There Is Milk At The Store

This article first appeared in the September edition of the High Yield Dividend Newsletter. For more information about this publication, please see here. “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” — Winston Churchill By Brian Nelson, CFA Very few of us could have imagined that we’d witness the bull market that began on that fateful day in March 2009 that might very well mark a generational low. In 2009, major investment banks around the globe were struggling to survive, and the fallout in the mortgage markets left the banks holding paper that nobody wanted to own, let alone buy. The global financial system … Read more

Reflecting on Recent Report Updates: Favorites in an Overheated Market and Other Themes

It’s been some time since we’ve updated members on our recent fair value estimate updates. Let’s take a look at the opportunities that exist in some of our favorite portfolio holdings, as well as some key themes driving recent fair value estimate changes across our coverage universe. By Kris Rosemann and Brian Nelson, CFA The frothiness of the market has shown little regard for historical valuation norms, and the number of stocks moving to a 1 or 2 on the Valuentum Buying Index is growing as valuations become stretched across our coverage universe. For the first time in Valuentum’s history, there is now not one stock that registers a 9 or 10 (a top rating) on the Valuentum Buying Index. … Read more

Dividend Increases/Decreases for the Week Ending October 26

Firms Raising Their Dividends This Week Access National (ANCX): now $0.17 per share quarterly dividend, was $0.16. Alliance Resource Partners (ARLP): now $0.525 per share quarterly dividend, was $0.52. American Electric Power (AEP): now $0.67 per share quarterly dividend, was $0.62. Apollo Senior Floating Rate Fund (AFT): now $0.10 per share monthly dividend, was $0.10. Bank of Hawaii (BOH): now $0.62 per share quarterly dividend, was $0.60. Bank of Marin Bancorp (BMRC): now $0.35 per share quarterly dividend, was $0.32. Brookline Bancorp (BRKL): now $0.105 per share quarterly dividend, was $0.10. Cabot Oil & Gas (COG): now $0.07 per share quarterly dividend, was $0.06. Cheniere Energy Partners (CQP): now $0.58 per share quarterly dividend, was $0.56. Coca-Cola European (CCE): now … Read more