Seeking Alpha
  • Today - Tuesday, March 31, 2015

  • 8:27 AM
    • Wintrust Financial (NASDAQ:WTFC) looks to expand in downtown Chicago with the purchase of North Bank, which has two locations and about $108M in assets, $55M in deposits, and $96M in loans.
    • The purchase price is roughly $17M in cash, and the deal is expected to close late in Q2 or early Q3. The purchase isn't expected to have a material effect on 2015 EPS.
    • Source: Press Release
    | Comment!
  • 7:46 AM
    • As floated a few weeks ago, CBRE Group (NYSE:CBG) has landed Global WorkPlace Solutions, a provider of Integrated Facilities Management solution for occupiers of commercial real estate.
    • GWS will operate as part of CBRE's fast-growing Global Corporate Services business, and CBRE and Johnson Controls have inked a 10-year strategic relationship in which CBRE will provide JCI will a full suite of integrated corporate real estate services on more than 50M square feet.
    • Upon closing, GWS President John Murphy will join CBRE as global COO.
    • GWS has about 16K employees and generated revenue of about $3.4B last year. The deal should be materially accretive to adjusted EPS in 2016. It's expected to close late in Q3 or early Q4.
    • A conference call is set for 9 ET.
    • Source: Press Release
    • Previously: WSJ: CBRE set to buy Johnson Controls' corporate real estate unit (March 5)
    | Comment!
  • 7:34 AM
     
    • Credit reporting agency Transunion files for an IPO, using a placeholder amount of $100M to be raised.
    • The company reported revenue of $1.304.7B last year, up from $1.183.2B in 2013. Adjusted EBITDA of $451.6M rose from $408.5M.
    • Prospectus
    | Comment!
  • 7:26 AM
    • It's been a rough ride of late for the Canadian lenders as investors fret over the impact of the oil price crash on that economy, not to mention the bubbly housing market. Citi's seen enough, and upgrades TD Bank (NYSE:TD) and Royal Bank of Canada (NYSE:RY) to Buy from Neutral. The price target on TD is lifted to $86 from $83, and RY to $62 from $59.
    | Comment!
  • 7:21 AM
    • Go overweight the beaten-down shares of RCS Capital (NYSE:RCAP), says Citi, and underweight LPL Financial (NASDAQ:LPLA).
    • RCS, says Citi, offers upside in a rising rate environment, and LPL is subject to regulatory risk thanks to new rule changes coming from D.C. requiring brokers to act as fiduciaries to their clients.
    | Comment!
  • 7:16 AM
    • The offering of 16M shares will be from selling shareholders. J.G. Wentworth (NYSE:JGW) will not receive any proceeds from the sale.
    • The stock's lower by 22% since the November 2013 IPO.
    • SEC Form S-3
    | Comment!
  • 7:13 AM
    • Endurance Specialty Holdings (NYSE:ENH) agrees to buy Montpelier Re (NYSE:MRH) in a cash and stock deal valued at $1.83B based on yesterday's closing prices. Montpelier owners will receive 0.472 shares of Endurance plus $9.89 in cash for each share they own, or $40.24 based on ENH's close of $64.30 yesterday.
    • It's a 5.5% premium to MRH's Monday close, and 1.2x Dec. 31 book value.
    • A conference call is set for 8:30 ET.
    • Source: Press Release
    | Comment!
  • 6:54 AM
    • Citigroup (NYSE:C) has agreed to sell its Japanese credit card unit to Sumitomo Mitsui Trust Bank (OTCPK:SUTNY), as it trims its global operations to bolster profitability.
    • The price of Citi Cards Japan was not disclosed, but local media reported the deal valued at around ¥40B ($335M).
    • In December, Citigroup announced it was selling its Japanese retail banking operations to SMFG unit Sumitomo Mitsui Banking Corp.
    | Comment!
  • Monday, March 30, 2015

  • 11:25 PM
    • KCAP Financial (NASDAQ:KCAP): FY14 NII of $0.58 misses by $0.39.
    • Total investment income of $41.21M (+5.2% Y/Y) misses by $13.17M.
    • Press Release
    | Comment!
  • 6:15 PM
    • Blackstone Group (NYSE:BX) is down 1.8% in late trading as it's putting up $1.2B-plus to buy three hotels from a Paulson & Co. consortium, The Wall Street Journal is reporting.
    • The hotels -- the Ritz Carlton and J.W. Marriott in Orlando, Fla., and the J.W. Marriott in Scottsdale, Ariz. -- aren't small properties, with more than 2,500 rooms and 472K square feet of meeting space in total.
    • The sales consortium includes Paulson, Winthrop Realty Trust (NYSE:FUR) and Capital Trust (now the Blackstone Mortgage Trust, BXMT).
    • It's the dissolution of the CNL Hotels & Resorts portfolio that the group had picked up via foreclosure and distressed sales, and could mark a jump-start to transactions in the group-travel segment.
    | 1 Comment
  • 6:11 PM
    • Income Opportunity Realty Investors (NYSEMKT:IOT): Q4 EPS of -$0.08.
    • Press Release
    | Comment!
  • 6:09 PM
    • American Realty Investors (NYSE:ARL): FY'14 EPS of -$0.71 vs. -$2.07 in FY'13
    • Revenue of $79.41M (-1.7% Y/Y).
    • Press Release
    | Comment!
  • 6:06 PM
    • Transcontinental Realty Investors (NYSE:TCI): FY'14 EPS of $0.32 vs. -$0.50 in FY'13
    • Revenue of $75.85M (-1.9% Y/Y).
    • Press Release
    | Comment!
  • 4:41 PM
    • Medley Management (NYSE:MDLY): Q4 EPS of $0.21 misses by $0.06.
    • Revenue of $16.35M (-14.8% Y/Y)
    • Press Release
    | 1 Comment
  • 4:36 PM
    • Medley Capital (NYSE:MCC) and its JV partner - a U.S. provider of P&C insurance - form MCC Senior Loan Strategy JV 1 LLC. The two have committed to provide a total of $100M of equity to the venture, with MCC providing $87.5M.
    • The JV will invest in MCC's bread and butter - middle market and other corporate debt securities.
    • The JV is in discussions with another party about financing. It expects to make initial investments in May.
    • Source: Press release
    | 1 Comment
  • 4:28 PM
    • Legacy shareholders - the founder, management team, and certain others - have the opportunity to each year exchange a portion of their interests in Manning & Napier Group, LLC. As a result the company repurchased 3.161M Class A units for $11.49 each (a 5% discount to the average close the previous 15 days).
    • The company also announces the completion of previously disclosed repurchase of Class A units of the LLC, and it intention to issue 1.411M shares of restricted stock as part of a long-term incentive plan.
    • The result is a reduction in share count to 83.9M from 88.1M, with the management team owning about 12% of MN.
    • Source: Press Release
    | Comment!
  • 4:20 PM
    • Steve Boyle has been CFO of Banknorth since 2004. He'll join Ameritrade (NYSE:AMTD) in July and then take over the CFO role on October 1, replacing Bill Gerber who announced his retirement in January.
    • Source: Press Release
    | Comment!
  • 4:15 PM
    • The Omni Nashville Hotel is an 800-key property located across from the Music City Center. HFF (NYSE:HF) worked on behalf of the borrower to secure a fixed-rate note through Prudential Mortgage Capital.
    • Source: Press release
    | Comment!
  • 4:15 PM
    • Unico American (NASDAQ:UNAM): Q4 EPS of -$0.01
    • Revenue of $7.6M (-1.3% Y/Y)
    • Press Release
    | Comment!
  • 4:09 PM
    • CyrusOne (NASDAQ:CONE) announces a 12.2M share secondary with 1.83M greenshoe, with proceeds to be used to purchase the limited partnership interests in the company's operating partnership from two subsidiaries of Cincinnati Bell.
    • Upon completion, Cincinnati Bell expects to own about 24.8% of CyrusOne (or 22% if the underwriter option is exercised in full).
    • Source: Press Release
    • Shares -2.8% after hours.
    | Comment!
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