported that the former First Brands CEO “was working on an effort to refinance the nearly $6 billion of corporate loans with the help of Jefferies” and that “[t]he pitch to prospective lenders didn’t mention the billions of dollars of off-balance-sheet debt[.]”
Abraham, Fruchter & Twersky, LLP is investigating possible securities claims relating to these facts. If you have information that could assist in the investigation or if you are a Jefferies investor who suffered a loss and would like to discuss your rights, with no cost or obligation to you, please contact Jack Fruchter ([email protected] or (212) 634-0602) or Michael Klein ([email protected] or (212) 634-0608).
Abraham, Fruchter & Twersky, LLP (www.aftlaw.com) is a law firm that has extensive experience in litigating securities law violations on behalf of investors. Abraham, Fruchter & Twersky, LLP is based in New York and maintains a California office.
Attorney Advertising. Prior results do not guarantee similar outcomes.
Jefferies za měsíc od posledních výsledků přidala asi 5,6 %, ale odhad zisků se za stejnou dobu snížil o 8,9 %. Ve 2. čtvrtletí fiskálního roku 2026 firma minula odhady EPS i tržeb, i když zaznamenala rekordní investičněbankovní výnosy.
A month has gone by since the last earnings report for Jefferies (JEF - Free Report) . Shares have added about 5.6% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Jefferies due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Jefferies Q2 Earnings Miss Estimates Despite Record IB PerformanceJefferies’ second-quarter fiscal 2026 (ended May 31) adjusted earnings per share from continuing operations of $1.03 missed the Zacks Consensus Estimate of $1.09. However, the bottom line increased significantly from the prior-year quarter.
Results were primarily aided by record IB advisory and underwriting net revenues, as well as record equities net revenues. However, a rise in expenses hurt the results to an extent.
Net earnings attributable to common shareholders (GAAP) increased significantly year over year from $88 million to $226.2 million.
Revenues Improve, Expenses RiseQuarterly net revenues were $2.21 billion, up 35% from the prior-year quarter. The top line marginally missed the Zacks Consensus Estimate of $2.22 billion.
Total non-interest expenses were $1.89 billion, up 26.1% from the year-ago quarter. The rise was due to an increase in almost all cost components, except for depreciation and amortization costs, cost of sales, and other expenses.
As of May 31, 2026, book value per common share was $51.95, up from $49.96 as of May 31, 2025. Furthermore, adjusted tangible book value per fully diluted share increased from $32.84 to $34.55.
Quarterly Segment PerformanceInvestment Banking & Capital Markets: Total Net revenues were $2.01 billion, rising 36.4% from the prior-year quarter. Investment Banking net revenues were $1.21 billion, up 57.5% year over year, driven by higher advisory and equity underwriting revenues, while debt underwriting remained solid but declined year over year. Capital Markets net revenues were $799.3 million, up 13.5%, driven by increases in both Equities and Fixed Income net revenues.
Asset Management: Net revenues were $187.7 million, up 21.4% from the year-ago quarter. Asset management fees and revenues, as well as investment return, declined year over year, but other investments, inclusive of net interest, increased.
Balance Sheet SolidAs of May 31, 2026, total assets were $79.54 billion, up from $74.38 billion as of Feb. 28, 2026, while total shareholders’ equity was $10.57 billion, down modestly from $10.61 billion.
The leverage ratio was 7.5 compared with 6.5 in the prior-year quarter, and the tangible gross leverage ratio was 9.0 compared with 7.9.
Return on adjusted tangible shareholders’ equity was 12.8%, up from 5.5% in the prior-year quarter.
Share Repurchase UpdateIn the reported quarter, Jefferies repurchased 4 million common shares for $197 million, at an average price of $49.83 per share.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -8.9% due to these changes.
VGM ScoresCurrently, Jefferies has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Jefferies has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Jefferies čelí vyšetřování kvůli možnému klamání investorů ohledně expozice vůči First Brands přes Point Bonita Capital. Akcie po zprávě klesly o 5,30 USD na akcii, tedy přibližně o 9 %.
NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Jefferies Financial Group, Inc. (“Jefferies” or the “Company”) (NYSE:JEF). The investigation concerns whether the Company and/or members of its senior management may have violated federal securities laws or engaged in other unlawful business practices.
[LEARN MORE ABOUT THE INVESTIGATION]
What Happened?
On June 25, 2026, Jefferies reported quarterly results showing weaker asset-management fees and investment returns driven in part by Jefferies’ asset-management unit, Point Bonita Capital. The Securities and Exchange Commission is reportedly investigation claims that Jefferies misled investors about the Company’s exposure to First Brands Group, a now-bankrupt auto-parts supplier, through Point Bonita. According to public reports, funds run by Point Bonita were owed roughly $715 million from companies that bought First Brands’ parts. First Brands filed for bankruptcy in September 2025 amid accounting questions, and Jefferies later disclosed a $30 million loss tied to the collapse. On this news, the price of Jefferies shares declined by $5.30 per share, or approximately 9%, from $57.94 per share on June 24, 2026 to close at $52.64 on June 25, 2026.
What Should I Do?
At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.
If you purchased or otherwise acquired Jefferies securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
[LEARN MORE ABOUT SECURITIES CLASS ACTIONS]
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Block & Leviton vyšetřuje Jefferies Financial Group kvůli možným porušením zákonů o cenných papírech a údajnému zamlčení expozice vůči First Brands Group. Akcie JEF 25. června klesly asi o 9 % na 52,64 USD.
BOSTON, July 08, 2026 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Jefferies Financial Group Inc. (NYSE: JEF) for potential securities law violations. Investors who have lost money in their Jefferies Financial Group investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/jef.
What is this all about?
Block & Leviton is investigating whether Jefferies Financial Group and certain of its executives misled investors about the company's exposure to First Brands Group, a now-bankrupt auto-parts supplier, through Jefferies' asset-management unit, Point Bonita Capital. According to public reports, funds run by Point Bonita were owed roughly $715 million from companies that bought First Brands' parts, and questions have emerged over how much information Jefferies gave investors about that exposure. First Brands filed for bankruptcy in September 2025 amid accounting questions, and Jefferies later disclosed a $30 million loss tied to the collapse; the U.S. Securities and Exchange Commission is reportedly examining whether Jefferies adequately disclosed the risk. On June 25, 2026, after Jefferies reported quarterly results showing weaker asset-management fees and investment returns driven in part by Point Bonita, its stock fell about 9%, closing at $52.64 per share.
Who is eligible?
Anyone who purchased Jefferies Financial Group common stock and has seen their shares fall may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
If you've lost money on your investment, you should contact Block & Leviton to learn more via our case website, by email at [email protected], or by phone at (888) 256-2510.
Whistleblower?
If you have non-public information about Jefferies Financial Group, you should consider assisting in our investigation or working with our attorneys to file a report with the Securities Exchange Commission under their whistleblower program. Whistleblowers who provide original information to the SEC may receive rewards of up to 30% of any successful recovery. For more information, contact Block & Leviton at [email protected] or by phone at (888) 256-2510.
Why should you contact Block & Leviton?
Block & Leviton is widely regarded as one of the leading securities class action firms in the country. Our attorneys have recovered billions of dollars for defrauded investors and are dedicated to obtaining significant recoveries on behalf of our clients through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, call (888) 256-2510 or email [email protected] with any questions.
This notice may constitute attorney advertising.
CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (888) 256-2510
Email: [email protected]
Jefferies vykázala rekordní výnosy z investičního bankovnictví ve výši 1,2 miliardy USD, ale zisk i celkové výnosy zaostaly za odhady. Akcie po zveřejnění výsledků klesly asi o 8 %.
Big banks are always among the first companies to report earnings every quarter. As banks are seen as bellwethers for the economy, investors can get a sense of what to expect from other sectors of the economy based on bank earnings. But there is one stock that might be considered a bellwether for the bellwethers -- Jefferies Financial (JEF 6.72%).
Jefferies is a leading investment bank, and it reports earnings weeks before other big investment banks like Goldman Sachs (GS 4.27%), Morgan Stanley (MS 4.08%), and JPMorgan Chase (JPM 1.81%). That's because its quarter ends one month earlier than those other banks -- in this case, May 31.
Image source: Getty Images.
So while it might not be a total apples-to-apples comparison to the other banks, Jefferies results can certainly give investors a sense of how the quarter went for the other major banks, perhaps providing intel on whether they should buy leading up to earnings season.
So how did Jefferies do? Here are some takeaways.
Earnings miss and a mixed bag Jefferies' fiscal second-quarter earnings, released June 24, were a mixed bag. Net earnings grew a solid 5% year over year to $226 million, or $1.02 per share, but it was short of estimates of $1.16 per share. Revenue also missed estimates, despite rising 37% year over year to $2.21 billion. Analysts anticipated $2.22 billion.
The miss was the primary reason that Jefferies stock dropped about 8% the next day, June 25.
Today's Change
(
-6.72
%) $
-3.54
Current Price
$
49.10
The earnings and revenue, while strong, missed estimates due to weak asset management numbers. Asset management revenue tumbled 46% to $188 million in the quarter due to a difficult stock market environment from March through May. Also, it took a hit from losses by its subsidiary, Point Bonita, which had significant exposure to First Brands Group, a company that went bankrupt last fall.
But on the plus side, Jefferies had blowout investment banking results.
Blowout investment banking revenue Investment banking, Jefferies' bread and butter, had a record quarter. This should get the attention of investors looking at earnings for Goldman Sachs and Morgan Stanley next month.
Investment banking revenue surged to $1.2 billion, a 58% increase year over year. It was a record quarter for Jefferies, led by advisory and equity underwriting. It also had a strong quarter in capital markets as revenue rose 13% to $799 million. Combined, capital markets and investment banking revenue increased 37% year over year to a record $2 billion.
While the quarter may have been a mixed bag for Jefferies, it was good news for other investment bank stocks and their investors. Obviously, the record investment banking and capital markets hauls indicate that this will be a strong quarter for the large investment banks.
Additionally, the downside of this report for Jefferies, asset management, won't translate to the other competitors. That's because Jefferies' asset management results include March, a terrible month for stocks. Goldman Sachs', Morgan Stanley's, and JPM's quarters won't include March and will start with the recovery rally in April.
Also, a big part of Jefferies' asset management hit was from its Point Bonita exposure to First Brands. The other companies won't have that drag. So Q2 should be a good one for the investment banks.
Jefferies ve 2. čtvrtletí zvýšila čistý zisk připadající na kmenové akcionáře na 226,2 mil. USD a čisté výnosy na 2,21 mld. USD. Investiční bankovnictví i akcie dosáhly rekordních čistých výnosů.
Quarterly Record Combined Investment Banking Advisory and Underwriting Net Revenues, as well as Quarterly Record Equities Net Revenues
NEW YORK--(BUSINESS WIRE)--Jefferies Financial Group Inc. (NYSE: JEF)
Q2 Financial Highlights
$ in thousands, except per share amounts
Quarter End
Year-to-Date
2Q26
2Q25
2026
2025
Net earnings attributable to common shareholders
$
226,234
$
88,017
$
382,161
$
215,955
Diluted earnings per voting common share
$
1.02
$
0.40
$
1.70
$
0.97
Return on adjusted tangible shareholders' equity1
12.8
%
5.5
%
12.2
%
6.9
%
Total net revenues
$
2,206,451
$
1,634,447
$
4,223,581
$
3,227,466
Investment banking net revenues
$
1,206,820
$
766,307
$
2,224,113
$
1,466,999
Capital markets net revenues
$
799,292
$
704,155
$
1,578,048
$
1,402,439
Asset management net revenues
$
187,718
$
154,621
$
407,980
$
346,336
Pre-tax earnings
$
315,549
$
134,901
$
527,765
$
285,966
Book value per common share
$
51.95
$
49.96
$
51.95
$
49.96
Adjusted tangible book value per fully diluted share3
$
34.55
$
32.84
$
34.55
$
32.84
Quarterly Cash Dividend and Stock Buyback Activity
The Jefferies Board of Directors declared a quarterly cash dividend equal to $0.40 per Jefferies common share, payable on August 28, 2026 to record holders of Jefferies common shares on August 18, 2026.
During the quarter, we repurchased 4.0 million shares of common stock for $197 million, or an average price of $49.83 per share. Our Board of Directors has increased our share buyback authorization back to a total of $250 million.
Management Comments
"Our strong second quarter net revenues of $2.21 billion, net earnings attributable to common shareholders of $226 million, diluted earnings per voting common share of $1.02 and return on adjusted tangible shareholders' equity of 12.8% reflect the momentum and market position we have been building at Jefferies.
"The continued acceleration in our core businesses during the second quarter drove record first half net revenues in Advisory, total Investment Banking, Equities, total Capital Markets and combined Investment Banking and Capital Markets. We expect to build further on this momentum in coming periods.
“Investment Banking net revenues were $1.21 billion, up 57% from the prior year quarter. Growth was driven by continued market share gains and a growing addressable market in our Advisory and Equity Underwriting businesses and represent a balanced performance, as no single outsized fee drove our results. We continue to make progress in building our corporate M&A business, while staying focused on our historical areas of strength in sponsor-led activity and had very strong performance during the quarter with corporates particularly in the healthcare, industrials and energy sectors. The new issue market remains resilient. We continue to be optimistic about the second half of 2026, given the strength of our current backlog and new business bookings.
"Capital Markets net revenues were $799 million, up 14% from the prior year quarter. Equities delivered record net revenues of $601 million, up 14% from the prior year quarter. Our continued growth in Equities is being driven by market share gains in cash and electronic trading in EMEA, Asia and the Americas, as well as growth in prime services where we have become an increasingly important strategic partner to some of the most significant, well diversified, hedge funds in the world. While the growth of client-related prime brokerage balances has added to our overall balance sheet size, it has added a layer of high quality, consistent revenues that supports a more durable earnings profile. Additionally, our equity derivatives business continues to expand in sync with our investment banking business, and has allowed Jefferies to support some of our corporate clients' most important transactions with strategic derivative solutions. The shape and scale of growth in our Equities business is translating to higher overall equities operating margins after we invested the past few years in infrastructure to support meaningfully larger global volumes. Fixed Income net revenues were $199 million, up 12%, from the prior year quarter, reflecting strong performance in our distressed, municipal and emerging markets businesses.
"Asset management fees and investment return revenues were $46 million, down 35% compared to the prior year quarter due to weaker performance across several fund strategies, as well as the impact of our strategy to reposition the business by reducing capital allocated to certain funds in line with the announcement we made last fall when we disclosed our intent to acquire 50% of Hildene. In the short term, this has resulted in modestly lower investment return until we close our investment in Hildene, which we are targeting to complete in our third quarter, and should be immediately accretive to results."
Richard Handler, CEO, and Brian Friedman, President
Financial Summary (Unaudited)
$ in thousands
Three Months Ended
Six Months Ended
May 31,
2026
February 28,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Net revenues by source:
Advisory
$
674,118
$
527,128
$
457,860
$
1,201,246
$
855,640
Equity underwriting
370,691
305,969
122,366
676,660
250,886
Debt underwriting
160,186
181,858
205,363
342,044
404,725
Other investment banking
1,825
2,338
(19,282
)
4,163
(44,252
)
Total Investment Banking
1,206,820
1,017,293
766,307
2,224,113
1,466,999
Equities
600,751
558,488
526,244
1,159,239
935,302
Fixed income
198,541
220,268
177,911
418,809
467,137
Total Capital Markets
799,292
778,756
704,155
1,578,048
1,402,439
Total Investment Banking and Capital Markets Net revenues5
2,006,112
1,796,049
1,470,462
3,802,161
2,869,438
Asset management fees and revenues6
15,169
69,910
20,766
85,079
109,396
Investment return
31,037
88,992
50,404
120,029
44,770
Allocated net interest4
(22,935
)
(22,238
)
(19,144
)
(45,173
)
(36,365
)
Other investments, inclusive of net interest
164,447
83,598
102,595
248,045
228,535
Total Asset Management Net revenues
187,718
220,262
154,621
407,980
346,336
Other
12,621
819
9,364
13,440
11,692
Total Net revenues by source
$
2,206,451
$
2,017,130
$
1,634,447
$
4,223,581
$
3,227,466
Non-interest expenses:
Compensation and benefits
$
1,188,245
$
1,085,890
$
854,839
$
2,274,135
$
1,695,966
Compensation ratio13
53.9
%
53.8
%
52.3
%
53.8
%
52.5
%
Non-compensation expenses
$
702,657
$
719,024
$
644,707
$
1,421,681
$
1,245,534
Non-compensation ratio13
31.8
%
35.6
%
39.4
%
33.7
%
38.6
%
Total Non-interest expenses
$
1,890,902
$
1,804,914
$
1,499,546
$
3,695,816
$
2,941,500
Net earnings before income taxes
$
315,549
$
212,216
$
134,901
$
527,765
$
285,966
Income tax expense
$
65,571
$
52,870
$
43,506
$
118,441
$
57,722
Income tax rate
20.8
%
24.9
%
32.3
%
22.4
%
20.2
%
Net earnings
$
249,978
$
159,346
$
91,395
$
409,324
$
228,244
Net losses attributable to noncontrolling interests
(5,440
)
(15,858
)
(7,668
)
(21,298
)
(14,651
)
Preferred stock dividends
29,184
19,504
11,046
48,461
26,940
Net earnings attributable to common shareholders
$
226,234
$
155,700
$
88,017
$
382,161
$
215,955
Results Discussion
* * * *
Amounts herein pertaining to May 31, 2026 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). More information on our results of operations for the three and six months ended May 31, 2026 will be provided upon filing our Quarterly Report on Form 10-Q with the SEC, which we expect to file on or about July 9, 2026.
This press release contains certain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current views and include statements about our future and statements that are not historical facts. These forward-looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” "would," or similar expressions. Forward-looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward-looking statements may also include statements pertaining to our strategies for future development of our businesses and products. Forward-looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward-looking statements is contained in reports we file with the SEC. You should read and interpret any forward-looking statement together with reports we file with the SEC. We undertake no obligation to update or revise any such forward-looking statement to reflect subsequent circumstances.
Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).
Consolidated Statements of Earnings (Unaudited)
$ in thousands, except per share amounts
Three Months Ended May 31,
Six Months Ended May 31,
2026
2025
2026
2025
Revenues
Investment banking
$
1,209,625
$
789,269
$
2,227,909
$
1,518,779
Principal transactions
488,666
338,507
976,164
745,737
Commissions and other fees
400,614
353,233
768,218
641,533
Asset management fees and revenues
9,788
20,076
77,150
105,484
Interest
853,962
878,025
1,667,081
1,723,196
Other
155,542
115,205
272,940
232,450
Total revenues
3,118,197
2,494,315
5,989,462
4,967,179
Interest expense
911,746
859,868
1,765,881
1,739,713
Net revenues
2,206,451
1,634,447
4,223,581
3,227,466
Non-interest expenses
Compensation and benefits
1,188,245
854,839
2,274,135
1,695,966
Brokerage and clearing fees
147,446
129,745
280,578
239,181
Underwriting costs
26,858
14,525
58,241
32,371
Technology and communications
162,860
146,198
322,718
285,673
Occupancy and equipment rental
34,499
30,711
68,359
60,910
Business development
89,108
80,070
164,530
152,361
Professional services
98,707
77,768
175,651
150,234
Depreciation and amortization
47,328
52,253
104,193
83,241
Cost of sales
31,253
42,961
61,173
84,529
Other expenses
64,598
70,476
186,238
157,034
Total non-interest expenses
1,890,902
1,499,546
3,695,816
2,941,500
Earnings before income taxes
315,549
134,901
527,765
285,966
Income tax expense
65,571
43,506
118,441
57,722
Net earnings
249,978
91,395
409,324
228,244
Net losses attributable to noncontrolling interests
(5,440
)
(7,668
)
(21,298
)
(14,651
)
Preferred stock dividends
29,184
11,046
48,461
26,940
Net earnings attributable to common shareholders
$
226,234
$
88,017
$
382,161
$
215,955
Financial Data and Metrics (Unaudited)
Three Months Ended
Six Months Ended
May 31,
2026
February 28,
2026
May 31,
2025
May 31,
2026
May 31,
2025
Other Data:
Number of trading days
63
61
63
124
124
Number of trading loss days7
0
1
13
1
17
Average VaR (in millions)8
$
10.31
$
9.78
$
11.89
$
10.05
$
12.50
In millions, except other data
May 31,
2026
February 28,
2026
May 31,
2025
Financial position:
Total assets
$
79,540
$
74,380
$
67,285
Cash and cash equivalents
14,315
11,963
11,260
Financial instruments owned
28,038
28,079
25,570
Level 3 financial instruments owned9
839
849
763
Goodwill and intangible assets, net14
1,974
1,979
2,060
Total equity
10,607
10,662
10,382
Total shareholders' equity
10,567
10,611
10,305
Tangible shareholders' equity10
8,593
8,632
8,245
Other data and financial ratios:
Leverage ratio11
7.5
7.0
6.5
Tangible gross leverage ratio12
9.0
8.4
7.9
Number of employees at period end
7,371
7,596
7,671
Number of employees excluding Tessellis and Stratos at period end
6,236
6,221
5,949
Non-GAAP Reconciliations
The following tables reconcile our non-GAAP financial measures to their respective U.S. GAAP financial measures. Management believes such non-GAAP financial measures are useful to investors as they allow them to view our results through the eyes of management, while facilitating a comparison across historical periods. These measures should not be considered a substitute for, or superior to, measures prepared in accordance with U.S. GAAP.
Return on Adjusted Tangible Equity Reconciliation
$ in thousands
Three Months Ended
May 31,
Six Months Ended
May 31,
2026
2025
2026
2025
Net earnings attributable to common shareholders (GAAP)
$
226,234
$
88,017
$
382,161
$
215,955
Intangible amortization and impairment expense, net of tax15
1,682
5,824
48,170
13,093
Adjusted net earnings to common shareholders (non-GAAP)
227,916
93,841
430,331
229,048
Preferred stock dividends
29,184
11,046
48,461
26,940
Adjusted net earnings to total shareholders (non-GAAP)
$
257,100
$
104,887
$
478,792
$
255,988
Adjusted net earnings to total shareholders (non-GAAP)1
$
1,028,400
$
419,548
$
957,584
$
511,976
February 28,
November 30,
2026
2025
2025
2024
Shareholders' equity (GAAP)
$
10,610,845
$
10,204,228
$
10,574,696
$
10,156,772
Less: Goodwill and intangible assets, net
(1,978,652
)
(2,037,906
)
(2,040,147
)
(2,054,310
)
Less: Deferred tax asset, net
(493,427
)
(507,452
)
(459,052
)
(497,590
)
Less: Weighted average impact of dividends and share repurchases
(112,340
)
(67,343
)
(244,489
)
(157,540
)
Adjusted tangible shareholders' equity (non-GAAP)
$
8,026,426
$
7,591,527
$
7,831,008
$
7,447,332
Return on adjusted tangible shareholders' equity (non-GAAP)1
12.8
%
5.5
%
12.2
%
6.9
%
Adjusted Tangible Book Value and Fully Diluted Shares Outstanding Reconciliation
Reconciliation of book value (shareholders' equity) to adjusted tangible book value and common shares outstanding to fully diluted shares outstanding:
Adjusted tangible book value per fully diluted share outstanding (non-GAAP)
$
34.55
$
32.84
(1)
Stock options added to book value are equal to the total number of stock options outstanding as of May 31, 2026 and 2025 of 5.1 million multiplied by the exercise price of $22.69 on May 31, 2026 and 2025.
(2)
Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026.
(3)
Fully diluted shares outstanding include vested and unvested RSUs as well as the target number of RSUs issuable under the senior executive compensation plans until the performance period is complete. Fully diluted shares outstanding also include all stock options and the impact of convertible preferred shares if-converted to common shares.
Notes
Return on adjusted tangible shareholders' equity represents a non-GAAP financial measure and is based on full year or annualized amounts. Refer to schedule on page 8 for a reconciliation to U.S. GAAP amounts. Shares outstanding on a fully diluted basis (a non-GAAP financial measure) is defined as common shares outstanding plus preferred shares, restricted stock units, stock options and other shares. Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Adjusted tangible book value per fully diluted share (a non-GAAP financial measure) is defined as adjusted tangible book value (a non-GAAP financial measure) divided by shares outstanding on a fully diluted basis (a non-GAAP financial measure). Refer to schedule on page 9 for a reconciliation to U.S. GAAP amounts. Allocated net interest represents an allocation to Asset Management of certain of our long-term debt interest expense, net of interest income on our Cash and cash equivalents and other sources of liquidity. Allocated net interest has been disaggregated to increase transparency and to present direct Asset Management revenues. We believe that aggregating Allocated net interest would obscure the revenue results by including an amount that is unique to our credit spreads, debt maturity profile, capital structure, liquidity risks and allocation methods. Allocated net interest is not separately disaggregated for Investment Banking and Capital Markets. This presentation is aligned to our Investment Banking and Capital Markets internal performance measurement. Asset management fees and revenues include management and performance fees from funds and accounts managed by us, revenue from strategic affiliated asset managers where we are entitled to portions their operating revenues and income based on our ownership interests in the affiliates. Number of trading loss days is calculated based on trading activities in our Investment Banking and Capital Markets and Asset Management business segments, excluding certain Other investments. VaR estimates the potential loss in value of trading positions due to adverse market movements over a one-day time horizon with a 95% confidence level. For a further discussion of the calculation of VaR, see "Value-at-Risk" in Part II, Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended November 30, 2025. Level 3 financial instruments represent those financial instruments classified as such under Accounting Standards Codification 820, accounted for at fair value and included within Financial instruments owned. Tangible shareholders' equity (a non-GAAP financial measure) is defined as shareholders' equity less Intangible assets and goodwill. We believe that tangible shareholders' equity is meaningful for valuation purposes, as financial companies are often measured as a multiple of tangible shareholders' equity, making these ratios meaningful for investors. Leverage ratio equals total assets divided by total equity. Tangible gross leverage ratio (a non-GAAP financial measure) equals total assets less goodwill and intangible assets divided by tangible shareholders' equity. The tangible gross leverage ratio is used by rating agencies in assessing our leverage ratio. Compensation ratio equals total compensation expense divided by total net revenues. Non-compensation ratio equals total non-compensation expense divided by total net revenues. Includes goodwill and intangible assets related to Tessellis which were reclassified to assets held for sale during the first quarter of 2026. Includes a $35.5 million after-tax write-down of goodwill associated with Tessellis for the six months ended May 31, 2026. More News From Jefferies Financial Group Inc.
