Member Articles

Dividend Increases/Decreases for the Week Ending October 20

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Below we provide a list of firms that raised/lowered their dividends during the week ending October 20. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week 1st Source (SRCE): now $0.20 per share quarterly dividend, was $0.19. Accenture (ACN): now $1.33 per share semi-annual dividend, was $1.21. AltaGas (ATGFF): now CAD 0.1825 per share monthly dividend, was CAD 0.175. Avianca (AVH): now $0.097 per share quarterly dividend, was $0.091. AVX (AVX): now $0.115 per share quarterly dividend, was $0.11. Canadian Banc Corp (CNDCF): now CAD 0.10883 per share monthly dividend, was CAD … Read more

Dividend Increases/Decreases for the Week Ending December 8

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Below we provide a list of firms that raised their dividends during the week ending December 8. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Agree Reality Corporation (ADC): now $0.52 per share quarterly dividend, was $0.50. Alexandria Real Estate Equities (ARE): now $0.90 per share quarterly dividend, was $0.86. Allied Properties Real Estate Investment Trust (APYRF): now CAD 0.13 per share monthly dividend, was CAD 0.1275. Axis Capital Holdings (AXS): now $0.39 per share quarterly dividend, was $0.38. Bank of Montreal (BMO): now CAD 0.93 per share quarterly dividend, was … Read more

Dropping Coverage of the Homebuilders Industry

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Image Source: ArmchairBuilder.com Valuentum is dropping coverage of the homebuilders industry to allocate resources elsewhere. Structure of the Homebuilders Industry The meltdown in housing late last decade is a prime example of the extreme cyclicality of the homebuilding industry. Housing market health is determined by a number of variables: consumer confidence, employment, household formation, replacement demand (natural disasters), inventory (existing/shadow), interest rates, lending standards, and housing prices themselves. The market is far from homogenous, and stronger builders focus on regions with favorable supply/demand characteristics and pursue lot options instead of land purchases. Still, we don’t like the structure of the group given its boom and bust nature. CalAtlantic (CAA) CalAtlantic has agreed to be acquired by Lennar in a cash and … Read more

Dividend Increases/Decreases for the Week Ending April 20

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Below we provide a list of firms that raised their dividends during the week ending April 20. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week American Water Works (AWK): now $0.455 per share quarterly dividend, was $0.415. AmeriServ Financial (ARSV): now $0.02 per share quarterly dividend, was $0.015. Antero Midstream GP (AMGP): now $0.108 per share quarterly dividend, was $0.075. Antero Midstream Partners (AM): now $0.39 per share quarterly dividend, was $0.365. Badger Daylighting (BADFF): now CAD 0.045 per share monthly dividend, was CAD 0.038. Banco Santander-Chile (BSAC): now $0.9563 per … Read more

Midstreams Going C-Corp, Should SEC Disallow the Measure Distributable Cash Flow?

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Key Takeaways It’s important to differentiate the concept of enterprise free cash flow valuation and the idea of capital-market dependence. The uncertainty of the MLP business model remains, as it is clear operators are shunning the MLP business model preferring C-Corps instead. According to work from Global X Funds, now 40% of the energy infrastructure market cap consists of C-Corps, up considerably from just 15% at the end of 2014. Though many simplifications have come with implied distribution cuts, the primary reason for the rise in C-Corps across the midstream space has been the rationalizing of excess MLP valuations to enterprise free cash flow assessments. We encourage the SEC to consider disallowing the use of distributable cash flow, as it … Read more

Dividend Increases/Decreases for the Week Ending January 25

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Below we provide a list of firms that raised their dividends during the week ending January 25. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week 1st Source (SRCE): now $0.27 per share quarterly dividend, was $0.22. Air Products and Chemicals (APD): now $1.16 per share quarterly dividend, was $1.10. Alaska Air (ALK): now $0.35 per share quarterly dividend, was $0.32. Allergan (AGN): now $0.74 per share quarterly dividend, was $0.72. Applied Industrial Technologies (AIT): now $0.31 per share quarterly dividend, was $0.30. Berkshire Hills Bancorp (BHLB): now $0.23 per share quarterly … Read more

Dividend Increases/Decreases for the Week Ending February 22

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Below we provide a list of firms that raised their dividends during the week ending February 22. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Alamos Gold (AGI): now $0.01 per share quarterly dividend, was $0.005 (adjusted for semi-annual). Analog Devices (ADI): now $0.54 per share quarterly dividend, was $0.48. Apollo Global Management (APO): now $0.56 per share quarterly dividend, was $0.46. Ares Commercial Real Estate (ACRE): now $0.33 per share quarterly dividend, was $0.31. Argo Group International Holdings (ARGO): now $0.31 per share quarterly dividend, was $0.27. Armada Hoffler Properties … Read more

Valuentum’s June Best Ideas Newsletter

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Image: Page 49, June edition of American Library Association Booklist.   By Brian Nelson, CFA — Welcome new members!   Roughly 90% of active management is underperforming their benchmarks, after fees, over the trailing 15-year period ending 2018. It’s a sad story out there. Most active investors are performing backward-looking analysis, others are using short-cut multiple analysis to make decisions; still, others may be continuing down the path of thinking that may have gotten active management in trouble in the first place: theoretical quantitative finance.   The bedrock of finance, for example, the Capital Asset Pricing Model (CAPM) and its beta have been shown to explain little about stock market returns, yet it is still in finance textbooks and still on key … Read more

Dividend Increases/Decreases for the Week Ending July 5

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Below we provide a list of firms that raised their dividends during the week ending July 5. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Bank OZK (OZK): now $0.24 per share quarterly dividend, was $0.23. BlackRock Enhanced Equity Dividend Trust (BDJ): now $0.0500 per share monthly dividend, was $0.0467. BlackRock Floating Rate Income Trust (BGT): now $0.0668 per share monthly dividend, was $0.0618. BP Prudhoe Bay Royalty Trust (BPT): now $0.5535426 per share quarterly dividend, was $0.3449262. Cardinal Energy (CRLFF): now CAD 0.015 per share monthly dividend, was CAD 0.01. … Read more

Dividend Increases/Decreases for the Week Ending December 6

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Below we provide a list of firms that raised their dividends during the week ending December 6. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Agree Realty (ADC): now $0.585 per share quarterly dividend, was $0.57. Alexandria Real Estate Equities (ARE): now $1.03 per share quarterly dividend, was $1.00. Bank of Montreal (BMO): now CAD 1.06 per share quarterly dividend, was CAD 1.03. Bristol-Myers Squibb (BMY): now $0.45 per share quarterly dividend, was $0.41. Buckle (BKE): now $0.30 per share quarterly dividend, was $0.25. C.H. Robinson Worldwide (CHRW): now $0.51 per … Read more