GBCI

How Some Members Use Valuentum’s Investment Services

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By Brian Nelson, CFA Thank you for your membership to Valuentum. We serve a wide variety of investors, including dividend growth investors, value investors, and pure Valuentum investors, among others. Many different types of investors and professionals use our research and financial analysis in a whole host of applications from individual stock-selection to the evaluation of closed-end funds to an overlay in a money-management setting and beyond. We wanted to make sure that you know that, if you’re a dividend growth or income investor, that there are others that use our website to utilize the Valuentum process, fair value estimates and other metrics. Similarly, if you’re a practitioner of the Valuentum system, I wanted to make sure that you are … Read more

CFA Institute Blog: “Hide-‘Til-Maturity” Accounting

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The Silicon Valley Bank collapse recalls the tussle over the accounting for financial instruments after the global financial crisis [GFC] in 2009, particularly the debate about whether some financial instruments should be carried at amortized cost (held-to-maturity, HTM) rather than at fair value (available-for-sale, AFS), or what is referred to as the “mixed measurement model.”  — Sandy Peters, CPA, CFA To read the article on the CFA Institute Blog >> —– Related: 4 Very Good Reasons Why We Don’t Like Dividends of Banking Stocks Banks & Money Centers: AXP, BAC, BBT, BK, C, DFS, FITB, GS, HBC, JPM, KEY, MS, NTRS, PNC, RF, STI, TFC, USB, WFC Valuentum does not believe the long-term dividend health of any financial institution can be accurately … Read more

Long Live Apple and Large Cap Growth!

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Image: Since the release of the book Value Trap in December 2018, an ETF that tracks large cap growth (SCHG) has outperformed not only the S&P 500 (SPY), but also the areas of dividend growth (SDY) and small cap value (IWN) by sizable margins. By Brian Nelson, CFA We explained in part why we don’t like the dividends of banking firms in this note here, and we’re starting to see dividend cuts in the regional banking space, with PacWest Bancorp (PACW) as the latest banking entity to slash its quarterly payout. Right now, executives in the regional bank arena seem to be like deer caught in headlights, and we’re even seeing banking deals fall apart. The proposed deal between Toronto-Dominion … Read more

Quick Take: Fed Raises 25 Basis Points; This Banking Crisis Is Far from Over

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Image: FOMC Chairman Powell answers a reporter’s question at the March 20, 2019 press conference. By Brian Nelson, CFA On March 22, 2023, the Federal Reserve raised its benchmark rate 25 basis points, to the range of 4.75%-5%, a move that we think reflects a government agency that is now more or less a deer caught in headlights–given the nascent regional banking crisis in the United States. The bottom line is that the U.S. banking system does not have enough cash on hand to redeem all deposits (it never has), and with respect to U.S. banks, deposit insurance is only up to $250,000 per depositor, per FDIC-insured bank, per ownership category. The U.S. public has grown concerned, and that may … Read more

Dividend Increases/Decreases for the Week April 1

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Below we provide a list of firms that raised their dividends during the week ending April 1. 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      AGF Management (AGFMF): now CAD 0.10 per share quarterly dividend, was CAD 0.09. Arbor Realty Trust, Inc. 6.25 FX FT PFD F (ABR.PF): now $0.3906 per share quarterly dividend. Bancolombia S.A. (CIB): now $0.828 per share quarterly dividend, was $0.0661. Bank OZK (OZK): now $0.31 per share quarterly dividend, was $0.30. BioNTech (BNTX): now EUR 2.00 per share special dividend. Cal-Maine Foods (CALM): now $0.125 per … Read more

Dividend Increases/Decreases for the Week December 31

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Below we provide a list of firms that raised their dividends during the week ending December 31. 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 Bancolombia S.A. (CIB): now $0.0661 per share quarterly dividend, was $0.0612. BrightSpire Capital (BRSP): now $0.18 per share quarterly dividend, was $0.16. Broadstone Net Lease (BNL): now $0.265 per share quarterly dividend, was $0.255. Cadiz Inc. 8.875% DEP PFD A (CDZAP): now $0.56 per share quarterly dividend. Green Stream Holdings (GSFI): now $0.001 per share special dividend. Grupo Aval Acciones y Valores S.A. (AVAL): now $0.022 … Read more

Dividend Increases/Decreases for the Week July 2

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Below we provide a list of firms that raised their dividends during the week ending July 2. 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 AGF Management (AGFMF): now CAD 0.09 per share quarterly dividend, was CAD 0.08. Alta Equipment Group Inc. 10% DP SHS PFD A (ALTG.PA): now $0.625 per share quarterly dividend. Arbor Realty Trust Series D Pfd. (ABR.PD): now $0.25677 per share dividend. Armanino Foods of Distinction (AMNF): now $0.0275 per share quarterly dividend, was $0.0225. Banco Bradesco (BBD): now $0.737 per share monthly dividend, was $0.03. Boise … Read more

Dividend Increases/Decreases for the Week April 2

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Below we provide a list of firms that raised their dividends during the week ending April 2. 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 $0.28 per share quarterly dividend, was $0.2775. Camden National (CAC): now $0.36 per share quarterly dividend, was $0.33. China Gold International Resources (JINFF): now $0.12 per share special dividend. China Petroleum & Chemical (SNP): now RMB 0.13 per share final dividend, was RMB 0.07. Dollarama (DLMAF): now CAD 0.0503 per share quarterly dividend, was CAD 0.0470. Eagle Bancorp (EGBN): now $0.25 per … Read more

ICYMI: Valuentum’s Brian Nelson on the Latest Howard Marks’ Memo: “Something of Value”

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Valuentum’s President of Investment Research Brian Michael Nelson, CFA, explains why there are not really value and growth stocks, why most of the research in quantitative finance is spurious and needs to be redefined on a forward-looking basis, and why enterprise valuation (not the efficient markets hypothesis) should be the organizing principle of finance. Nelson explains his views about valuation, what it means to be a value investor, and investing in the context of Oaktree Capital Howard Marks’ latest memo, “Something of Value,” January 11, 2021. Please don’t forget to give the second edition of the book “Value Trap” a 5-star rating on Amazon here. Thank you for your membership! —– Tickerized for holdings in the IWM. Valuentum members have … Read more

Dividend Increases/Decreases for the Week January 1

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Below we provide a list of firms that raised their dividends during the week ending January 1. 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 Banco Bradesco (BBD): now $0.061 per share monthly dividend, was BRL 0.0172. Bancolombia S.A. (CIB): now $0.32 per share quarterly dividend, was $0.27. Broadstone Net Lease (BNL): now $0.25 per share dividend. BRP (DOOO): now $0.11 per share dividend, was CAD 0.10. Gilat Satellite (GILT): now $0.63 per share special dividend, was $0.36. HCA Healthcare (HCA): now $0.268 per share dividend, was $0.072. Invesco Mortgage Capital … Read more