July 29, 2010 / 12:20 PM / 9 years ago

UPDATE 1-KBW Q2 operating profit meets Street; declares dividend

* Q2 operating EPS $0.26 vs est $0.26

* Says board adopts a quarterly dividend policy

* Declares dividend of 5 cents a share

* Says to repurchase of $70 million of common shares

July 29 (Reuters) - Boutique investment bank KBW Inc KBW.N posted second-quarter operating profit in line with analysts estimates and said it will pay dividend and buy back shares.

The company said its board has adopted a quarterly dividend policy and declared a cash dividend of 5 cents a share.

A share buyback of $70 million of its common shares has also been approved by the board, the company said.

The investment bank, which specializes in financial services sector, said quarterly profit was $8.2 million, or 22 cents a share, compared with $7.2 million, or 20 cents a share, a year ago.

The company reported operating earnings of 26 cents a share.

Analysts on average were expecting earnings of 26 cents a share, excluding items, according to Thomson Reuters I/B/E/S.

Investment banking revenue rose 45 percent to $61.2 million.

Shares of the company closed at $22.83 Wednesday on the New York Stock Exchange.

Reporting by Archana Shankar in Bangalore; Editing by Prem Udayabhanu

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below