Financial Sector and Stocks Analysis from Seeking Alpha © seekingalpha.com. Use of this feed is limited to personal, non-commercial use and is governed by Seeking Alpha's Terms of Use (http://seekingalpha.com/page/terms-of-use). Publishing this feed for public or commercial use and/or misrepresentation by a third party is prohibited. SeekingAlpha.com http://seekingalpha.com/articles?filters=financial Travelers' Revised $94 Estimate: Business And Financial Insurance Overview http://seekingalpha.com/article/1444281-travelers-revised-94-estimate-business-and-financial-insurance-overview?source=feed 1444281 The Travelers Companies, Inc. (TRV) is the sixth largest property and casualty insurer in the U.S. with a market share of 4.5% in terms of premiums earned. [1] We have revised our price estimate for Travelers to $94, implying a premium of 10% to the market price.

In our valuation model, we have divided the company into three business divisions: Business and Financial Insurance, Personal Insurance and Investment Income. In this article, we focus on Business and Financial Insurance, which accounts for 60% of the company’s revenues and 65% of operating income.

Workers’ Compensation

Travelers’ main insurance product line in this division is workers’ compensation accounting for almost 30% of the net written premiums. The line covers employers for workplace injuries to employees. The benefits offered include medical benefits, disability benefits, death benefits and vocational rehabilitation benefits. The products included in this line of insurance include both fixed premium policies,

]]> Fri, 17 May 2013 15:04:42 -0400 Trefis By Trefis:

The Travelers Companies, Inc. (TRV) is the sixth largest property and casualty insurer in the U.S. with a market share of 4.5% in terms of premiums earned. [1] We have revised our price estimate for Travelers to $94, implying a premium of 10% to the market price.

In our valuation model, we have divided the company into three business divisions: Business and Financial Insurance, Personal Insurance and Investment Income. In this article, we focus on Business and Financial Insurance, which accounts for 60% of the company’s revenues and 65% of operating income.

Workers’ Compensation

Travelers’ main insurance product line in this division is workers’ compensation accounting for almost 30% of the net written premiums. The line covers employers for workplace injuries to employees. The benefits offered include medical benefits, disability benefits, death benefits and vocational rehabilitation benefits. The products included in this line of insurance include both fixed premium policies,


Complete Story »]]> TRV Trefis Citigroup Rising From The Ashes http://seekingalpha.com/article/1443961-citigroup-rising-from-the-ashes?source=feed 1443961 Citigroup (C) is making great progress to rise from the 2009 financial meltdown ashes as it continues to shed its bad assets to focus on its main businesses, including international commercial and investment banking. Citigroup has the assets it wants to keep in "Citicorp" while "Citi Holdings" holds the assets Citi wants to sell.

(click to enlarge)

I added Citigroup (More Citi Charts) to my "Explore Portfolio" in September 1998 at $187.50 split adjusted because it was cheap and it provided diversification for my original "Explore Portfolio" that was 60% in technology stocks. In 2000, I sold enough Citi to get all my original investment out and then some. I was happily on "house money plus." Since 2000, I have used the remaining shares to trade its long-term volatility while collecting a dividend. For example, in 2002 I added 100 shares at $355 then sold those shares in

]]> Fri, 17 May 2013 13:30:15 -0400 Kirk Lindstrom By Kirk Lindstrom:

Citigroup (C) is making great progress to rise from the 2009 financial meltdown ashes as it continues to shed its bad assets to focus on its main businesses, including international commercial and investment banking. Citigroup has the assets it wants to keep in "Citicorp" while "Citi Holdings" holds the assets Citi wants to sell.

(click to enlarge)

I added Citigroup (More Citi Charts) to my "Explore Portfolio" in September 1998 at $187.50 split adjusted because it was cheap and it provided diversification for my original "Explore Portfolio" that was 60% in technology stocks. In 2000, I sold enough Citi to get all my original investment out and then some. I was happily on "house money plus." Since 2000, I have used the remaining shares to trade its long-term volatility while collecting a dividend. For example, in 2002 I added 100 shares at $355 then sold those shares in


Complete Story »]]> XLF C Kirk Lindstrom Is Fifth Street In The Wrong Neighborhood? http://seekingalpha.com/article/1443871-is-fifth-street-in-the-wrong-neighborhood?source=feed 1443871 Fifth Street Finance Corp. (FSC), like other BDCs (Business Development Companies), is a finance company that lends to and invests in small and mid-sized companies. FSC had its initial public offering on June 12th of 2008 and closed that day at $12.12. The first dividend was at the rate of $0.31/share per quarter. It had two years of dividend inconsistency - with a high quarterly dividend of $0.38 and a low of $0.25. FSC closed Wednesday at $10.71. It is currently paying a monthly dividend of $0.0958/share or $0.2874/quarter. Of the 16 BDCs in my coverage universe that were paying dividends in 2009, 12 cut their dividends during the credit crisis. 11 of those 16 are paying lower dividends today than in 2009. While FSC is in that unfortunate majority - the size of its dividend cut was relatively small.
I would call that performance "not good, but

]]> Fri, 17 May 2013 12:53:56 -0400 Factoids ByFactoids:

Fifth Street Finance Corp. (FSC), like other BDCs (Business Development Companies), is a finance company that lends to and invests in small and mid-sized companies. FSC had its initial public offering on June 12th of 2008 and closed that day at $12.12. The first dividend was at the rate of $0.31/share per quarter. It had two years of dividend inconsistency - with a high quarterly dividend of $0.38 and a low of $0.25. FSC closed Wednesday at $10.71. It is currently paying a monthly dividend of $0.0958/share or $0.2874/quarter. Of the 16 BDCs in my coverage universe that were paying dividends in 2009, 12 cut their dividends during the credit crisis. 11 of those 16 are paying lower dividends today than in 2009. While FSC is in that unfortunate majority - the size of its dividend cut was relatively small.
I would call that performance "not good, but


Complete Story »]]> FSC Factoids Regions Financial Corporation - Shareholder/Analyst Call http://seekingalpha.com/article/1443741-regions-financial-corporation-shareholder-analyst-call?source=feed 1443741 Regions Financial Corporation (RF)

May 16, 2013 3:00 pm ET

Executives

O. B. Grayson Hall - Chairman, Chief Executive Officer, President, Chief Executive Officer of Regions Bank, President of Regions Bank and Director of Regions Bank

Presentation

O. B. Grayson Hall

At Regions, our mission really is to achieve superior economic value for our shareholders over time by making life better for our customers, our associates and the communities that we serve and by creating what we call shared value as we help our customers meet their financial needs and their financial aspirations. So what does this exactly mean? If every day when a Regions Banker leaves their job, they can honestly answer that we've made life better for someone, then we will undoubtedly reach our goals. We will earn the loyalty of our customers and associates and create a strong, consistent, sustainable business model.

Creating shared value really is

]]> Fri, 17 May 2013 12:01:24 -0400 Regions Financial Corporation (RF)

May 16, 2013 3:00 pm ET

Executives

O. B. Grayson Hall - Chairman, Chief Executive Officer, President, Chief Executive Officer of Regions Bank, President of Regions Bank and Director of Regions Bank

Presentation

O. B. Grayson Hall

At Regions, our mission really is to achieve superior economic value for our shareholders over time by making life better for our customers, our associates and the communities that we serve and by creating what we call shared value as we help our customers meet their financial needs and their financial aspirations. So what does this exactly mean? If every day when a Regions Banker leaves their job, they can honestly answer that we've made life better for someone, then we will undoubtedly reach our goals. We will earn the loyalty of our customers and associates and create a strong, consistent, sustainable business model.

Creating shared value really is

<br/><a href='http://seekingalpha.com/article/1443741-regions-financial-corporation-shareholder-analyst-call?source=feed'>Complete Story &raquo;</a>]]> RF Obituary: A Ridiculous End Of The Too-Big-To-Fail Mantra http://seekingalpha.com/article/1443531-obituary-a-ridiculous-end-of-the-too-big-to-fail-mantra?source=feed 1443531 For several years, the mantra of "too big to fail" has referred to the famous theory asserting that certain large financial institutions are so big - and so intertwined with other similar giants - that their failure would cause substantial turmoil and disaster in the overall economy. Because of this potential negative effect, it is necessary for these institutions to be supported in some manner should they face financial challenges or other similar difficulties.

Those who agree with this too big to fail theory feel that some institutions such as financial and banking powerhouses are so important to the overall U.S. - and subsequently global - economy that they should become the recipients of both economic and financial policies from the government, as well as from central banking institutions.

Those who oppose this way of thinking, however, believe that one of the big issues that arises is moral hazard. This

]]> Fri, 17 May 2013 11:00:55 -0400 Unbigoted Research ByUnbigoted Research:

For several years, the mantra of "too big to fail" has referred to the famous theory asserting that certain large financial institutions are so big - and so intertwined with other similar giants - that their failure would cause substantial turmoil and disaster in the overall economy. Because of this potential negative effect, it is necessary for these institutions to be supported in some manner should they face financial challenges or other similar difficulties.

Those who agree with this too big to fail theory feel that some institutions such as financial and banking powerhouses are so important to the overall U.S. - and subsequently global - economy that they should become the recipients of both economic and financial policies from the government, as well as from central banking institutions.

Those who oppose this way of thinking, however, believe that one of the big issues that arises is moral hazard. This


Complete Story »]]> BAC C JPM WFC Unbigoted Research BlackRock: Could $400 Be On The Horizon? http://seekingalpha.com/article/1443501-blackrock-could-400-be-on-the-horizon?source=feed 1443501 I've written before about how BlackRock (BLK) stands as one of the best dividend growth plays in the financial sector. When I first profiled the stock, it was nearing the $200 mark. Today, it's approaching $300. Shareholders over the last year have had very little to complain about as the company financials continue to look solid and the stock has gone almost straight up. But I think it might still have room to run.

By many widely used valuation metrics, BlackRock isn't looking terribly inexpensive right now. Currently, the stock sports a current P/E ratio of 20 and a price to book ratio of 1.95. Both of these values are above the industry average but companies that are growing quickly often times warrant higher multiples. BlackRock certainly qualifies.

To get an idea of how well the company has performed and is continued to expect to perform, consider the following

]]> Fri, 17 May 2013 10:30:56 -0400 Dave Dierking ByDave Dierking:

I've written before about how BlackRock (BLK) stands as one of the best dividend growth plays in the financial sector. When I first profiled the stock, it was nearing the $200 mark. Today, it's approaching $300. Shareholders over the last year have had very little to complain about as the company financials continue to look solid and the stock has gone almost straight up. But I think it might still have room to run.

By many widely used valuation metrics, BlackRock isn't looking terribly inexpensive right now. Currently, the stock sports a current P/E ratio of 20 and a price to book ratio of 1.95. Both of these values are above the industry average but companies that are growing quickly often times warrant higher multiples. BlackRock certainly qualifies.

To get an idea of how well the company has performed and is continued to expect to perform, consider the following


Complete Story »]]> BLK Dave Dierking 160-Year-Old Blue Chip With Growing Dividend And Low Payout Ratio http://seekingalpha.com/article/1443431-160-year-old-blue-chip-with-growing-dividend-and-low-payout-ratio?source=feed 1443431 The Travelers Companies, Inc. (TRV) is one of the largest insurance firms in the U.S. It has been a member of the Dow Jones Industrial Average since 2009, after replacing its former parent Citigroup (C).

Travelers Co. has an exciting and lengthy history, reaching all the way back to the second half of the 19th century when the original company was incorporated as St. Paul Fire & Marine in 1853. It has survived many tough times in the insurance business during which it had to restructure and sometimes downsize or refocus to stay in business and keep its profitability.

The current price offers substantial upside potential due to numerous factors described in this article, including the relatively low forward P/E of 11.33, solid dividend yield of 2.3%, and growing earnings per share in the last couple of years. Moreover, the financial sector has been the most underperforming sector in the

]]> Fri, 17 May 2013 10:10:22 -0400 Martin Vlcek ByMartin Vlcek:

The Travelers Companies, Inc. (TRV) is one of the largest insurance firms in the U.S. It has been a member of the Dow Jones Industrial Average since 2009, after replacing its former parent Citigroup (C).

Travelers Co. has an exciting and lengthy history, reaching all the way back to the second half of the 19th century when the original company was incorporated as St. Paul Fire & Marine in 1853. It has survived many tough times in the insurance business during which it had to restructure and sometimes downsize or refocus to stay in business and keep its profitability.

The current price offers substantial upside potential due to numerous factors described in this article, including the relatively low forward P/E of 11.33, solid dividend yield of 2.3%, and growing earnings per share in the last couple of years. Moreover, the financial sector has been the most underperforming sector in the


Complete Story »]]> AIG BRK.A BRK.B C WFC TRV Martin Vlcek The Hard Money Has Been Made In Imperial Holdings http://seekingalpha.com/article/1432541-the-hard-money-has-been-made-in-imperial-holdings?source=feed 1432541 Anyone who has followed me for a long time knows that my favorite type of investment is something where the company's financials obscure its true value. For example, I noted that Gramercy (GKK) was trading way below liquidation value, but that liquidation value was hidden by the consolidation of some non-recourse debt. Long story short, the company eventually disposed of those non-recourse assets and the stock shot up as a result.

Whenever I find one of those situations and it works out successfully (i.e. the stock rises and I start to sell), I find myself thinking "The easy money has been made here." With all that in mind, I present Imperial Holdings (IFT). The stock has run up 50%+ in the past few weeks on some extremely favorable announcements, but in this particular case, I can't help but wonder if all of the "hard" money has been made and

]]> Fri, 17 May 2013 06:30:00 -0400 Whopper Investments By Whopper Investments:

Anyone who has followed me for a long time knows that my favorite type of investment is something where the company's financials obscure its true value. For example, I noted that Gramercy (GKK) was trading way below liquidation value, but that liquidation value was hidden by the consolidation of some non-recourse debt. Long story short, the company eventually disposed of those non-recourse assets and the stock shot up as a result.

Whenever I find one of those situations and it works out successfully (i.e. the stock rises and I start to sell), I find myself thinking "The easy money has been made here." With all that in mind, I present Imperial Holdings (IFT). The stock has run up 50%+ in the past few weeks on some extremely favorable announcements, but in this particular case, I can't help but wonder if all of the "hard" money has been made and


Complete Story »]]> IFT Whopper Investments Aon plc - Shareholder/Analyst Call http://seekingalpha.com/article/1442871-aon-plc-shareholder-analyst-call?source=feed 1442871 Aon Corporation (AON)

May 17, 2013 3:00 am ET

Executives

Lester B. Knight - Non-Executive Chairman, Chairman of Executive Committee and Chairman of Governance/Nominating Committee

Ram Padmanabhan - Chief Counsel of Corporate, Vice President and Corporate Secretary

Gregory C. Case - Chief Executive Officer, President, Executive Director and Member of Executive Committee

Christa Davies - Chief Financial Officer and Executive Vice President

Presentation

Lester B. Knight

Good morning, ladies and gentlemen. I'm Lester Knight, Chairman of Aon's Board of Directors. And at this time, it's my pleasure to welcome all of you to Aon's Annual General Meeting of Shareholders and call the meeting to order. There are 8 items of business on today's agenda: the election of directors; the receipt of Aon's annual report and accounts, together with the reports of the directors and the auditor; ratification and the appointment of Ernst & Young LLP as Aon's independent registered public

]]> Fri, 17 May 2013 05:01:19 -0400 Aon Corporation (AON)

May 17, 2013 3:00 am ET

Executives

Lester B. Knight - Non-Executive Chairman, Chairman of Executive Committee and Chairman of Governance/Nominating Committee

Ram Padmanabhan - Chief Counsel of Corporate, Vice President and Corporate Secretary

Gregory C. Case - Chief Executive Officer, President, Executive Director and Member of Executive Committee

Christa Davies - Chief Financial Officer and Executive Vice President

Presentation

Lester B. Knight

Good morning, ladies and gentlemen. I'm Lester Knight, Chairman of Aon's Board of Directors. And at this time, it's my pleasure to welcome all of you to Aon's Annual General Meeting of Shareholders and call the meeting to order. There are 8 items of business on today's agenda: the election of directors; the receipt of Aon's annual report and accounts, together with the reports of the directors and the auditor; ratification and the appointment of Ernst & Young LLP as Aon's independent registered public

<br/><a href='http://seekingalpha.com/article/1442871-aon-plc-shareholder-analyst-call?source=feed'>Complete Story &raquo;</a>]]> AON Envestnet's CEO Discusses Q1 2013 Results - Earnings Call Transcript http://seekingalpha.com/article/1442551-envestnet-s-ceo-discusses-q1-2013-results-earnings-call-transcript?source=feed 1442551 Envestnet Inc. (ENV)

Q1 2013 Earnings Call

May 16, 2013 5:00 PM ET

Executives

Chris Curtis – SVP and Treasurer

Jud Bergman – Chairman and CEO

Pete D'Arrigo – CFO

Analysts

Alex Cram – UBS

Chris Donat – Sandler O'Neill.

Chris Shutler – William Blair

Hugh Miller – Sidoti & Co.

David Grossman – Stifel Nicolaus

Peter Heckmann – Avondale Partners

Presentation

Operator

Good day, everyone and welcome to the Envestnet First Quarter 2013 Earnings Conference. Today's conference is being recorded. At this time, I would like to turn things over to Mr. Chris Curtis, Senior Vice President and Treasurer. Please go ahead, sir.

Chris Curtis

Thank you and good afternoon, everyone. With me on today's call are Jud Bergman, Chairman and Chief Executive Officer; and Pete D'Arrigo, Chief Financial Officer. Our first quarter 2013 earnings press release and associated Form 8-K can be found at envestnet.com under the

]]> Fri, 17 May 2013 00:34:02 -0400 Envestnet Inc. (ENV)

Q1 2013 Earnings Call

May 16, 2013 5:00 PM ET

Executives

Chris Curtis – SVP and Treasurer

Jud Bergman – Chairman and CEO

Pete D'Arrigo – CFO

Analysts

Alex Cram – UBS

Chris Donat – Sandler O'Neill.

Chris Shutler – William Blair

Hugh Miller – Sidoti & Co.

David Grossman – Stifel Nicolaus

Peter Heckmann – Avondale Partners

Presentation

Operator

Good day, everyone and welcome to the Envestnet First Quarter 2013 Earnings Conference. Today's conference is being recorded. At this time, I would like to turn things over to Mr. Chris Curtis, Senior Vice President and Treasurer. Please go ahead, sir.

Chris Curtis

Thank you and good afternoon, everyone. With me on today's call are Jud Bergman, Chairman and Chief Executive Officer; and Pete D'Arrigo, Chief Financial Officer. Our first quarter 2013 earnings press release and associated Form 8-K can be found at envestnet.com under the

<br/><a href='http://seekingalpha.com/article/1442551-envestnet-s-ceo-discusses-q1-2013-results-earnings-call-transcript?source=feed'>Complete Story &raquo;</a>]]> ENV Progressive Corp. - Shareholder/Analyst Call http://seekingalpha.com/article/1442541-progressive-corp-shareholder-analyst-call?source=feed 1442541 Progressive Corporation (PGR)

May 16, 2013 1:00 pm ET

Executives

Glenn M. Renwick - Chief Executive Officer, President, Director and Member of Executive Committee

Brian C. Domeck - Chief Financial Officer and Vice President

John P. Sauerland - President of Personal Lines Group

Dan Witalec

Susan Patricia Griffith - President of Claims Group

Jonathan Beamer

M. Jeffrey Charney - Chief Marketing Officer

Andrew Quigg

John Curtiss

Presentation

Glenn M. Renwick

[Indiscernible] recognize [indiscernible] in the last 14 years or so. So I didn't have an office. Thank you.

Here's what I'm trying to do today. [Indiscernible] we put out in a monthly report or in other documents that I thought better suited to you, and you won't [indiscernible]. But I hope these will give you more insights into the company through our major initiatives and, most importantly, in how we [indiscernible]. And that's why I feel very [indiscernible] 21 [indiscernible].

]]> Fri, 17 May 2013 00:30:06 -0400 Progressive Corporation (PGR)

May 16, 2013 1:00 pm ET

Executives

Glenn M. Renwick - Chief Executive Officer, President, Director and Member of Executive Committee

Brian C. Domeck - Chief Financial Officer and Vice President

John P. Sauerland - President of Personal Lines Group

Dan Witalec

Susan Patricia Griffith - President of Claims Group

Jonathan Beamer

M. Jeffrey Charney - Chief Marketing Officer

Andrew Quigg

John Curtiss

Presentation

Glenn M. Renwick

[Indiscernible] recognize [indiscernible] in the last 14 years or so. So I didn't have an office. Thank you.

Here's what I'm trying to do today. [Indiscernible] we put out in a monthly report or in other documents that I thought better suited to you, and you won't [indiscernible]. But I hope these will give you more insights into the company through our major initiatives and, most importantly, in how we [indiscernible]. And that's why I feel very [indiscernible] 21 [indiscernible].

<br/><a href='http://seekingalpha.com/article/1442541-progressive-corp-shareholder-analyst-call?source=feed'>Complete Story &raquo;</a>]]> PGR Endeavour Mining CEO Discuses Q1 2013 Results - Earnings Call Transcript http://seekingalpha.com/article/1442521-endeavour-mining-ceo-discuses-q1-2013-results-earnings-call-transcript?source=feed 1442521 Endeavour Mining Corp. (EDVMF.PK)

Q1 2013 Earnings Call

May 16, 2013 01:00 AM ET

Executives

Neil Woodyer - President and CEO

Christian Milau - EVP and CFO

Attie Roux - COO

Analysts

Presentation

Operator

Greeting and welcome to Endeavour Mining's Second 2013 Q1 Results Webcast. At this time, all participants are in a listen-only-mode. A live question and answer session with management will follow the formal presentation which is a playback of the first webcast presentation recorded earlier today. (Operator Instructions).

I will now begin the presentation playback.

Neil Woodyer

Thank you operator and with me I have Attie Roux, COO and Christian Milau our CFO. Before I start the formal part of the presentation, can I just apologize to those U.S. shareholders whom I was supposed to meet with last week but unfortunately, I had to go done to Ivory Coast and meet with the President of Ministry of

]]> Fri, 17 May 2013 00:04:04 -0400 Endeavour Mining Corp. (EDVMF.PK)

Q1 2013 Earnings Call

May 16, 2013 01:00 AM ET

Executives

Neil Woodyer - President and CEO

Christian Milau - EVP and CFO

Attie Roux - COO

Analysts

Presentation

Operator

Greeting and welcome to Endeavour Mining's Second 2013 Q1 Results Webcast. At this time, all participants are in a listen-only-mode. A live question and answer session with management will follow the formal presentation which is a playback of the first webcast presentation recorded earlier today. (Operator Instructions).

I will now begin the presentation playback.

Neil Woodyer

Thank you operator and with me I have Attie Roux, COO and Christian Milau our CFO. Before I start the formal part of the presentation, can I just apologize to those U.S. shareholders whom I was supposed to meet with last week but unfortunately, I had to go done to Ivory Coast and meet with the President of Ministry of

<br/><a href='http://seekingalpha.com/article/1442521-endeavour-mining-ceo-discuses-q1-2013-results-earnings-call-transcript?source=feed'>Complete Story &raquo;</a>]]> EDVMF.PK CoreLogic, Inc. - Analyst/Investor Day http://seekingalpha.com/article/1442511-corelogic-inc-analyst-investor-day?source=feed 1442511 CoreLogic, INC. (CLGX)

May 16, 2013 1:00 pm ET

Executives

Dan Smith

Anand K. Nallathambi - Chief Executive Officer, President, Director and Member of Acquisition Committee

Frank D. Martell - Chief Financial Officer

George S. Livermore - Executive Vice President of Global Sales and Client Strategy

Susan Allen - Vice President of Strategic Relationships

Jay Kingsley

Barry M. Sando - Executive Vice President for the Mortgage Origination Services and Default Services Segments

Arlene Hyde - Senior Vice President of Strategic Relationships For Business and Information Services

Mark Fleming

Analysts

Brandon Burke Dobell - William Blair & Company L.L.C., Research Division

Darrin D. Peller - Barclays Capital, Research Division

Lauren Slabaugh - Stephens Inc., Research Division

Presentation

Dan Smith

All right. Good morning -- afternoon. Welcome to the CoreLogic 2013 Investor Day. I'm Dan Smith, in charge of IR for the company. This our first investor day since our spin at

]]> Fri, 17 May 2013 00:00:08 -0400 CoreLogic, INC. (CLGX)

May 16, 2013 1:00 pm ET

Executives

Dan Smith

Anand K. Nallathambi - Chief Executive Officer, President, Director and Member of Acquisition Committee

Frank D. Martell - Chief Financial Officer

George S. Livermore - Executive Vice President of Global Sales and Client Strategy

Susan Allen - Vice President of Strategic Relationships

Jay Kingsley

Barry M. Sando - Executive Vice President for the Mortgage Origination Services and Default Services Segments

Arlene Hyde - Senior Vice President of Strategic Relationships For Business and Information Services

Mark Fleming

Analysts

Brandon Burke Dobell - William Blair & Company L.L.C., Research Division

Darrin D. Peller - Barclays Capital, Research Division

Lauren Slabaugh - Stephens Inc., Research Division

Presentation

Dan Smith

All right. Good morning -- afternoon. Welcome to the CoreLogic 2013 Investor Day. I'm Dan Smith, in charge of IR for the company. This our first investor day since our spin at

<br/><a href='http://seekingalpha.com/article/1442511-corelogic-inc-analyst-investor-day?source=feed'>Complete Story &raquo;</a>]]> CLGX The Charles Schwab Corporation - Shareholder/Analyst Call http://seekingalpha.com/article/1442371-the-charles-schwab-corporation-shareholder-analyst-call?source=feed 1442371 The Charles Schwab Corporation (SCHW)

May 16, 2013 5:00 pm ET

Executives

Charles Robert Schwab - Founder, Chairman, Member of Policy Committee, Chairman of Charles Schwab & Co and Chairman of the U S Trust Board

Carrie E. Dwyer - Executive Vice President of Corporate Oversight, General Counsel, Corporate Secretary and Member of Policy Committee

Joseph R. Martinetto - Chief Financial Officer, Principal Accounting Officer and Executive Vice President

Walter W. Bettinger - Chief Executive Officer, President, Director and Member of Policy Committee

Presentation

Charles Robert Schwab

Good afternoon, everyone. Thank you for coming. Gosh, I saw that in the other room actually, in the green room, the whole thing in 3 minutes, 40-years worth, a little bit longer than that, actually. But it is unbelievable how fast it did go by, 40-years worth.

Anyway, we're very proud as an organization. We have our 40th anniversary this year. And welcome

]]> Thu, 16 May 2013 22:01:18 -0400 The Charles Schwab Corporation (SCHW)

May 16, 2013 5:00 pm ET

Executives

Charles Robert Schwab - Founder, Chairman, Member of Policy Committee, Chairman of Charles Schwab & Co and Chairman of the U S Trust Board

Carrie E. Dwyer - Executive Vice President of Corporate Oversight, General Counsel, Corporate Secretary and Member of Policy Committee

Joseph R. Martinetto - Chief Financial Officer, Principal Accounting Officer and Executive Vice President

Walter W. Bettinger - Chief Executive Officer, President, Director and Member of Policy Committee

Presentation

Charles Robert Schwab

Good afternoon, everyone. Thank you for coming. Gosh, I saw that in the other room actually, in the green room, the whole thing in 3 minutes, 40-years worth, a little bit longer than that, actually. But it is unbelievable how fast it did go by, 40-years worth.

Anyway, we're very proud as an organization. We have our 40th anniversary this year. And welcome

<br/><a href='http://seekingalpha.com/article/1442371-the-charles-schwab-corporation-shareholder-analyst-call?source=feed'>Complete Story &raquo;</a>]]> SCHW Aviva Management Discusses Q1 2013 Results - Interim Management Statement Call Transcript http://seekingalpha.com/article/1442011-aviva-management-discusses-q1-2013-results-interim-management-statement-call-transcript?source=feed 1442011 Aviva (AV)

Q1 2013 Interim Management Statement Call

May 16, 2013 4:30 am ET

Executives

Mark Andrew Wilson - Group Chief Executive Officer and Executive Director

Jason Windsor - Chief Strategy and Development Officer

Maurice Tulloch - Chief Executive Officer and President

Patrick C. Regan - Chief Financial Officer, Executive Director, Chairman of Disclosure Committee and Chairman of Aviva Investors

Robin Spencer - Chief Executive of UK & Ireland General Insurance

David Barral - Chief Executive Officer of UK & Ireland Life Insurance

Analysts

James Pearce - UBS Investment Bank, Research Division

Blair Stewart - BofA Merrill Lynch, Research Division

Sean Darby - Nomura Securities Co. Ltd., Research Division

Abid Hussain - Societe Generale Cross Asset Research

Kevin Ryan - Investec Securities (UK), Research Division

Christopher J. Esson - Crédit Suisse AG, Research Division

Andrew Hughes - Exane BNP Paribas, Research Division

Oliver Steel - Deutsche Bank AG, Research Division

]]> Thu, 16 May 2013 18:50:08 -0400 Aviva (AV)

Q1 2013 Interim Management Statement Call

May 16, 2013 4:30 am ET

Executives

Mark Andrew Wilson - Group Chief Executive Officer and Executive Director

Jason Windsor - Chief Strategy and Development Officer

Maurice Tulloch - Chief Executive Officer and President

Patrick C. Regan - Chief Financial Officer, Executive Director, Chairman of Disclosure Committee and Chairman of Aviva Investors

Robin Spencer - Chief Executive of UK & Ireland General Insurance

David Barral - Chief Executive Officer of UK & Ireland Life Insurance

Analysts

James Pearce - UBS Investment Bank, Research Division

Blair Stewart - BofA Merrill Lynch, Research Division

Sean Darby - Nomura Securities Co. Ltd., Research Division

Abid Hussain - Societe Generale Cross Asset Research

Kevin Ryan - Investec Securities (UK), Research Division

Christopher J. Esson - Crédit Suisse AG, Research Division

Andrew Hughes - Exane BNP Paribas, Research Division

Oliver Steel - Deutsche Bank AG, Research Division

<br/><a href='http://seekingalpha.com/article/1442011-aviva-management-discusses-q1-2013-results-interim-management-statement-call-transcript?source=feed'>Complete Story &raquo;</a>]]> AV Bear Of The Day: PHH Corp. http://seekingalpha.com/article/1441881-bear-of-the-day-phh-corp?source=feed 1441881

Declining revenues and an industry under pressure are not the descriptors you want to hear just before you invest in a company, but unfortunately PHH Corporation (PHH) is experiencing both at the moment.

In its last earnings report, PHH reported a 6% decline in net revenues overall along with a decline in several of their business metrics that helped drive core earnings per share 77% lower versus the same period a year ago.

Earnings Struggles
PHH is unique in that it offers both outsourced private-label mortgage solutions (originations mostly) and fleet management (two very different businesses) with over 580,000 automobiles and trucks under management in both sales and service fleets.

The mortgage side is struggling a bit as pre-tax core earnings for the combined mortgage production and servicing segments was a loss of $3 million for the first quarter, down from $45 million in pre-tax core earnings in the

]]> Thu, 16 May 2013 17:54:19 -0400 Zacks Investment Research By Zacks Investment Research:

Declining revenues and an industry under pressure are not the descriptors you want to hear just before you invest in a company, but unfortunately PHH Corporation (PHH) is experiencing both at the moment.

In its last earnings report, PHH reported a 6% decline in net revenues overall along with a decline in several of their business metrics that helped drive core earnings per share 77% lower versus the same period a year ago.

Earnings Struggles
PHH is unique in that it offers both outsourced private-label mortgage solutions (originations mostly) and fleet management (two very different businesses) with over 580,000 automobiles and trucks under management in both sales and service fleets.

The mortgage side is struggling a bit as pre-tax core earnings for the combined mortgage production and servicing segments was a loss of $3 million for the first quarter, down from $45 million in pre-tax core earnings in the


Complete Story »]]> PHH Zacks Investment Research Washington Real Estate Investment Trust's CEO Presents at Annual Shareholder's Meeting 2013 Conference (Transcript) http://seekingalpha.com/article/1441801-washington-real-estate-investment-trust-s-ceo-presents-at-annual-shareholder-s-meeting-2013-conference-transcript?source=feed 1441801

Washington Real Estate Investment Trust (WRE)

Annual Shareholder’s Meeting 2013 Conference Call

May 16, 2013 11:00 am ET

Executives

John P. McDaniel – Independent Chairman of the Board of Trustees

Laura M. Franklin – Executive Vice President-Accounting and Administration and Corporate Secretary

George F. McKenzie – President, Trustee and Chief Executive Officer

William T. Camp – Executive Vice President and Chief Financial Officer

Presentation

John P. McDaniel

I would like at this time to make some introductory remarks about your Directors and introduce them one by one and then comment a little bit later above and distinguish additional guests that we have here this morning.

Later on in the meeting after I sit down, Skip McKenzie, our CEO will be introducing the company’s officers. So we’ll have an opportunity to meet the guys and the branches that really make this company go forward.

I will start – and this will

]]> Thu, 16 May 2013 17:14:07 -0400

Washington Real Estate Investment Trust (WRE)

Annual Shareholder’s Meeting 2013 Conference Call

May 16, 2013 11:00 am ET

Executives

John P. McDaniel – Independent Chairman of the Board of Trustees

Laura M. Franklin – Executive Vice President-Accounting and Administration and Corporate Secretary

George F. McKenzie – President, Trustee and Chief Executive Officer

William T. Camp – Executive Vice President and Chief Financial Officer

Presentation

John P. McDaniel

I would like at this time to make some introductory remarks about your Directors and introduce them one by one and then comment a little bit later above and distinguish additional guests that we have here this morning.

Later on in the meeting after I sit down, Skip McKenzie, our CEO will be introducing the company’s officers. So we’ll have an opportunity to meet the guys and the branches that really make this company go forward.

I will start – and this will

<br/><a href='http://seekingalpha.com/article/1441801-washington-real-estate-investment-trust-s-ceo-presents-at-annual-shareholder-s-meeting-2013-conference-transcript?source=feed'>Complete Story &raquo;</a>]]> WRE Comparison Of 3 S&P 500 Dividend-Paying Accident And Health Insurance Providers http://seekingalpha.com/article/1441591-comparison-of-3-s-p-500-dividend-paying-accident-and-health-insurance-providers?source=feed 1441591 Health insurance stocks are performing well with some recovery in the economy worldwide. While the sector's performance relies largely upon macroeconomic and regulatory factors, companies are making diligent efforts to improve their businesses and expand margins.

With evident signs of economic recovery, it's time to revisit the sector and analyze some of the popular tickers.

(click to enlarge)

*As of 5/15/2013

Source: Yahoo! Finance

Assurant Inc (AIZ) is a leading provider of specialty insurance. The company reported its first-quarter 2013 earnings of $1.35 per share, which declined 23% year-over-year. These results were primarily affected by the $14 million settlement with the New York Department of Financial Services. Earnings also felt a negative impact due to catastrophe losses at Assurant Specialty Property. However, the total revenue for the company came in at $2.15 billion, an increase of around 3.7% year-over-year.

According to the management, the outlook for 2013

]]> Thu, 16 May 2013 16:37:34 -0400 Black Coral Research ByBlack Coral Research:

Health insurance stocks are performing well with some recovery in the economy worldwide. While the sector's performance relies largely upon macroeconomic and regulatory factors, companies are making diligent efforts to improve their businesses and expand margins.

With evident signs of economic recovery, it's time to revisit the sector and analyze some of the popular tickers.

(click to enlarge)

*As of 5/15/2013

Source: Yahoo! Finance

Assurant Inc (AIZ) is a leading provider of specialty insurance. The company reported its first-quarter 2013 earnings of $1.35 per share, which declined 23% year-over-year. These results were primarily affected by the $14 million settlement with the New York Department of Financial Services. Earnings also felt a negative impact due to catastrophe losses at Assurant Specialty Property. However, the total revenue for the company came in at $2.15 billion, an increase of around 3.7% year-over-year.

According to the management, the outlook for 2013


Complete Story »]]> AFL AIZ UNM Black Coral Research FS Bancorp, Inc. A Buy After Its Post-IPO Total Makeover http://seekingalpha.com/article/1440771-fs-bancorp-inc-a-buy-after-its-post-ipo-total-makeover?source=feed 1440771 FS Bancorp (FSBW) is a 360 million dollar (assets) thrift located in Mountlake Terrace, WA. The thrift was the former credit union for Microsoft and went public on 7/9/2012. There are several reasons why I own the stock and why I believe that it will be an outstanding performer over the next two to three years.

Leadership always matters and FSBW has excellent leadership in Joe Adams. Joe joined the bank in 2003 as its CFO. He is a lawyer and has worked at Deloitte as a Tax Consultant, K&L Gates as a Lawyer and then at Univar USA as a Lawyer and Director of Regulatory Affairs. Mr. Adams also received a Master's Degree equivalent from the Pacific Coast Banking School. In July of 2004 Joe became the CEO and has made numerous improvements that have transformed the thrift into a profitable, well capitalized institution, which is currently trading at

]]> Thu, 16 May 2013 13:33:22 -0400 Ralph Sesso ByRalph Sesso:

FS Bancorp (FSBW) is a 360 million dollar (assets) thrift located in Mountlake Terrace, WA. The thrift was the former credit union for Microsoft and went public on 7/9/2012. There are several reasons why I own the stock and why I believe that it will be an outstanding performer over the next two to three years.

Leadership always matters and FSBW has excellent leadership in Joe Adams. Joe joined the bank in 2003 as its CFO. He is a lawyer and has worked at Deloitte as a Tax Consultant, K&L Gates as a Lawyer and then at Univar USA as a Lawyer and Director of Regulatory Affairs. Mr. Adams also received a Master's Degree equivalent from the Pacific Coast Banking School. In July of 2004 Joe became the CEO and has made numerous improvements that have transformed the thrift into a profitable, well capitalized institution, which is currently trading at


Complete Story »]]> FSBW Ralph Sesso KeyCorp - Shareholder/Analyst Call http://seekingalpha.com/article/1440721-keycorp-shareholder-analyst-call?source=feed 1440721 KeyCorp (KEY)

May 16, 2013 8:30 am ET

Executives

Beth E. Mooney - Chairman, Chief Executive Officer, President, Chairman of Executive Committee, Chairman of Enterprise Risk Management Committee and Member of Executive Council

Paul N. Harris - Executive Vice President, General Counsel, Secretary and Member of Executive Council

Alexander M. Cutler - Lead Director, Chairman of Nominating & Corporate Governance Committee, Member of Executive Committee and Member of Compensation & Organization Committee

Edward Campbell

Analysts

Michael Mayo - Credit Agricole Securities (USA) Inc., Research Division

Alan Straus

Presentation

Beth E. Mooney

So good morning. The room is has fallen quiet. So I'm going to go ahead and take that as a sign that we could go ahead and call to order of 2013 Annual Meeting of Shareholders for KeyCorp. Welcome, and thank you for being here this morning. I am Beth Mooney, Chairman and CEO KeyCorp, and we thank you

]]> Thu, 16 May 2013 13:20:03 -0400 KeyCorp (KEY)

May 16, 2013 8:30 am ET

Executives

Beth E. Mooney - Chairman, Chief Executive Officer, President, Chairman of Executive Committee, Chairman of Enterprise Risk Management Committee and Member of Executive Council

Paul N. Harris - Executive Vice President, General Counsel, Secretary and Member of Executive Council

Alexander M. Cutler - Lead Director, Chairman of Nominating & Corporate Governance Committee, Member of Executive Committee and Member of Compensation & Organization Committee

Edward Campbell

Analysts

Michael Mayo - Credit Agricole Securities (USA) Inc., Research Division

Alan Straus

Presentation

Beth E. Mooney

So good morning. The room is has fallen quiet. So I'm going to go ahead and take that as a sign that we could go ahead and call to order of 2013 Annual Meeting of Shareholders for KeyCorp. Welcome, and thank you for being here this morning. I am Beth Mooney, Chairman and CEO KeyCorp, and we thank you

<br/><a href='http://seekingalpha.com/article/1440721-keycorp-shareholder-analyst-call?source=feed'>Complete Story &raquo;</a>]]> KEY