Seeking Alpha
  • Today - Monday, November 24, 2014

  • 10:23 AM
    • Perhaps seeing bullish things in the coming year for residential real estate, Goldman Sachs adds Realogy (NYSE:RLGY) to its Conviction Buy list with $53 price target vs. a Buy and $44 previously.
    | Comment!
  • 9:48 AM
    • Kite Realty Group (NYSE:KRG) is up 1% in early action after Sandler O'Neill initiates coverage with a Buy and $31 price target.
    | Comment!
  • 9:46 AM
    • Host Hotels (HST -0.2%) and Sunstone Hotel Investors (SHO -0.2%) are up 21% and 18%, respectively in 2014 (not including dividends), with much of that upside coming in the last few weeks. Both are downgraded to Market Perform from Outperform.
    | Comment!
  • 8:58 AM
    • Owners.com is one of the top for sale-by-owner websites and it will operate alongside Altisource Portfolio Solutions' (NASDAQ:ASPS) online real estate auction site Hubzu.com.
    • Last year, about 35K properties-for-sale were listed on Owners.com.
    • Terms: $20M cash at closing with an additional $7M possible over the next two years.
    • Source: Press Release
    | Comment!
  • 8:50 AM
    • Alongside its $0.65 quarterly dividend announcement, ACE authorizes a $1.5B share repurchase program for 2015 to replace the one expiring at the end of this year.
    • It would be good for about 4% of the float at the current stock price of $112.56.
    • Source: Press Release
    | Comment!
  • 8:46 AM
    • The senior unsecured notes consist of $100M of 10-year paper and $100M of 12-year. The 10-year notes bear an interest rate of 4.32% and the 12-year notes are at 4.42%.
    • Source: Press Release
    | Comment!
  • 8:42 AM
    • Established in 1964 and located in Birmingham, Michigan, CorePointe is a specialty property/casualty insurance company selling commercial package insurance products primarily to auto and motorcycle dealerships and repair shops. The agency generated $53.7M in net earned premium last year.
    • The all-cash deal is expected to be immediately accretive to AFSI earnings.
    • Source: Press Release
    | Comment!
  • 8:38 AM
    • Stein has been serving as CEO of Digital Realty Trust (NYSE:DLR) on an interim basis since March, and prior to that had been CFO and CIO for ten years. He'll remain CFO while the company searches for a successor.
    • DLR had severely underperformed prior to previous CEO Michael Foust being shown the door in March, and is ahead by 35% since Stein took over.
    • Source: Press Release
    | 1 Comment
  • 8:11 AM
    • GOV's new $1.3B credit facility includes a $750M revolver at Libor +125 basis points vs. $550M and Libor +150 basis points previously.
    • The $350M unsecured term loan facility at Libor +175 bps is replaced with a $300M term loan at Libor +140 bps, and a $250M term loan at Libor +180 bps.
    • Source: Press Release
    | Comment!
  • 8:07 AM
    • Joining some of its P-E brethren in seeking more permanent capital, Carlyle Group (NASDAQ:CG) is raising up to $5B for a fund which could hold stakes in companies for as long as 20 years, reports Bloomberg.
    • Previously: Blackstone reportedly pitching "core" private equity fund
    • As with the Blackstone offering, this fund will also charge lower fees than the typical Carlyle vehicle. David Rubenstein: “After the great recession, a lot of investors said we want to bargain with you and said we would like to change the fee structure. We have changed.”
    • This new fund is targeting a 1% management fee and15% of the profits vs. 1.5% and 20% for a recent Carlyle offering.
    | 1 Comment
  • 7:56 AM
    • The quarterly payout of $0.28 per share is expected to continue through 2015, the Redwood Trust (NYSE:RWT) board announces. It's a 5.9% yield at Friday's closing price of $19.01.
    • Source: Press Release
    | Comment!
  • 7:53 AM
    • Pending regulatory approval, an iron ore contract is expected to soon be available for action at the CME, giving traders another option as they either hedge their ownership of BHP or RIO, or roll with the brutal bear market, or try and pick a bottom.
    • Source: Press Release
    | Comment!
  • 7:43 AM
    • "We have consistently communicated to the market our belief that the suspensions of certain of our ongoing selling agreements were of a temporary nature," says Bill Dwyer, CEO of Realty Capital Securities.
    • RCS Capital (NYSE:RCAP) notes the confidence of its management, and the team together has purchased nearly 80K shares of company stock (less than $900K worth) over the past week.
    • Source: Press Release
    | 2 Comments
  • 7:37 AM
    • The stock and cash deal currently works out to $76 per share for Platinum Underwriters (NYSE:PTP), a 24% premium to Friday's close. It's also 1.1x September 30 book value of $68.34.
    • Platinum owners will receive $10 per share in cash as a special pre-closing dividend, and may then elect to receive another $66 per share in cash or 0.6504 RenaissanceRe (NYSE:RNR) shares, or a combination of the two. The deal is expected to close in 2015 H1.
    • A conference call is set for 9 ET.
    • Source: Press Release
    • PTP +18.3% to $72.50 permarket
    | Comment!
  • 7:29 AM
    • Montgomery, Alabama-based Merchant Capital, LLC is a public finance investment banking outfit which also has offices in Atlanta and Columbia, SC.
    • It's Stifel's (NYSE:SF) third public finance acquisition over the past three years.
    • Terms were not disclosed and the purchase is expected to close this year.
    • Source: Press Release
    | Comment!
  • Saturday, November 22, 2014

  • 2:32 PM
    • An investigation by The Telegraph finds that one in four pensioners who retired with a private pension in the past seven years is entitled to more annual pension income.
    • Aviva (NYSE:AV) Britain’s largest insurer, says it's paying compensation and increasing the annual payouts of hundreds of customers.
    • FCA watchdog will publish a report in December that experts say could "open the floodgates to claims" and force other companies to take similar actions.
    | 8 Comments
  • Friday, November 21, 2014

  • 3:15 PM
     
    • Formerly a non-traded REIT known as Behringer Harvard Multifamily REIT I, Monogram Residential Trust (NYSE:MORE) commenced trading today at $9 per share. It's currently up 2.8% to $9.25.
    • In connection with the public listing, Monogram commences a Dutch Auction for up to $100M worth of company stock. Monogram will select the lowest price not greater than $9.25 nor less than $8.50. The tender offer expires on December 19.
    • Source: Press Release
    | Comment!
  • 2:22 PM
    • EDR's 1:3 reverse split is expected to take place before trading opens on December 1.
    • Source: Press Release
    | 1 Comment
  • 1:08 PM
    • "In conversations with investors, skepticism remains high while interest in the group remains low," says UBS strategist Julian Emanuel, quickly making at least a contrarian case for buying the financial sector (NYSEARCA:XLF). In addition to that, Emanuel sees a number of positive catalysts emerging over the next year.
    • There's higher interest rates, of course, but also underpinning a strong 2015 will be higher volatility and continued robust M&A action, says Emanuel, noting Q3 earnings for U.S. financials gained 9.4% on 5.6% revenue growth.
    • The XLF's gain of 10.8% YTD compares to 13.6% for the S&P 500.
    • ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
    | Comment!
  • 12:47 PM
    • More than 75% of the votes were cast in favor of the deal in which SWS Group (SWS +0.6%) shareholders will receive $1.94 in cash and 0.2496 shares of Hilltop Holdings (HTH +2%) for each share of SWS they own. Judging by the share price reaction, Hilltop investors think they're getting a bargain.
    • Source: Press Release
    | 1 Comment
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