Wed, Sep. 2, 4:23 PM
Mon, Aug. 10, 1:17 PM
- Newcastle Investment (NYSE:NCT) is up 2.7% as LF Partners' Charles Frischer writes to its manager, Fortress Investment Group (FIG +1.1%), requesting that Newcastle launch a $100M share buyback.
- "I have been a long-term investor" in Newcastle and recently bought more shares feeling they were at a significant discount to NAV, he writes. Frischer owns 5.2% of NCT after the move.
- "In the aftermath of a great earnings report, NCT shares were down 6.5% for the week," he says. "At the current stock price of $4.60, the market clearly is not giving the company credit for the value of the golf assets."
- If Fortress won't implement the big buyback, Frischer is calling for an immediate sale or liquidation of the company that he thinks will bring more than $6.65/share.
- With today's move, shares are trading at $4.74.
- LF Partners 13-D filing
Wed, Aug. 5, 7:57 AM
- Q2 core earnings of $12M or $0.17 per share vs. $8M and $0.12 in Q1. Adjusted FFO of $27M or $0.40 per share vs. $7M and $0.11. Dividend of $0.12.
- Real Estate Debt Portfolio: Sold $203M of non-agency paper during Q at average price of 96% of par, and $7M of real estate properties, and received $32M of pay downs generating $73M of proceeds and $30M gain on sale. Generated $12M of NII, or a 15% annualized return.
- Gold Business: Added 314 private club members to same-store portfolio Y/Y, and increased rounds played by about 55K during H1 compared to H1 of 2014.
- Earnings call at 9 ET
- Previously: Newcastle Investment reports Q2 results (Aug. 5)
- NCT flat premarket
Wed, Aug. 5, 7:38 AM
Mon, Jun. 22, 5:43 PM
Fri, May 8, 7:28 AM
- Q1 core earnings of $8M or $0.12 per share flat from Q4. AFFO of $7M or $0.11 vs. $11M and $0.17. DIvidend is $0.12.
- Real Estate Debt Portfolio asset face value of $1B - $600M of non-agency assets and $400M of agency. Portfolio increased in value by $6M during quarter to price of 87% of par. $43M in non-agency asset pay downs and recovered $7M of net proceeds to company. Generated $15M if NII, or a 16% annualized yield.
- Golf Business owned and leased 88 properties over 14 states. 270 private club members added to same store portfolio, increased rounds played by about 9K. Added a golf property in SoCal; signed a 21-year lease to operate a 27-hole muni course which generated more than $3B of revenue in 2014.
- Earnings call at 9 ET
- Previously: Newcastle Investment reports Q1 results (May 8)
- NCT flat premarketN
Fri, May 8, 7:22 AM
Thu, May 7, 5:30 PM
Mon, Mar. 16, 6:10 PM
Thu, Mar. 12, 3:02 PM
Thu, Mar. 5, 7:27 AM
Mon, Mar. 2, 9:18 AM
Mon, Mar. 2, 7:38 AM
Sun, Mar. 1, 5:30 PM
Dec. 22, 2014, 7:43 AM
Nov. 18, 2014, 8:53 AM
- "Our positive thesis is based primarily on the industry opportunity and the company's off-market acquisition strategy and managed portfolio, which we expect to drive higher than average industry returns," says Compass Point analyst Jason Stewart, starting New Senior (NYSE:SNR) with a Buy rating and $20 price target. "In addition, the current valuation provides for sufficient downside protection for execution of the acquisition strategy, which is likely to be lumpy quarter to quarter."
- Despite said lumpiness, Stewart expects the company to close on what is likely a substantial pipeline, and for SNR to be able to generate necessary efficiencies.
- The $20 price target is based on a 20% discount to NAV, a 17x AFFO multiple, and a dividend yield of 5.5%.
- The stock is down 7.9% since being spun off from Newcastle Investment (NYSE:NCT) at the end of last month.
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