Siebert Reports Second Quarter 2021 Financial Results

NEW YORK–(BUSINESS WIRE)–Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”), a provider of financial services, today announced results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial Highlights

  • Revenue of $16.8 million, up 33% from the prior year period
  • Pre-tax income of $1.9 million, up 291% from the prior year period
  • Pre-tax margin of 11.4%, an improvement compared to 3.9% in the prior year period
  • Earnings per share of $0.05 increased from $0.02 in the prior year period
  • Retail customer net worth of $16.0 billion, an improvement compared to $14.6 billion at the end of 2020

“We delivered strong results in the second quarter as the strategic acquisitions and initiatives we’ve made continue to benefit our bottom line and enhance our customer offerings,” said Gloria E. Gebbia, controlling shareholder and board member of Siebert. “During the quarter, we delivered year-over-year revenue growth across our key divisions, putting us in a strong position to capitalize on market conditions through 2021. The growth in retail customer net worth reinforces our belief that our offerings are resonating with customers, and we look forward to capitalizing on opportunities to meet the ever-changing needs of our customers.”

Andrew Reich, CFO of Siebert, commented: “We had strong results during the second quarter, highlighted by a 33% year-over-year increase in revenue, driven by our Securities Finance and Market Making divisions. Our Securities Finance division generated revenue of $2.2 million in the quarter, beating its revenue in the prior year period by 191% due to the onboarding of key personnel and expansion of stock loan functions. Our Market Making division has been performing well reflected by the 186% growth in revenue, driven by robust market conditions. During the first six months of 2021, we delivered a 54% increase in pre-tax income compared to the full year of 2020. Our financial performance in the quarter and first half of the year is encouraging and we continue to identify opportunities to drive revenue, profitability, and improve efficiencies, including implementing cost-saving measures to reduce our occupancy expenses and reduce fixed vendor costs.”

Notice to Investors

This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere.

About Siebert Financial Corp.

Siebert Financial Corp. is a holding company that conducts its retail brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc., which became a member of the New York Stock Exchange (“NYSE”) in 1967 when Ms. Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms. Siebert conducts its investment advisory business through its wholly-owned subsidiary, Siebert AdvisorNXT, Inc., a registered investment advisor, and its insurance business through its wholly-owned subsidiary, Park Wilshire Companies, Inc., a licensed insurance agency. Siebert conducts operations through its wholly-owned subsidiary, Siebert Technologies, LLC., a developer of robo-advisory technology. Siebert also offers prime brokerage services through its fifth wholly-owned subsidiary, WPS Prime Services, LLC, a broker-dealer registered with the SEC. Siebert is headquartered in New York City with offices throughout the continental U.S. More information is available at

Cautionary Note Regarding Forward-Looking Statements

The statements contained in this press release, that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

These forward-looking statements, which reflect our management’s beliefs, objectives, and expectations as of the date hereof, are based on the best judgement of our management. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events such as the COVID-19 pandemic and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences associated with risks and uncertainties detailed in our filings with the SEC, including our most recent filings on Forms 10-K and 10-Q.

We caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur, that could impact our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws.


Investor Relations:
Alex Kovtun and Matt Glover

Gateway Group, Inc.


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