06:49 AM EDT, 06/06/2024 (MT Newswires) -- Canaccord Genuity Group's ( CCORF ) fiscal fourth-quarter adjusted profit grew in tandem with the expansion of its global wealth management business, but the results missed estimates.

The company overnight Wednesday reported fiscal fourth-quarter adjusted net Income of $30.8 million, or $0.15 per diluted share, up 77% from $17.4 million, or $0.07 per diluted share, a year earlier. Four analysts polled by Capital IQ expected $0.19.

Revenue for the quarter ended March 31 fell 5% to $409 million, from $430.4 million a year earlier. Two analysts surveyed by Capital IQ expected $420 million.

The shares approached a 52-week high yesterday after closing 1.3% higher at $9.30.

The company said total client assets in its global wealth management business reached $103.9 billion, an increase of 8% from the fourth quarter of 2023, reflecting year-over-year increases of 7.2% in the UK & Crown Dependencies, 18.4% in Australia, and 7.6% in Canada.

The board approved a dividend of $0.085 per common share that will be paid on July 2 to shareholders of record on June 21.

Canaccord Genuity ( CCORF ) also announced a new slate of nominees for the board that will be voted on at the company's annual general meeting scheduled for Aug. 9.

As previously reported, Chairman David Kassie will step down following the meeting and though he won't have a formal role, he will be given the honorary title of chairman emeritus. President and CEO Dan Daviau will assume the chairman role.