Federated Investors Inc.NYSE
Fri, Dec. 2, 2:32 PM
- JPMorgan is out with its top stock picks for 2017, but as Jack Hough of Barron's points out, the "shorts" list is far more interesting because Sell recommendations from the sell-side are so much rarer than Buys.
- Of the 14-name shorts list, nine have price targets 10% or more below the current level.
- GE has 10% potential downside thanks to its too-rich valuation relative to free cash flow versus peers.
- Federated Investors (NYSE:FII) could fall 14% thanks to its exposure to the struggling active-management industry.
- Trucker C.H. Robinson Worldwide (NASDAQ:CHRW) has 16% downside as favorable contracts reset to depressed industry levels.
- Archer Daniels Midland (NYSE:ADM) has a price target 18% below the current value as a strong dollar and trade troubles with Mexico crimp profits.
- A 45% price decline could be in store for driller Forum Energy Technologies (NYSE:FET), with good assets and a healthy balance sheet, but way too fancy of a valuation.
- There's also Intelsat (NYSE:I), which JPMorgan says could be a zero as new competition squeezes the heavily leveraged company.
- Other shorts: Cornerstone OnDemand (NASDAQ:CSOD), Ensco (NYSE:ESV).
Mon, Nov. 21, 9:18 AM
Fri, Nov. 18, 10:18 AM
- The flood of money pouring into stocks since the election isn't helping mutual funds, which somehow saw $3B of outflows in the last week. Equity ETFs, meanwhile, had $27B of inflows, according to Goldman Sachs - the largest weekly amount on record.
- Equity mutual funds had outflows of $4.4B, making YTD outflows of roughly $120B.
- via Bryan Mortenson
- Interested parties: BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resource (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR)
- Previously: Financial ETF sees fastest-ever inflows (Nov. 16)
Thu, Nov. 10, 3:28 PM
- "We've got to get rid of this," says hedge fund honcho and Trump advisor Anthony Scaramucci, speaking about the DOL's fiduciary rule.
- Set to take effect in April, the Department of Labor's new rule would hold retirement professionals to a "fiduciary" standard in which they must put client interests ahead of their own, rather than the current requirement that they recommend "suitable" products.
- The Obama administration argues the move would save investors $17B a year in fees and lost returns. Asset managers, however, will probably spend a lot more setting up systems to try and figure out how to comply with the new standard. In Scaramucci's vision, a Trump administration would instead impose a "self-auditing process" for registered financial advisors.
- Former assistant secretary of labor under Bush, Bradford Campbell has no doubt Trump isn't a fan of the rule, but isn't sure it can be fixed on day one with the stroke of a pen. A Trump administration, however, would have plenty of available tools to modify or eventually remove it, he says.
- Source: FT
- The asset managers continue on their post-election tear: BlackRock (BLK +2.7%), Och-ZIff (OZM +3.8%), Legg Mason (LM +4.4%), Gamco (GBL +1.9%), Janus (JNS +3.6%), Invesco (IVZ +3.3%), T. Rowe Price (TROW +3.6%), AllianceBernstein (AB +5.1%), Affiliated Managers (AMG +7.5%), Federated Investors (FII +6.6%), Waddell & Reed (WDR +4.4%).
Thu, Oct. 27, 5:50 PM| Thu, Oct. 27, 5:50 PM
Thu, Oct. 27, 4:25 PM
Wed, Oct. 26, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDR, ALEX, ALJ, AMCC, AMGN, AMZN, ARAY, ARII, ASGN, ATEN, ATR, ATRC, AUY, AZPN, BGS, BIDU, BMRN, BOFI, BOOM, BSAC, BVN, CA, CATM, CBI, CBL, CEMP, CENX, CHDN, CLD, CLMS, CNMD, COLM, COWN, CPT, CRUS, CUBE, CXP, CY, DECK, DGII, DLR, ECOL, EGO, EHTH, ELLI, EMN, ESS, EXPE, FET, FII, FIX, FLEX, FLS, FORM, FPO, FR, FTNT, FTV, GIMO, GOOG, HBI, HIG, HLS, HTH, IART, IM, INT, INVA, IPHS, ISBC, ITGR, KAMN, KIM, KONA, KRG, LEG, LNKD, LOGM, MAA, MAC, MCK, MLNX, MOBL, MOH, MSA, MSTR, NANO, NATI, NGD, NR, NSIT, NSR, OFC, OII, OIS, OMCL, OSIS, PDFS, PEB, PFG, PKD, POWI, PSMT, PXLW, RGC, RSG, SGEN, SHOR, SIMO, SKYW, SMCI, SNMX, SPNC, SPSC, SRCL, SSD, SSNC, STRZA, SYK, SYNA, TDOC, TEAM, TFSL, TGB, TLGT, TMST, VCRA, VDSI, VR, VRSN, WRE, WRI, WSFS, YRCW
Mon, Oct. 17, 2:00 PM
- It's the kind of headline that makes one wonder if the bottom might already be in for traditional asset managers.
- The numbers won't surprise anyone who's been following along for any length of time: Over the three years ended Aug. 31, investors added nearly $1.3T to passive mutual funds and ETFs, while pulling more than $250M from active mutual funds.
- "Stock pickers, archetypes of 20th century Wall Street, are being pushed to the margins," write Anne Tergesen and Jason Zweig. "The pressure has gotten so great that passive has become the default,” says former Fidelity CIO Philip Bullen.
- And by the way, there's still plenty of room for the trend to continue - 66% of mutual and exchange-traded fund assets are still actively invested (down from 84% ten years ago).
- Active fund firms that don't “position themselves for the sea change” will be “relegated to the dustbin of history," said Cohen & Steers (NYSE:CNS) in shareholder letter earlier this year.
- Notable industry names: BLK, OZM, BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM, MN, EV, AMP
Thu, Oct. 6, 8:51 AM
- In one of the highest quarterly amounts ever, investors moved $92B into ETFs in Q3, according to UBS, bringing AUM for U.S.-listed ETFs to about $2.4T.
- For the year, $150B has flowed into ETFs, putting the vehicles on track for their third straight year of inflows north of $200B. The inflows stand in major contrast to either outright net exits or minimal inflows for mutual funds.
- Still, even after doubling AUM since 2011, ETFs account for just 17% of mutual fund assets.
- Interested parties: BLK, WETF, BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM, EV
Fri, Sep. 16, 8:31 AM
- Just 9.5% of actively-managed large-cap domestic equity funds beat the S&P 500 in the five year ended August 31 - the worst 5-year record since 1999, according to Morningstar. By comparison, in the five years ended 2010, nearly 50% topped the S&P.
- The lame results haven't gone unnoticed, with investors yanking $422B from roughly 3K mutual funds in the past five years, and putting that money and more into passive vehicles (ETFs).
- In the year ended June 30, 85% of large-cap stock funds, 88% of mid-cap funds, and 89% of small-cap funds failed to match their bogeys. "Pretty appalling," says S&P's Aye Soe. "Given the choppiness in the markets we would have expected the active managers to come out looking better.”
- Interested parties include BlackRock (NYSE:BLK), WisdomTree (NASDAQ:WETF), Franklin Resources (NYSE:BEN), Legg Mason (NYSE:LM), Gamco (NYSE:GBL), Janus (NYSE:JNS), Calamos (NASDAQ:CLMS), Invesco (NYSE:IVZ), T. Rowe Price (NASDAQ:TROW), AllianceBernstein (NYSE:AB), Affiliated Managers (NYSE:AMG), Federated Investors (NYSE:FII), Waddell & Reed (NYSE:WDR), Artisan Partners (NYSE:APAM)
Thu, Jul. 28, 4:20 PM
Wed, Jul. 27, 5:35 PM
- ACTG, AFL, AIV, AJG, ALDW, ALGN, ALJ, AMZN, ARII, ATEN, ATR, AUY, BCOV, BGS, BIDU, BOOM, BRKS, CAA, CATM, CBL, CBS, CENX, CHMT, CLD, CLMS, COLM, COWN, CPHD, CPT, CUBE, CWST, CY, DECK, DGI, DGII, DLR, DTLK, ECOL, EEP, EGO, EHTH, EIX, ELLI, EMN, EQC, ES, ESS, EXPE, EYES, FE, FET, FICO, FII, FIX, FLS, FPO, FR, FTNT, GIMO, GNMK, GOOG, HIG, HLS, IM, INVA, INVN, ISIL, ITGR, IXYS, KAMN, KBR, KLAC, KRG, LEG, LMNX, LPLA, LYV, MATW, MOBL, MSCC, MSTR, MTD, N, NGVC, NR, NSR, OMCL, OUTR, PCCC, PDFS, PFG, PXLW, QGEN, QSII, RGA, RMD, ROVI, RSG, RTEC, SB, SBAC, SKYW, SNMX, SPNC, SRCL, STMP, STRZA, SYNA, TCO, TFSL, THG, TLGT, TNDM, UCTT, ULH, VCRA, VDSI, VRSN, WDC, WLK, WRI, WYNN, YRCW
Thu, Jul. 7, 1:35 PM
- Continuing to benefit from the trend toward low-cost, index-tracking funds, Vanguard Group pulled in $148B in the first half of the year, topping last year's record H1 haul of $140B.
- The fund giant sports four of the top 10 ETF inflow recipients so far this year, the S&P 500 Index Fund (NYSEARCA:VOO), the FTSE Developed Markets ETF (NYSEARCA:VEA), the REIT Index Fund (NYSEARCA:VNQ), and the Total Bond Market Index Fund (NYSEARCA:BND).
- Eyeing with envy: BEN, LM, GBL, CLMS, JNS, IVZ, TROW, AB, AMG, FII, WDR, APAM
Fri, Apr. 29, 1:36 PM
- Federated Investors (NYSE:FII) declares $0.25/share quarterly dividend, in line with previous.
- Forward yield 3.19%
- Payable May 13; for shareholders of record May 6; ex-div May 4.
Thu, Apr. 28, 4:24 PM
- Q1 net income of $45.3M or $0.44 per share vs. $36.3M and $0.35 one year ago.
- Total managed assets as of March 31 of $369.7B up 4% Y/Y. Average managed assets during quarter of $363.9B up 1%.
- Among the boosts to income was a 23% Y/Y increase in revenue as the higher Fed Funds rate allowed the company to cut back on voluntary fee waivers on money market funds. The pretax impact of the fee waivers improved by $17.6M from last year to this year.
- Conference call tomorrow at 9 ET
- Previously: Federated Investors EPS in-line, beats on revenue (April 28)
- FII flat after hours
Thu, Apr. 28, 4:16 PM
- Federated Investors (NYSE:FII): Q1 EPS of $0.44 in-line.
- Revenue of $272.1M (+23.4% Y/Y) beats by $13.81M.