M&T Bank Corp. said it will pay a regular quarterly dividend of 70 cents per share. The holding company for M&T Bank said that the dividend will be paid March 31 to shareholders of record as of Feb. 28. M&T, based in Buffalo, N.Y., has paid 70-cent quarterly dividends for at least a year. The company's banks had 739 offices in the mid-Atlantic region at the end of 2009.
M&T Bank Corporation operates as the holding company for M&T Bank and M&T Bank, National Association that provide commercial and retail banking services to individuals, corporations and other businesses, and institutions. It offers business loans and leases; business credit cards; deposit products, including savings deposits, time deposits, NOW accounts, and noninterest-bearing deposits; and financial services, such as cash management, payroll and direct deposit, merchant credit card, and letters of credit.
The company also provides residential real estate loans; multifamily commercial real estate loans; commercial real estate loans; residential mortgage loans; investment and trading securities; short-term and long-term borrowed funds; brokered certificates of deposit and interest rate swap agreements related thereto; and offshore branch deposits.
In addition, it offers foreign exchange services. Further, the company provides consumer loans, and commercial loans and leases; credit life, and accident and health reinsurance; and brokerage, investment advisory, and insurance agency services. As of December 31, 2009, it had 793 banking offices in New York State, Pennsylvania, Maryland, Delaware, New Jersey, Virginia, West Virginia, and the District of Columbia, as well as a branch in George Town, Cayman Islands. The company was founded in 1969 and is headquartered in Buffalo, New York.
Disclosure NONE.
Showing posts with label Financial. Show all posts
Showing posts with label Financial. Show all posts
Sunday, February 20, 2011
Saturday, February 19, 2011
United Security Bancshares (USBI) Slashes Quarterly Cash Dividend
United Security Bancshares, Inc. (Nasdaq: USBI) announced a quarterly cash dividend of $0.04 per share. The dividend is payable April 1, 2011, to shareholders of record on March 11, 2011. The dividend was reduced from $0.11 per share paid in the most recent quarter.
R. Terry Phillips, President and CEO, said "Over the past year, our earnings have been below historical levels due to the negative impact associated with non-performing loans, foreclosed properties and provision for loan losses, all of which were primarily caused by a continued weak economy and steadily declining real estate values. Our Board believes the reduction in the cash dividend reflects our plans to protect our capital from further adverse effects resulting from the current economic environment.”
Disclosure None
R. Terry Phillips, President and CEO, said "Over the past year, our earnings have been below historical levels due to the negative impact associated with non-performing loans, foreclosed properties and provision for loan losses, all of which were primarily caused by a continued weak economy and steadily declining real estate values. Our Board believes the reduction in the cash dividend reflects our plans to protect our capital from further adverse effects resulting from the current economic environment.”
Disclosure None
TCAP stock sale raises $63M Triangle Capital Corporation
Underwriters conducting a share offering for Raleigh-based Triangle Capital Corp. (NYSE:TCAP) sold over-allotments in the face of investor interest, upping the company’s take in the deal by 15 percent to $63 million.
In all, 3.45 million shares, including the over-allotments, were offered at $19.25 a share.
In a statement on the results, specialty business lender TCAP says it plans to use the proceeds to invest in lower middle market companies and for general corporate purposes.
Underwriters of this offering were Morgan Keegan Robert W. Baird, BB&T Capital Janney Montgomery Scott LLC, and JMP Securities LLC.
Triangle Capital Corporation is a private equity and venture capital firm specializing in buyouts, change of control transactions, acquisitions, growth financing, and recapitalizations in lower middle market companies. The firm prefers to make investments in many business sectors including manufacturing, distribution, transportation, energy, communications, health services, restaurants, and others. It primarily invests in companies located throughout the United States, with an emphasis on the Southeast.
The firm typically invests between $5 million and $15 million per transaction, in companies having annual revenues between $20 million and $100 million and EBITDA between $3 million and $20 million and can also co-invest. It primarily invests in senior subordinated debt securities secured by second lien security interests in portfolio company assets, coupled with equity interests. Triangle Capital Corporation was founded in 2002 and is based in Raleigh, North Carolina.
Disclosure I am Long TCAP shares.
In all, 3.45 million shares, including the over-allotments, were offered at $19.25 a share.
In a statement on the results, specialty business lender TCAP says it plans to use the proceeds to invest in lower middle market companies and for general corporate purposes.
Underwriters of this offering were Morgan Keegan Robert W. Baird, BB&T Capital Janney Montgomery Scott LLC, and JMP Securities LLC.
Triangle Capital Corporation is a private equity and venture capital firm specializing in buyouts, change of control transactions, acquisitions, growth financing, and recapitalizations in lower middle market companies. The firm prefers to make investments in many business sectors including manufacturing, distribution, transportation, energy, communications, health services, restaurants, and others. It primarily invests in companies located throughout the United States, with an emphasis on the Southeast.
The firm typically invests between $5 million and $15 million per transaction, in companies having annual revenues between $20 million and $100 million and EBITDA between $3 million and $20 million and can also co-invest. It primarily invests in senior subordinated debt securities secured by second lien security interests in portfolio company assets, coupled with equity interests. Triangle Capital Corporation was founded in 2002 and is based in Raleigh, North Carolina.
Disclosure I am Long TCAP shares.
GeoResources, Prospect Capital to join S&P index (PSEC)
GeoResources Inc. and Prospect Capital Corp.(PSEC) will be added to the S&P SmallCap 600 index, according to Standard & Poor's, sending shares of both companies higher Tuesday.
S&P announced the planned index changes following Monday's close of trading. Stocks that are about to be added to indexes typically rally, because it's expected that mutual funds and other investment vehicles that track the indexes will buy shares.
GeoResources, a Houston-based developer and explorer of oil and gas reserves, will be added to the S&P SmallCap 600 after the close of trading on Wednesday. It will replace Seahawk Drilling Inc., which filed for bankruptcy protection, and is no longer eligible for inclusion in the index, S&P said.
Shares of GeoResources rose $1.07, or about 3.8 percent, to $29.29 in afternoon trading, after reaching a 52-week high of $29.94 earlier.
Prospect Capital, a New York-based lender and investor in privately held middle-market companies, will be added to the index after Friday's close of trading. It will replace Martek Biosciences Corp., which is being acquired by Royal DSM N.V. in a deal expected to be completed soon.
Shares of Prospect Capital rose 18 cents, or about 1.5 percent, to $11.78.
In addition to joining the SmallCap 600, GeoResources will be added to the index's Oil & Gas Exploration and Production Sub-Industry index. Prospect Capital will be part of the Asset Management & Custody Banks Sub-Industry index.
Disclosure I am Long PSEC shares.
S&P announced the planned index changes following Monday's close of trading. Stocks that are about to be added to indexes typically rally, because it's expected that mutual funds and other investment vehicles that track the indexes will buy shares.
GeoResources, a Houston-based developer and explorer of oil and gas reserves, will be added to the S&P SmallCap 600 after the close of trading on Wednesday. It will replace Seahawk Drilling Inc., which filed for bankruptcy protection, and is no longer eligible for inclusion in the index, S&P said.
Shares of GeoResources rose $1.07, or about 3.8 percent, to $29.29 in afternoon trading, after reaching a 52-week high of $29.94 earlier.
Prospect Capital, a New York-based lender and investor in privately held middle-market companies, will be added to the index after Friday's close of trading. It will replace Martek Biosciences Corp., which is being acquired by Royal DSM N.V. in a deal expected to be completed soon.
Shares of Prospect Capital rose 18 cents, or about 1.5 percent, to $11.78.
In addition to joining the SmallCap 600, GeoResources will be added to the index's Oil & Gas Exploration and Production Sub-Industry index. Prospect Capital will be part of the Asset Management & Custody Banks Sub-Industry index.
Disclosure I am Long PSEC shares.
VANGUARD FINANCIALS ETF: 52-WEEK HIGH RECENTLY ECLIPSED (VFH)
Vanguard Financials ETF is currently trading at $35.08, approximately 5.3% above its 50-day moving average of $33.30. SmarTrend will be monitoring shares of VFH to see if this bullish momentum will continue.
In the last five trading sessions, the 50-day MA has climbed 0.78% while the 200-day MA has remained constant.
In the past 52 weeks, shares of Vanguard Financials ETF have traded between a low of $13.02 and a high of $35.07 and are now at $35.08, which is 169% above that low price.
The investment seeks to track the performance of a benchmark index that measures the investment return of financial stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI U.S. Investable Market Financials 25/50 index. This index consists of stocks of U.S. companies within the financial sector. This sector is made up of companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, financial investment, and real estate. It is non-diversified.
Disclosure I am Long VFH shares.
Friday, February 18, 2011
JPMorgan Boosts Dimon's Stock Pay 22% to $17.4 Million
The board awarded Dimon 251,415 restricted shares valued at about $12.1 million based on the Feb. 16 closing price, according to a filing yesterday with the U.S. Securities and Exchange Commission. He also received 367,377 options valued at $5.3 million, based on Bloomberg calculations.
That compares with 195,704 restricted shares valued at $7.95 million and 563,562 options valued at $6.24 million awarded last year for his work in 2009, according to disclosures by the New York-based company.
Dimon, 54, may have also received a cash bonus for 2010 as well that hasn’t yet been disclosed. He took a salary of $1 million and gave up bonuses for 2008 after receiving $49.9 million in total compensation for 2007, which included cash and restricted stock bonuses of $14.5 million each.
JPMorgan awarded Dimon’s top 15 executives more than $73 million in restricted shares, plus stock options, for their performance in 2010, according to Jan. 21 SEC filings. That compares with $64.2 million in stock granted to his top 16 executives a year ago, filings at the time show.
Blankfein, Gorman
Goldman Sachs Group Inc. gave Chairman and Chief Executive Officer Lloyd Blankfein a $12.6 million stock bonus for 2010. The New York-based firm also raised Blankfein’s salary to $2 million from $600,000. James Gorman, Morgan Stanley’s top executive since January 2010, got deferred stock and options valued at about $7.4 million for his performance last year.JPMorgan reported a record $17.4 billion profit for the year, buoyed by $7 billion in pretax reserves that were added back to earnings as credit quality and the U.S. economy improved. JPMorgan’s shares rose 1.8 percent during the year.
A majority of Dimon’s wealth is in JPMorgan stock. He and his wife owned directly or through trusts and retirement plans more than 5 million shares valued at more than $221 million as of Jan. 19, when his total holdings were last disclosed.
Jes Staley, 54, CEO of the investment bank, received the second-biggest share of JPMorgan’s compensation pool with $8 million in restricted shares and 230,770 stock options, the filings show. Chief Investment Officer Ina Drew, 54, got the next-highest payout with $7.4 million in restricted shares and 153,847 options.
Disclosure None
Boosting Your Portfolio With Preferred ETFs
Should you be putting your money into stocks or bonds? How about investing in a hybrid that contains the best of common stocks and the best of corporate bonds? This financial crossbreed exists in the form of preferred stock. What some investors call an evolution, others may call a mutation by claiming that preferred stocks combine the worst of common stocks and the worst of corporate bonds.
The Best Of:
You may be wondering why you would want to have anything to do with stocks (common or preferred) in the financial sector instead of simply buying a diversified bond fund for the yield. After all, much of the decline in the financial sector since April ’10 has been due to unfavorable economic data as well as uncertainty with how the banks will cope with the financial reform regulation, the Dodd-Frank bill. Specifically within the Dodd-Frank bill is the Durbin Amendment which Bank of America CEO, Brian Moynihan, states:
Round 1: Preferred ETFs vs. a Morningstar Analyst’s Recommended Bond Fund
I took a look at the Morningstar Analyst Research application on SeekingAlpha.com. This handy application allows you to pull up analyst research reports on over 2,000 stocks and ETFs. I pulled up the report for PFF and found that the analyst didn't seem to be a big fan of preferred stocks. The report wasn't negative, I’d say it was neutral, but the analyst recommended the Barclays Capital Long Term Bond ETF (LWC) which I put to the test.
I looked at the prices for all three ETFs around the March 2009 stock market lows through 1/14/11. LWC’s inception date was 3/10/2009 which is why that date was chosen as the starting point for this test. The results clearly favor the preferred stock ETFs:
The key difference between a preferred stock and a corporate bond is the possibility of a higher price appreciation in an advancing stock market. The preferred stock ETFs also boast a higher dividend yield. PFF currently yields 6.92%, PGX yields 7.23%, and LWC is yielding 5.56%.
Round 2: Preferred ETFs vs. Financial Common Stocks
Preferred stocks are not going to outperform their common counterpart when the common stock has a large upward price movement, but which one has the better performance in a market that is trending lower? I took a look at three major banks, Bank of America (BAC), JP Morgan & Chase CO (JPM), and Wells Fargo & Company (WFC), compared to the preferred stock ETFs. The financial sector hit its most recent high around the middle of April ’10 and was on the decline through the latter part of 2010. I pulled these results from the opening price on 4/15/10 to the closing price on 8/27/10:
The Result
The examples show that the preferred stock ETFs can outperform both common stocks and corporate bonds. The key to using preferred stocks lies in defining your thoughts about the market’s direction as well as understanding the limitations of all the financial products. The fact that preferred stocks have a low correlation to both common stocks and corporate bonds qualifies them as excellent diversification instruments.
In a modestly bullish or neutral market, preferred stocks have a good chance of outperforming bonds; Preferred stocks may also outperform their common stock counterparts due to their higher dividend yields. In an aggressive bull market, the preferred stocks will most likely underperform common stock but outperform bonds. In a bear market, preferred stocks can outperform common stocks and provide some safety due to their high yields. During this type of market, bonds may outperform preferred stocks as investors shift from the equity market into the relative safety of the bond market.
Note: The results shown in the examples represent only the price changes without accounting for any dividends.
Disclosure: I am long PFF, PGX, along with 2 or 3 closed end funds of preferred shares.
The Best Of:
- With preferred stocks you will typically receive a consistent dividend, as you would with bonds, but they are taxed like common stock dividends.
- Preferred stocks will give you a higher price appreciation than bonds if the common stock increases but the price will not increase at the same rate as the common stock.
- The dividend yield on preferred stocks is usually higher than the yield on the corporate bonds.
- Preferred stocks have the first right to dividends; Preferred shareholders will be paid before any dividends are paid out to the holders of the common stock.
- Preferred shareholders do not have any voting rights.
- In the case of a default, bond investors have the priority in claims on assets.
- Preferred stocks can depreciate in value, just like the common stock, although they will usually retain their value better than common stocks.
- Rising interest rates will have a negative impact on preferred stocks.
You may be wondering why you would want to have anything to do with stocks (common or preferred) in the financial sector instead of simply buying a diversified bond fund for the yield. After all, much of the decline in the financial sector since April ’10 has been due to unfavorable economic data as well as uncertainty with how the banks will cope with the financial reform regulation, the Dodd-Frank bill. Specifically within the Dodd-Frank bill is the Durbin Amendment which Bank of America CEO, Brian Moynihan, states:
Caution in this area is warranted but no matter what your thoughts are about the financial sector it appears that, in many circumstances, preferred stock ETFs can outperform both common stocks and corporate bonds.
The most recent, the Durbin Amendment in the interchange area, this is going to cause a significant reduction in revenue in the future and a carrying value change in our asset in the credit card business...
Round 1: Preferred ETFs vs. a Morningstar Analyst’s Recommended Bond Fund
I took a look at the Morningstar Analyst Research application on SeekingAlpha.com. This handy application allows you to pull up analyst research reports on over 2,000 stocks and ETFs. I pulled up the report for PFF and found that the analyst didn't seem to be a big fan of preferred stocks. The report wasn't negative, I’d say it was neutral, but the analyst recommended the Barclays Capital Long Term Bond ETF (LWC) which I put to the test.
I looked at the prices for all three ETFs around the March 2009 stock market lows through 1/14/11. LWC’s inception date was 3/10/2009 which is why that date was chosen as the starting point for this test. The results clearly favor the preferred stock ETFs:
| ETF | Date | Price | % Gain |
| PFF | 3/10/2009 | $15.89 | |
| 8/27/2010 | $38.98 | 145% | |
| PGX | 3/10/2009 | $6.65 | |
| 8/27/2010 | $14.08 | 111% | |
| LWC | 3/10/2009 | $30.78 | |
| 8/27/2010 | $35.39 | 14.9% |
Round 2: Preferred ETFs vs. Financial Common Stocks
Preferred stocks are not going to outperform their common counterpart when the common stock has a large upward price movement, but which one has the better performance in a market that is trending lower? I took a look at three major banks, Bank of America (BAC), JP Morgan & Chase CO (JPM), and Wells Fargo & Company (WFC), compared to the preferred stock ETFs. The financial sector hit its most recent high around the middle of April ’10 and was on the decline through the latter part of 2010. I pulled these results from the opening price on 4/15/10 to the closing price on 8/27/10:
| Stock/ETF | Date | Price | Gain/Loss |
| BAC | 4/15/2010 | $19.48 | |
| 8/27/2010 | $12.64 | (35.1%) | |
| JPM | 4/15/2010 | $47.81 | |
| 8/27/2010 | $36.60 | (23.4%) | |
| WFC | 4/15/2010 | $33.51 | |
| 8/27/2010 | $24.00 | (28.4%) | |
| PFF | 4/15/2010 | $38.89 | |
| 8/27/2010 | $39.95 | 2.7% | |
| PGX | 4/15/2010 | $13.87 | |
| 8/27/2010 | $14.36 | 3.5% |
The Result
The examples show that the preferred stock ETFs can outperform both common stocks and corporate bonds. The key to using preferred stocks lies in defining your thoughts about the market’s direction as well as understanding the limitations of all the financial products. The fact that preferred stocks have a low correlation to both common stocks and corporate bonds qualifies them as excellent diversification instruments.
In a modestly bullish or neutral market, preferred stocks have a good chance of outperforming bonds; Preferred stocks may also outperform their common stock counterparts due to their higher dividend yields. In an aggressive bull market, the preferred stocks will most likely underperform common stock but outperform bonds. In a bear market, preferred stocks can outperform common stocks and provide some safety due to their high yields. During this type of market, bonds may outperform preferred stocks as investors shift from the equity market into the relative safety of the bond market.
Note: The results shown in the examples represent only the price changes without accounting for any dividends.
Disclosure: I am long PFF, PGX, along with 2 or 3 closed end funds of preferred shares.
Wednesday, February 16, 2011
LPHI (LPHI) distributes life settlement trust proceeds in special dividend of 4c/share
Life Partners Holdings, Inc. (Nasdaq GS: LPHI), parent company of Life Partners, Inc., announces today’s payment of a special cash dividend of $0.04 per share to shareholders of record as of January 31, 2011. Authorization of this special cash dividend was previously announced on January 6, 2011.
LPHI currently owns approximately 20% of the Life Settlement Trust which holds a portfolio of 266 life settlements with a face value of $689 million. This special dividend is based on the accumulated payouts from the Life Settlement Trust and is in addition to the company’s regular quarterly dividends.
The company plans to review accumulated payouts from the trust on a quarterly basis and to consider making a special dividend distribution when the payout accumulation reaches at least $750,000 at the end of a quarter.
Life Partners is the world's oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 128,000 transactions for its worldwide client base of over 27,000 high net worth individuals and institutions in connection with the purchase of over 6,400 policies totaling over $2.8 billion in face value.
Disclosure YES I am long LPHI shares.
LPHI currently owns approximately 20% of the Life Settlement Trust which holds a portfolio of 266 life settlements with a face value of $689 million. This special dividend is based on the accumulated payouts from the Life Settlement Trust and is in addition to the company’s regular quarterly dividends.
The company plans to review accumulated payouts from the trust on a quarterly basis and to consider making a special dividend distribution when the payout accumulation reaches at least $750,000 at the end of a quarter.
Life Partners is the world's oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called “life settlements.” Since its incorporation in 1991, Life Partners has completed over 128,000 transactions for its worldwide client base of over 27,000 high net worth individuals and institutions in connection with the purchase of over 6,400 policies totaling over $2.8 billion in face value.
Disclosure YES I am long LPHI shares.
Tuesday, February 15, 2011
Main Street invests in insurance company (MAIN)
Houston investment firm Main Street Capital Corp. said Tuesday it completed a $10.7 million portfolio investment in Denver, Colo.-based Van Gilder Insurance Corp.
Main Street’s (NYSE: MAIN) investment in Gilder represents a combination of debt and equity capital invested to refinance certain debt obligations and provide additional liquidity for the company’s ongoing operations. Founded in 1905, Gilder provides insurance brokerage services such as employee benefits, risk management, business and personal insurance.
Main Street’s (NYSE: MAIN) investment in Gilder represents a combination of debt and equity capital invested to refinance certain debt obligations and provide additional liquidity for the company’s ongoing operations. Founded in 1905, Gilder provides insurance brokerage services such as employee benefits, risk management, business and personal insurance.
BlackRock raises stake in Triangle Capital Corp. (TCAP)
New York-based BlackRock, the world’s largest asset manager with a portfolio of $3.5 trillion, has upped its stake in Triangle Capital Corp. (NYSE:TCAP), the Raleigh-based business lender.
BlackRock Inc. (NSYE: BLK) reported holding 816,461 shares, for a 5.49 percent stake in TCAP, according to a new filing with the U.S. Securities and Exchange Commission.
As of last September, four entities under the BlackRock Inc. umbrella held a combined 5.1 percent of the Raleigh company.
TCAP, a specialty lender that makes loans to lower mid-market companies, announced this week that it planned to raise more than $50 million in fresh lending capital by selling more common stock.
Following the announcement, on Tuesday, the volume of traded TCAP shares shot up 1,360 percent over the company’s 65-day average, accompanied by volatile prices in the $19.30 range, according to Yahoo Finance.
BlackRock Inc. (NSYE: BLK) reported holding 816,461 shares, for a 5.49 percent stake in TCAP, according to a new filing with the U.S. Securities and Exchange Commission.
As of last September, four entities under the BlackRock Inc. umbrella held a combined 5.1 percent of the Raleigh company.
TCAP, a specialty lender that makes loans to lower mid-market companies, announced this week that it planned to raise more than $50 million in fresh lending capital by selling more common stock.
Following the announcement, on Tuesday, the volume of traded TCAP shares shot up 1,360 percent over the company’s 65-day average, accompanied by volatile prices in the $19.30 range, according to Yahoo Finance.
Sunday, February 13, 2011
Weekend Reading Links - February 13, 2011
For your weekend reading pleasure, the articles listed below contain some of the best dividend and value investing insights found on the web. They were written by various members of the Dividend Investing and Value Network over the past week:
Articles From DIV-Net Members
Articles From DIV-Net Members
- Dividends Value presented Building Yield: 15 Consumer Goods Dividend Stocks
- Dividend Growth Investor presented How to select dividend stocks?
- Barel Karsan presented Cash Levels High Or Low?
- Buy Like Buffett presented The Beginners Investing Roundup To Help You Make Money Investing
- The Dividend Guy presented ScotiaBank BNS Dividend Stock Analysis
- The Div Guy presented January Dividend Income Update
- Disciplined Approach to Investing presented Dividend Payers Underperform In January
- Triaging My Way To Financial Success presented DivG Purchases - January 2011
- 40percent 20years presented Screener, better corporate filters, latest reports!
- EPIC INVESTOR presented Why Abbott Looks Cheap
- Value Walk presented EBITDA: Warren Buffett Versus Everyone Else
- The Market Capitalist presented Becoming An Investor - Yes, You Can.
- Dividend Monk presented AGL Resources (AGL) Dividend Stock Analysis
- Wax Inc presented Waldo Thinks Ahead
- Frankly Speaking presented Small Firms Repurchase Strategically
- The Dividend Pig presented February Industry Analysis Announcement
- Dividend Ninja presented Creating Monthly Dividend Income
3 Stocks Insiders Are Buying Like Crazy
For the past eight weeks, Insider Monkey has been publishing articles about the stocks insiders were buying like crazy. The stocksthey listed in the first 6 articles have performed spectacularly compared to the S&P 500. Having slightly underperformed the S&P 500 index during the seventh week.
Overall, insiders are better at investing than outsiders because they know more about their companies than do most investors. This holds especially true for smaller companies, which are either followed by only a few analysts or none at all. Academic studies conducted during the past 40 years confirm that stocks bought by several insiders outperform the market by about 7 percentage points per year in those studies.
Last week, I brought 3 more companies insiders are buying to your attention. Here are their performance numbers since we highlighted them:
1. A. Schulman Inc (SHLM): Barington’s James Mitarotonda bought more than 15,000 shares during the past few days. In his last transaction, he paid $21.35, which was also the closing price for the stock on Friday, Jan 21st. Schulman’s Chief Marketing Officer, Paul R. Boulier, purchased 1,200 shares at $21.08 a few days earlier than Mitarotonda did. Schulman lost 0.7% during the past five trading days, underperformed the S&P 500 index which lost 0.5%.
2. Advanced Photonix Inc (API): Advanced Photonix made our list about a month ago. That time it returned 21% in one week, reaching $1.9 per share. API lost 0.6% last week.
3. Winmark (WINA): Winmark also underperformed the market last week, losing 1.4%.
This has been the worst weeks so far for our insider purchases. The average return for these three stocks was -0.9% vs. -0.5% for SPY. Currently insiders aren’t buying a lot of stocks. They are contrarian investors. They usually buy after large price declines, not price increases.
1. Trustco Bank Corp (TRST): This is a solid bank with a 4.3% dividend yield, and a P/E ratio of 15.9. It doesn’t seem to be a cheap stock, yet an insider purchased 5,000 shares at around $6.15 per share. On Friday, the stock closed at $6.05. There were several insider purchases in this stock a year ago when the stock price was around, you guessed it, $6. The stock underperformed the market last year, and we don’t think it’s going to deliver 20+% returns per year. It seems like a solid dividend stock which is more attractive than bonds. For the sake of following insiders’ performance, we won’t exclude this stock from our calculations.
2. Bank of Hawaii (BOH): This is also a solid bank with a 3.8% dividend yield and a P/E ratio of 12.3. It seems like a better long term buy then TRST. Insiders have been buying since the end of October when the stock price was $43.5. The latest insider purchase was on Wednesday, at $45.76. The stock closed the week at $46.76. Bank of Hawaii was downgraded on Tuesday, and this triggered a two day slide. This also gave our insider an opportunity to buy company shares at a small discount. A year ago the stock was trading at around the same level and there were several insider purchases. BOH also seems like a solid dividend stock which is more attractive than bonds.
3. RLI Corp (RLI): These are the types of insiders Insider Monkey likes. RLI Corp reported its fourth quarter earnings on Monday night and the results exceeded analysts’ expectations by a large margin. The consensus was earnings of $0.98 per share, but RLI reported $1.66 per share. The company’s P/E ratio is 10 based on its operating earnings and it is less than 9 based on its comprehensive earnings. The company’s management is taking steps that will benefit shareholders rather than themselves. They paid a special dividend of $7 per share in December, in addition to their regular dividend which has a 2.2% yield. Recently, they acquired a Seattle based private insurance company for $137 million which should contribute to their earnings as well.
Disclosure: I do not own any of these stocks at the time of this writing no plans to buy any in the future.
Overall, insiders are better at investing than outsiders because they know more about their companies than do most investors. This holds especially true for smaller companies, which are either followed by only a few analysts or none at all. Academic studies conducted during the past 40 years confirm that stocks bought by several insiders outperform the market by about 7 percentage points per year in those studies.
Last week, I brought 3 more companies insiders are buying to your attention. Here are their performance numbers since we highlighted them:
1. A. Schulman Inc (SHLM): Barington’s James Mitarotonda bought more than 15,000 shares during the past few days. In his last transaction, he paid $21.35, which was also the closing price for the stock on Friday, Jan 21st. Schulman’s Chief Marketing Officer, Paul R. Boulier, purchased 1,200 shares at $21.08 a few days earlier than Mitarotonda did. Schulman lost 0.7% during the past five trading days, underperformed the S&P 500 index which lost 0.5%.
2. Advanced Photonix Inc (API): Advanced Photonix made our list about a month ago. That time it returned 21% in one week, reaching $1.9 per share. API lost 0.6% last week.
3. Winmark (WINA): Winmark also underperformed the market last week, losing 1.4%.
This has been the worst weeks so far for our insider purchases. The average return for these three stocks was -0.9% vs. -0.5% for SPY. Currently insiders aren’t buying a lot of stocks. They are contrarian investors. They usually buy after large price declines, not price increases.
1. Trustco Bank Corp (TRST): This is a solid bank with a 4.3% dividend yield, and a P/E ratio of 15.9. It doesn’t seem to be a cheap stock, yet an insider purchased 5,000 shares at around $6.15 per share. On Friday, the stock closed at $6.05. There were several insider purchases in this stock a year ago when the stock price was around, you guessed it, $6. The stock underperformed the market last year, and we don’t think it’s going to deliver 20+% returns per year. It seems like a solid dividend stock which is more attractive than bonds. For the sake of following insiders’ performance, we won’t exclude this stock from our calculations.
2. Bank of Hawaii (BOH): This is also a solid bank with a 3.8% dividend yield and a P/E ratio of 12.3. It seems like a better long term buy then TRST. Insiders have been buying since the end of October when the stock price was $43.5. The latest insider purchase was on Wednesday, at $45.76. The stock closed the week at $46.76. Bank of Hawaii was downgraded on Tuesday, and this triggered a two day slide. This also gave our insider an opportunity to buy company shares at a small discount. A year ago the stock was trading at around the same level and there were several insider purchases. BOH also seems like a solid dividend stock which is more attractive than bonds.
3. RLI Corp (RLI): These are the types of insiders Insider Monkey likes. RLI Corp reported its fourth quarter earnings on Monday night and the results exceeded analysts’ expectations by a large margin. The consensus was earnings of $0.98 per share, but RLI reported $1.66 per share. The company’s P/E ratio is 10 based on its operating earnings and it is less than 9 based on its comprehensive earnings. The company’s management is taking steps that will benefit shareholders rather than themselves. They paid a special dividend of $7 per share in December, in addition to their regular dividend which has a 2.2% yield. Recently, they acquired a Seattle based private insurance company for $137 million which should contribute to their earnings as well.
Disclosure: I do not own any of these stocks at the time of this writing no plans to buy any in the future.
Saturday, November 13, 2010
New Weeks Hot action DCA on yet another week
Well hello I spend the better part of the week hunting looking and examining my current holdings to determine what is to be done this week for my sharebuilder tuesday investing day. I am still using the $12.00 per month 12 trade plan so my trading fees run approx. $144.00 a year, which includes 144 buy chances at $1.00 per trade try to beat that with a stick.
So first I am taking a initial plunge into TPZ Tortoise Power n Energy Infrastructure. Currently has approx 7 million shares outstanding. Was created on 07/29/2009, with average daily volume of 1.25 million a day. Inception price was $20.00 per share with a NAV of $19.50 per share, today the price is $23.62 witha nav of $24.97. The thing the really knocked my socks off not the monthly dividend of 6.35% or 12.5 cents per month per share of stock owned, no not any of that it was the amazing fee of a mere .60 basis points oh my that is sweet. Go try and get a MLP (master limited partnership) for anywhere near that cost.
ing international High Dividend Equity Income Fund (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets in dividend-producing equity securities of foreign companies and/or derivatives linked to such securities or indices that include such securities, and by selling call options on selected international, regional or country equity indices or futures, and/or on foreign securities.
Securities of foreign companies includes securities issued by companies that are organized under the laws of, or with principal offices in, a country other than the United States, or whose principal securities trading markets are outside the United States. The Fund's investment advisor is ING Investments, LLC.
4th and final purchase for the 16th is the etf PFF, also adding $15.00 to this one too. Currently up 2.49% to date, iShares S&P U.S. Preferred Stock Index.
The investment seeks to track the price and yield performance, before fees and expenses, of the S&P U.S. Preferred Stock index. The fund invest at least 90% of assets in securities that comprise the index. The index measures the performance of a select group of preferred stocks listed on the NYSE, AMEX, or NASDAQ. It includes companies with a market capitalization over $100 million. The fund is nondiversified. Expense ratio is a mere .48 basis points.
So first I am taking a initial plunge into TPZ Tortoise Power n Energy Infrastructure. Currently has approx 7 million shares outstanding. Was created on 07/29/2009, with average daily volume of 1.25 million a day. Inception price was $20.00 per share with a NAV of $19.50 per share, today the price is $23.62 witha nav of $24.97. The thing the really knocked my socks off not the monthly dividend of 6.35% or 12.5 cents per month per share of stock owned, no not any of that it was the amazing fee of a mere .60 basis points oh my that is sweet. Go try and get a MLP (master limited partnership) for anywhere near that cost.
Top 10 Holdings (as of 10/31/10)
Percentage of
Holding(1) Investment Securities(2)
Kinder Morgan Management, LLC (equity) 8.6%
Enbridge Energy Management, L.L.C. (equity) 8.4%
Inergy, L.P. (equity) 3.8%
Midcontinent Express Pipeline LLC (fixed income) 3.3%
NRG Energy, Inc. (fixed income) 3.2%
PPL Capital Funding, Inc. (fixed income) 2.9%
TransCanada Pipelines Limited (fixed income) 2.9%
Source Gas LLC (fixed income) 2.8%
Energy Transfer Partners, L.P. (equity) 2.7%
Dominion Resources Inc (equity) 2.7%
Percentage of
Holding(1) Investment Securities(2)
Kinder Morgan Management, LLC (equity) 8.6%
Enbridge Energy Management, L.L.C. (equity) 8.4%
Inergy, L.P. (equity) 3.8%
Midcontinent Express Pipeline LLC (fixed income) 3.3%
NRG Energy, Inc. (fixed income) 3.2%
PPL Capital Funding, Inc. (fixed income) 2.9%
TransCanada Pipelines Limited (fixed income) 2.9%
Source Gas LLC (fixed income) 2.8%
Energy Transfer Partners, L.P. (equity) 2.7%
Dominion Resources Inc (equity) 2.7%
So I will buy a single share to get warmed up in this name and will buy more along da way as I seem fit. I truly enjoy recieving many dividends each month sure makes compounding real easy to see working.
Buy #2 CTL CenturyLink, Inc. adding $15 to my Current Holding. Up 24.12% on this holding.
CenturyLink, Inc., together with its subsidiaries, operates as an integrated communications company. The company provides a range of communications services, including local and long distance voice, wholesale network access, high-speed Internet access, other data services, and video services in the continental United States. Its services include local exchange and long distance voice telephone services, as well as enhanced voice services, such as call forwarding, conference calling, caller identification, selective call ringing, and call waiting; network access services; data services, including high-speed Internet access services, and data transmission services over special circuits and private lines; and fiber transport, competitive local exchange carrier, security monitoring services, other communications, and professional and business information services.
The company also offers other related services, such as leasing, selling, installing, and maintaining customer premise telecommunications equipment and wiring; provides billing and collection services to third parties; participates in the publication of local telephone directories; and provides printing, database management, direct mail services, and cable television services. In addition, the company provides network database services, as well as switched digital video services and wireless broadband Internet services. As of December 31, 2009, it operated approximately 7.0 million telephone access lines. The company was formerly known as CenturyTel, Inc. and changed its name to CenturyLink, Inc. in May 2010. CenturyLink, Inc. was founded in 1968 and is based in Monroe, Louisiana.
Buy #3 IID Ing Intl High Div Equity Inc. adding $15 to my Current Holding. Up 10.46% on this holding.
The Fund seeks current income with long term capital appreciation by investment in dividend producing securities or derivatives and through utilizing an options strategy.
Buy #2 CTL CenturyLink, Inc. adding $15 to my Current Holding. Up 24.12% on this holding.
CenturyLink, Inc., together with its subsidiaries, operates as an integrated communications company. The company provides a range of communications services, including local and long distance voice, wholesale network access, high-speed Internet access, other data services, and video services in the continental United States. Its services include local exchange and long distance voice telephone services, as well as enhanced voice services, such as call forwarding, conference calling, caller identification, selective call ringing, and call waiting; network access services; data services, including high-speed Internet access services, and data transmission services over special circuits and private lines; and fiber transport, competitive local exchange carrier, security monitoring services, other communications, and professional and business information services.
The company also offers other related services, such as leasing, selling, installing, and maintaining customer premise telecommunications equipment and wiring; provides billing and collection services to third parties; participates in the publication of local telephone directories; and provides printing, database management, direct mail services, and cable television services. In addition, the company provides network database services, as well as switched digital video services and wireless broadband Internet services. As of December 31, 2009, it operated approximately 7.0 million telephone access lines. The company was formerly known as CenturyTel, Inc. and changed its name to CenturyLink, Inc. in May 2010. CenturyLink, Inc. was founded in 1968 and is based in Monroe, Louisiana.
Buy #3 IID Ing Intl High Div Equity Inc. adding $15 to my Current Holding. Up 10.46% on this holding.
The Fund seeks current income with long term capital appreciation by investment in dividend producing securities or derivatives and through utilizing an options strategy.
ing international High Dividend Equity Income Fund (the Fund) is a non-diversified, closed-end management investment company. The Fund's primary investment objective is to seek current income and current gains, with a secondary objective of long-term capital appreciation. The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets in dividend-producing equity securities of foreign companies and/or derivatives linked to such securities or indices that include such securities, and by selling call options on selected international, regional or country equity indices or futures, and/or on foreign securities.
Securities of foreign companies includes securities issued by companies that are organized under the laws of, or with principal offices in, a country other than the United States, or whose principal securities trading markets are outside the United States. The Fund's investment advisor is ING Investments, LLC.
4th and final purchase for the 16th is the etf PFF, also adding $15.00 to this one too. Currently up 2.49% to date, iShares S&P U.S. Preferred Stock Index.
The investment seeks to track the price and yield performance, before fees and expenses, of the S&P U.S. Preferred Stock index. The fund invest at least 90% of assets in securities that comprise the index. The index measures the performance of a select group of preferred stocks listed on the NYSE, AMEX, or NASDAQ. It includes companies with a market capitalization over $100 million. The fund is nondiversified. Expense ratio is a mere .48 basis points.
Sunday, July 18, 2010
Recent Buys and current news
July News is in so far. On 7/6/10 I purchased EOS, FSC and PFE $8.00 each company. On 7/13/10 I purchased ED, IBM, BPT at $8.00 each. My june statement has arrived. Equities and stock for June $351.11 value at may end was $261.44. Dividends for the month Jumped to $2.25 from .79 cents the period before.
My top three holdings for June were GE 1.594 Shares $22.99, 2nd IGD 1.9271 shares $20.06, and #3 is AOD 3.7947 shares $18.78. Top 3 dividends in June were AOD .44 cents , FRO .25 cents, DO Special Dividend .13 cents Regular Dividend .01 cent. Total of 12 buys for June. Total 33 dividends collected in June.
Well thatis it for now cheers all.
My top three holdings for June were GE 1.594 Shares $22.99, 2nd IGD 1.9271 shares $20.06, and #3 is AOD 3.7947 shares $18.78. Top 3 dividends in June were AOD .44 cents , FRO .25 cents, DO Special Dividend .13 cents Regular Dividend .01 cent. Total of 12 buys for June. Total 33 dividends collected in June.
Well thatis it for now cheers all.
Sunday, June 20, 2010
Wowzers Were did da time go.............
I stumbled across my password the other day finally can do some updated. The wife had a heart attack I had to sell all that had at folio investing and recover the family. I now have a roth ira through sharebuilder.com Get ya own Account here. I am still using the same investing style as before. I put in 50.00 every payday and invest $5.00 for each day that I work (Kinda like a reward for having to go to work and deal with all the drama everyday that goes with work). With that being said my first deposit was on 4-16-2010. My account today stands at $346.21. I am a subscriber to the plan so I pay a flat $12.00 per month for 12 trades per month. I am long 52 different holdings in what I think is a pretty diversified portfolio. My current Holdings ranked by the amount held in the account 1 being my biggest holding and 52 being my smallest.
My current holdings include the following, AOD, IGD, MRK, WMT, TNH, FRO, DO, GE, XOM, INTC, PHK, EOS, PTY, DPD, IID, PHT, GDX, NLY, BMY, CTL, VNQ, CFP, CAH, KMB, O, PEP, SYY, CAT, PG, TPZ, ESD, LQD, EOI, ABT, PGX, JNK, PFF, VWO, GGN, MMM, IGI, BDX, XLF, BAX, FSC, SPY, PFE, ED, KMP, BPT, IBM, AND BP.Those are all my holdings that i plan to stick with for now and the ones I talk about on my blog. In my challenge to beat the company sponsored 401k.
I try to invest with a huge focus on dividends and reinvesting of the dividends you can not beat having your money working for you. Most of the time if a holding cuts its dividend I will sell it the next chance I get (however different in the case of bp). As this stock i am not sure what to do with so I will just hold it for the time being.
Dividends Paid this month include, INTC, PFE, WMT, DO on 6-1-2010, LQD, PFF on 6-7-2010, JNK on 6-9-2010, IBM on 6-9-2010, XOM, MMM on 6-14-2010, ED, IGD, IID, and O on 6-15-2010 and CTL on 6-21-2010. All dividends are automatically reinvested back into the same stock they come from.
I purchased DO, IGI, FRO, GDX and PHT on the 6-01-2010 value $5.00 each. On 6-8-210 I purchased AOD 2.05 shares for $13.00 and 1.1321 shares of IGD for $12.00. On 6-15-210 I purchased 0.3422 shares of MRK for $12.00 and 0.2525 shares of WMT for $13.00. And next week I plan to purchase on Tuesday $12.00 worth of IBM and $13.00 worth of ED.
It seems like it is taken for ever to get this going all over again, but I know Rome wasn't built in a day. So I be using this blog to share my thoughts and current investments. Feel free to follow along with me as I try to once again build a nest egg of money working for me.
My current holdings include the following, AOD, IGD, MRK, WMT, TNH, FRO, DO, GE, XOM, INTC, PHK, EOS, PTY, DPD, IID, PHT, GDX, NLY, BMY, CTL, VNQ, CFP, CAH, KMB, O, PEP, SYY, CAT, PG, TPZ, ESD, LQD, EOI, ABT, PGX, JNK, PFF, VWO, GGN, MMM, IGI, BDX, XLF, BAX, FSC, SPY, PFE, ED, KMP, BPT, IBM, AND BP.Those are all my holdings that i plan to stick with for now and the ones I talk about on my blog. In my challenge to beat the company sponsored 401k.
I try to invest with a huge focus on dividends and reinvesting of the dividends you can not beat having your money working for you. Most of the time if a holding cuts its dividend I will sell it the next chance I get (however different in the case of bp). As this stock i am not sure what to do with so I will just hold it for the time being.
Dividends Paid this month include, INTC, PFE, WMT, DO on 6-1-2010, LQD, PFF on 6-7-2010, JNK on 6-9-2010, IBM on 6-9-2010, XOM, MMM on 6-14-2010, ED, IGD, IID, and O on 6-15-2010 and CTL on 6-21-2010. All dividends are automatically reinvested back into the same stock they come from.
I purchased DO, IGI, FRO, GDX and PHT on the 6-01-2010 value $5.00 each. On 6-8-210 I purchased AOD 2.05 shares for $13.00 and 1.1321 shares of IGD for $12.00. On 6-15-210 I purchased 0.3422 shares of MRK for $12.00 and 0.2525 shares of WMT for $13.00. And next week I plan to purchase on Tuesday $12.00 worth of IBM and $13.00 worth of ED.
It seems like it is taken for ever to get this going all over again, but I know Rome wasn't built in a day. So I be using this blog to share my thoughts and current investments. Feel free to follow along with me as I try to once again build a nest egg of money working for me.
Friday, June 18, 2010
Fifth Street Finance Raises New Equity
Fifth Street Finance Corp (FSC) announced just after the Tuesday close that it has commenced a public offering of 8,000,000 shares of its common stock. According to the company's press release:
Fifth Street plans to grant the underwriters for the offering an option to purchase up to an additional 1,200,000 shares of common stock to cover over-allotments, if any. All shares will be offered by Fifth Street. Wells Fargo Securities, Morgan Stanley, UBS Investment Bank and RBC Capital Markets will act as joint book-running managers for the offering.
Fifth Street intends to use substantially all of the net proceeds from the offering to make investments in small and mid-sized companies in accordance with its investment objectives and strategies described in the prospectus supplement and accompanying prospectus and for general corporate purposes, including working capital requirements. Fifth Street may also use a portion of the net proceeds from the offering to repay its outstanding borrowings under its three-year credit facility with Wells Fargo Bank, N.A.
We're not surprised that Fifth Street Finance is raising more capital. The watchword in the BDC industry is raise money while/when the going is good. FSC has been having a good run of late, booking myriad new deals, (see our post of May 24, 2010) increasing its Revolver limit and reducing the pricing paid to its lenders (see our post of May 27, 2010).
This is a major offering, with the total stock being sold equal to 20% of the existing shares outstanding. FSC should raise $110mn at today's closing price. That's more than enough to pay off any borrowings under the Wells Fargo line (all of which has occurred since month end). The stock price is at a decent premium to the latest NAV : 13%, which is good for existing shareholders. The most obvious downside might be a delay in further dividend increases (most recently the quarterly distribution was up to 32 cents), but that's not for sure. FSC has been willing in the past to get the distribution up ahead of its Distributable Earnings Per Share and Net Investment Income Per Share.
Certainly, the balance sheet of the company seems recession proof. When we recently about the pro-forma impact of a double dip recession (see post of June 1, 2010) and wrote that half of the BDCs we track had virtually no debt, FSC was already on that blue chip list. This additional fillip of equity will only enhance a balance sheet which has only begun to grow. Total equity should be around $600mn after this equity offering closes, and with debt at less than zero, Fifth Street is sitting pretty from that standpoint.
The BDC Reporter, true to our name, seeks to avoid opining on whether or not a stock is a good value or a Buy or Sell. We leave that to the investment banks. However, we can say that the company's $1.28 annual dividend represents a 10.6% yield on today's closing price, and that the stock is trading just 11% below its 52 week high (using Yahoo Finance), which is also its all-time high. The analysts consensus for next fiscal year's earnings are $1.33 a share, which means FSC is trading a multiple of 9.1x.
Disclousre I am long FSC shares.
Fifth Street plans to grant the underwriters for the offering an option to purchase up to an additional 1,200,000 shares of common stock to cover over-allotments, if any. All shares will be offered by Fifth Street. Wells Fargo Securities, Morgan Stanley, UBS Investment Bank and RBC Capital Markets will act as joint book-running managers for the offering.
Fifth Street intends to use substantially all of the net proceeds from the offering to make investments in small and mid-sized companies in accordance with its investment objectives and strategies described in the prospectus supplement and accompanying prospectus and for general corporate purposes, including working capital requirements. Fifth Street may also use a portion of the net proceeds from the offering to repay its outstanding borrowings under its three-year credit facility with Wells Fargo Bank, N.A.
We're not surprised that Fifth Street Finance is raising more capital. The watchword in the BDC industry is raise money while/when the going is good. FSC has been having a good run of late, booking myriad new deals, (see our post of May 24, 2010) increasing its Revolver limit and reducing the pricing paid to its lenders (see our post of May 27, 2010).
This is a major offering, with the total stock being sold equal to 20% of the existing shares outstanding. FSC should raise $110mn at today's closing price. That's more than enough to pay off any borrowings under the Wells Fargo line (all of which has occurred since month end). The stock price is at a decent premium to the latest NAV : 13%, which is good for existing shareholders. The most obvious downside might be a delay in further dividend increases (most recently the quarterly distribution was up to 32 cents), but that's not for sure. FSC has been willing in the past to get the distribution up ahead of its Distributable Earnings Per Share and Net Investment Income Per Share.
Certainly, the balance sheet of the company seems recession proof. When we recently about the pro-forma impact of a double dip recession (see post of June 1, 2010) and wrote that half of the BDCs we track had virtually no debt, FSC was already on that blue chip list. This additional fillip of equity will only enhance a balance sheet which has only begun to grow. Total equity should be around $600mn after this equity offering closes, and with debt at less than zero, Fifth Street is sitting pretty from that standpoint.
The BDC Reporter, true to our name, seeks to avoid opining on whether or not a stock is a good value or a Buy or Sell. We leave that to the investment banks. However, we can say that the company's $1.28 annual dividend represents a 10.6% yield on today's closing price, and that the stock is trading just 11% below its 52 week high (using Yahoo Finance), which is also its all-time high. The analysts consensus for next fiscal year's earnings are $1.33 a share, which means FSC is trading a multiple of 9.1x.
Disclousre I am long FSC shares.
Saturday, September 26, 2009
Triangle Capital Corporation Declares Cash Dividend of $0.41 Per Share
Triangle Capital Corporation, a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced that its board of directors has declared a cash dividend of $0.41 per share. This is the Company's eleventh consecutive quarterly dividend since its initial public offering in February, 2007, and reflects a 2.5% increase over the second quarter of 2009 and a 7.9% increase over the third quarter of 2008.
The Company's dividend will be payable as follows:
Record Date: October 8, 2009
Payment Date: October 22, 2009
Disclosure I am long TCAP shares, curently up ytd 13.92% not including dividends of 0.85 cents a share so far this year.
The Company's dividend will be payable as follows:
Record Date: October 8, 2009
Payment Date: October 22, 2009
Disclosure I am long TCAP shares, curently up ytd 13.92% not including dividends of 0.85 cents a share so far this year.
Tuesday, September 22, 2009
Annaly Capital Management, Inc. Announces 3rd Quarter Dividend of $0.69 Per Share
he Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) declared the third quarter 2009 common stock cash dividend of $0.69 per common share. This dividend is payable October 29, 2009 to common shareholders of record on October 1, 2009. The ex-dividend date is September 29, 2009.
“We continue to manage Annaly conservatively in the current environment. Looking ahead, I believe that we are well-prepared for the opportunities that will present themselves as government policy in our markets continues to evolve,” said Michael A.J. Farrell, Chairman, President and Chief Executive Officer.
The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will differ because of non-taxable unrealized and realized losses, differences in premium amortization, and non-deductible general and administrative expenses.
Dividends may be reinvested through Annaly's Dividend Reinvestment Plan. Plan information may be obtained from the Plan Administrator, Mellon Investor Services at 1-800-301-5234, at www.annaly.com, or by contacting the Company.
Annaly manages assets on behalf of institutional and individual investors worldwide. The Company’s principal business objective is to generate net income for distribution to investors from its investment securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”), and currently has 552,762,229 shares of common stock outstanding.
Disclosure I am long NLY shares.
“We continue to manage Annaly conservatively in the current environment. Looking ahead, I believe that we are well-prepared for the opportunities that will present themselves as government policy in our markets continues to evolve,” said Michael A.J. Farrell, Chairman, President and Chief Executive Officer.
The Company distributes dividends based on its current estimate of taxable earnings per common share, not GAAP earnings. Taxable and GAAP earnings will differ because of non-taxable unrealized and realized losses, differences in premium amortization, and non-deductible general and administrative expenses.
Dividends may be reinvested through Annaly's Dividend Reinvestment Plan. Plan information may be obtained from the Plan Administrator, Mellon Investor Services at 1-800-301-5234, at www.annaly.com, or by contacting the Company.
Annaly manages assets on behalf of institutional and individual investors worldwide. The Company’s principal business objective is to generate net income for distribution to investors from its investment securities and from dividends it receives from its subsidiaries. Annaly is a Maryland corporation that has elected to be taxed as a real estate investment trust (“REIT”), and currently has 552,762,229 shares of common stock outstanding.
Disclosure I am long NLY shares.
Wednesday, September 9, 2009
5 bank failures bring 2009 tally to 89
Five banks in Missouri, Iowa, Illinois and Arizona were closed by regulators Friday, bringing the number of U.S. bank failures in 2009 to 89 as the effects of the credit crisis continue to ripple through the financial system.
Two suburban Chicago banks failed in Illinois, the Federal Deposit Insurance Corp. said:
InBank, the 14th bank to fail in Illinois this year, had $199 million in deposits as of Aug. 3, the agency said. Chicago-based MB Financial Bank has agreed to assume its deposits. InBank's failure will cost the deposit insurance fund $66 million.
Platinum Bank of Rolling Meadows was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. As of Aug. 29, the bank had total assets of $345.6 million and deposits of $305 million, the FDIC said. The FDIC authorized payout of insured deposits and estimated the cost to its Deposit Insurance Fund will be $114.3 million. MB Financial Bank will accept the failed bank's direct deposits from the federal government.
Kansas City, Mo.-based First Bank of Kansas City also was closed by regulators. The FDIC said. De Soto, Kan.-based Great American Bank has agreed to assume the failed bank's deposits. First Bank of Kansas City had $16 million in assets and $15 million in deposits as of June 30, the regulator said. Its failure is expected to cost the federal deposit-insurance fund $6 million. First Bank of Kansas City is the second Missouri-based bank to fail this year, the FDIC added.
Sioux City, Iowa-based Vantus Bank and Oak Forest, Ill.-based InBank also were closed. Vantus Bank had roughly $368 million in deposits as of Aug. 28, the FDIC said, and Springfield, Mo.-based Great Southern Bank has agreed to assume the failed bank's deposits. The failure of Vantus Bank will cost the deposit insurance fund $168 million. It's the first bank to fail in Iowa this year, according to the FDIC.
In Arizona, First State Bank in Flagstaff was closed and Sunwest Bank of Tustin, Calif., will assume all of its deposits, the FDIC said. As of July 24, First State had total assets of $105 million and total deposits of about $95 million, the FDIC said. The failure will cost the deposit insurance fund an estimated $47 million, the FDIC said.
Disclosure NONE.
Two suburban Chicago banks failed in Illinois, the Federal Deposit Insurance Corp. said:
InBank, the 14th bank to fail in Illinois this year, had $199 million in deposits as of Aug. 3, the agency said. Chicago-based MB Financial Bank has agreed to assume its deposits. InBank's failure will cost the deposit insurance fund $66 million.
Platinum Bank of Rolling Meadows was closed by the Office of Thrift Supervision, which appointed the FDIC as receiver. As of Aug. 29, the bank had total assets of $345.6 million and deposits of $305 million, the FDIC said. The FDIC authorized payout of insured deposits and estimated the cost to its Deposit Insurance Fund will be $114.3 million. MB Financial Bank will accept the failed bank's direct deposits from the federal government.
Kansas City, Mo.-based First Bank of Kansas City also was closed by regulators. The FDIC said. De Soto, Kan.-based Great American Bank has agreed to assume the failed bank's deposits. First Bank of Kansas City had $16 million in assets and $15 million in deposits as of June 30, the regulator said. Its failure is expected to cost the federal deposit-insurance fund $6 million. First Bank of Kansas City is the second Missouri-based bank to fail this year, the FDIC added.
Sioux City, Iowa-based Vantus Bank and Oak Forest, Ill.-based InBank also were closed. Vantus Bank had roughly $368 million in deposits as of Aug. 28, the FDIC said, and Springfield, Mo.-based Great Southern Bank has agreed to assume the failed bank's deposits. The failure of Vantus Bank will cost the deposit insurance fund $168 million. It's the first bank to fail in Iowa this year, according to the FDIC.
In Arizona, First State Bank in Flagstaff was closed and Sunwest Bank of Tustin, Calif., will assume all of its deposits, the FDIC said. As of July 24, First State had total assets of $105 million and total deposits of about $95 million, the FDIC said. The failure will cost the deposit insurance fund an estimated $47 million, the FDIC said.
Disclosure NONE.
Monday, August 24, 2009
Getty Realty raises quarterly dividend to 47.5 cents
Real estate investment trust Getty Realty Corp. said Thursday its board raised its quarterly dividend to 47.5 cents per share.
ABOUT GTY
Getty Realty Corp. operates as a real estate investment trust (REIT) in the United States. The company engages in the ownership and leasing of retail motor fuel and convenience store properties, and petroleum distribution terminals. The company's properties are leased or sublet to distributors and retailers engaged in the sale of gasoline and various motor fuel products, convenience store products, and automotive repair services. As of December 31, 2006, the company owned 836 properties and leased 216 additional properties in 13 states located principally in the northeast United States. Getty Realty Corp. elected to qualify as a REIT. As a REIT, the company would not be subject to federal income tax, provided it distributes at least 90% of its REIT taxable income to its shareholders. The company was founded in 1955 and is headquartered in Jericho, New York.
Disclosure I am long GTY shares.
The payout is up from its previous dividend of 47 cents per share.
The company dividend is payable on Oct. 8 to shareholders of record on Sept. 24.
Shares rose 66 cents, or 3 percent, to $22.54 in afternoon trading. They've traded between $13.25 and $23.12 in the past year.ABOUT GTY
Getty Realty Corp. operates as a real estate investment trust (REIT) in the United States. The company engages in the ownership and leasing of retail motor fuel and convenience store properties, and petroleum distribution terminals. The company's properties are leased or sublet to distributors and retailers engaged in the sale of gasoline and various motor fuel products, convenience store products, and automotive repair services. As of December 31, 2006, the company owned 836 properties and leased 216 additional properties in 13 states located principally in the northeast United States. Getty Realty Corp. elected to qualify as a REIT. As a REIT, the company would not be subject to federal income tax, provided it distributes at least 90% of its REIT taxable income to its shareholders. The company was founded in 1955 and is headquartered in Jericho, New York.
Disclosure I am long GTY shares.
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