RTTNews | Sep 24, 2020 10:44AM EDT

10:44 Thursday, September 24, 2020 (RTTNews.com) - Shares of investment bank and financial services company Jefferies Financial Group Inc. (JEF) are climbing more than 11% Thursday morning after reporting better-than-expected third-quarter results.

Further, the company has increased stock buyback authorization by $128 million to a total of $250 million.

Net income in the third quarter was $304 million, or $1.07 per share compared with $48.48 million or $0.15 per share last year.Analysts polled by Thomson Reuters were expecting the company to report earnings of $0.33 per share for the quarter.

Revenue for the quarter increased to $1.616 billion form $856.78 million in the same period last year.

Also, the Board has declared a dividend of $0.15 per share payable on November 25, to record holders as on November 13, 2020.

JEF stock is currently trading at $19.05. It has traded in the range of $11.20- $24.03 in the last one year.

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