New products introduced over the last week include three new hedged equity ETFs from Deutsche Asset & Wealth Management, three new funds from BMO Global Asset Management, and a new emerging markets income fund from Neuberger Berman.
In addition, Direxion launched a new long/short global currency fund, Ramius announced its new event-driven equity mutual fund, and American Independence Financial Services announced a strategic partnership with Cougar Global Investments on investment solutions.
Here are the latest developments of interest to advisors:
1) Deutsche Asset & Wealth Management Launches Three New Funds
Deutsche Asset & Wealth Management announced Tuesday the launch of three new hedged equity ETFs on the db X-trackers platform. The new funds track MSCI hedged equity indexes and provide direct exposure to several international equity markets, while aiming to protect against fluctuations in value of the U.S. dollar and non-U.S. currencies.
Top Financial Stocks For 2015: Franklin Universal Trust (FT)
Franklin Universal Trust (the Fund) is a diversified, closed-end investment company. The Fund�� primary investment objective is to provide high current income consistent with preservation of capital. Its secondary objective is growth of income through dividend increases and capital appreciation. The Fund invests primarily in two asset classes: high-yield bonds and utility stocks.
The Fund invests in sectors, such as non-energy minerals, utilities, commercial services, communications, consumer durables, consumer non-durables, electronic technology, industrial services, process industries, technology services and transportation. The Fund may invest in the Franklin Institutional Fiduciary Trust Money Market Portfolio (the Sweep Money Fund), an open-end investment company managed by its investment manager. The Fund may invest in restricted securities. The Fund�� investment manager is Franklin Advisers Inc. Its administrative manager is Franklin Templeton Services, LLC.
Advisors' Opinion:- [By Canadian Value]
(FT): A 500-tonne gap in China's gold consumption data is fueling talk that the central bank took advantage of weak prices last year to bulk up its holdings of the precious metal.
Top Financial Stocks For 2015: Powershares S & P Small Cap Energy Portfolio (PSCE)
PowerShares S&P SmallCap Energy Portfolio (the Fund) seeks investment results that correspond generally to the price and yield performance of an index called the S&P SmallCap 600 Capped Energy Index (the Underlying Index). The Underlying Index consists of common stocks of the United States energy companies that are principally engaged in the business of producing, distributing or servicing energy-related products, including oil and gas exploration and production, refining, oil services, pipeline, and solar, wind and other non-oil-based energy. The Underlying Index is compiled, maintained and calculated by Standard & Poor's Financial Services LLC (Standard & Poor's). The Fund will normally invest at least 80% of its total assets in common stocks of small-capitalization energy companies. The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Underlying Index. The Fund�� investment adviser is Invesco PowerShares Capital Management LLC. Advisors' Opinion:- [By John Udovich]
Yesterday, small cap oil and gas stock Penn Virginia Corporation (NYSE: PVA) surged 14.84% after reporting earnings and was also rising close to 6% in�pre-market trading���meaning it might be worth taking a closer look at the small cap along with the performance of ETF peers IQ Global Oil Small Cap ETF (NYSEARCA: IOIL) and PowerShares S&P SmallCap Energy Portfolio (NASDAQ: PSCE). After all, a look at the longer term chart of Penn Virginia Corporation does not reveal a pretty picture for investors over the long haul.
Top 10 Retail Stocks To Buy Right Now: BBVA Banco Frances S.A. (BFR)
BBVA Banco Franc茅s S.A., together with its subsidiaries, provides various financial services to corporations, medium and small companies, and individual customers in the Republic of Argentina. The company offers checking and savings accounts, time deposits, and investment accounts. It also provides short and long-term loans to companies, overdraft lines of credit, discounted instruments, loans to financial institutions and the governmental sector, collateral loans, and real estate mortgage, as well as consumer loans comprising credit card loans and other consumer loans. In addition, the company offers home and personal accident insurance; payroll services; asset management services; and insurance advisory services to customers in the areas of coverage of risks related to life, personal accidents and home insurance, and automated teller machine (ATM) robbery insurance. Further, it provides foreign trade services, including letters of credit, collections, bank drafts, fund transfers, and foreign currency transactions; and electronic banking, ATM, self-service terminals, Internet and mobile banking, call center, and trust services. Additionally, the company engages in capital market and securities activities, principally underwriting and placement of corporate bonds, commercial paper, and equity securities; corporate advisory; and securities brokerage. As of December 31, 2011, it operated 268 branches comprising 240 retail branches, 28 branches specialized in small and medium enterprises segment, 13 in-company branches, 7 corporate banking units, and 3 points of sale, as well as 654 ATM�s and 695 quick deposit boxes. The company was formerly known as Banco Frances del Rio de la Plata S.A. and changed its name to BBVA Banco Franc茅s S.A. in October 2000. The company was founded in 1886 and is based in Buenos Aires, the Republic of Argentina. BBVA Banco Franc茅s SA operates as a subsidiary of Banco Bilbao Vizcaya Argentaria, S.A.
Advisors' Opinion:- [By Federico Zaldua]
Banco Frances (BFR), 75% controlled by Banco Bilbao Viscaya Argentaria, is among the biggest banks in Argentina. The bank has the smallest exposure to Argentina's public debt out of the three banks analyzed in the article and presents the lowest pace of growth. That said, its one of the healthiest banks in the country given that it has the lowest NPL ratio and the highest reserve ratio to absorb potential losses. The bank also trades cheaply at 3.5 times P/E and 85% its book value. Being more expensive (although still very cheap relative to the sector's average) and with the lowest liquidity among this group of three, I would exclude Banco Frances from my Argentinean bank portfolio.
Top Financial Stocks For 2015: Barclays PLC (II)
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. The Company�� operations include its overseas offices, subsidiaries and associates. The Company operates in eight segments: UK Retail and Business Banking (UK RBB), Europe Retail and Business Banking (Europe RBB), Africa Retail and Business Banking (Africa RBB), Barclaycard, Barclays Investment Bank, Barclays Corporate Banking, Wealth and Investment Management, and Head Office and Other Operations. Advisors' Opinion:- [By Todd Sullivan]
HHC has increased all our ownership percentage through the repurchasing of outstanding warrants.
From the 13D/A
On December 31, 2013, certain of the Reporting Persons entered into swaps for the benefit of certain Pershing Square Funds. Under the terms of the swaps, (i) the relevant Pershing Square Funds will be obligated to pay to the bank counterparty any negative price performance of the 5,399,839 notional number of Common Shares subject to the swaps as of the expiration date of such swaps, plus interest rates set forth in the applicable contracts, and (ii) the bank counterparty will be obligated to pay the relevant Pershing Square Funds any positive price performance of the 5,399,839 notional number Common Shares subject to the swaps as of the expiration date of the swaps. During the term of the swaps, cash will be paid by the bank counterparty to the relevant Pershing Square Fund in an amount equal to the amount of notional distributions or dividends paid by the Issuer in respect of such notional number of Common Shares. All balances will be settled in cash. The Pershing Square Funds��counterparties for the swaps include entities related to Citibank, Nomura, Soci茅t茅 G茅n茅rale and UBS. The swaps do not give the Reporting Persons direct or indirect voting, investment or dispositive control over any securities of the Issuer and do not require the counterparty thereto to acquire, hold, vote or dispose of any securities of the Issuer. Accordingly, the Reporting Persons disclaim any beneficial ownership of any Common Shares that may be referenced in the swap contracts or Common Shares or other securities or financial instruments that may be held from time to time by any counterparty to the contracts.
Top Financial Stocks For 2015: Arlington Asset Investment Corp (AI)
Arlington Asset Investment Corp. is a principal investment firm that acquires mortgage-related and other assets. The Company acquires residential mortgage-backed securities (MBS), either issued by United States government agencies or guaranteed as to principal and interest by United States government agencies or United States government-sponsored entities (agency-backed MBS). It also acquires MBS issued by private organizations (private-label MBS). It manages a portfolio of mortgage holdings with the goal of obtaining a high risk-adjusted return on capital. The Company acquires direct interests in residential MBS guaranteed as to principal and interest by Fannie Mae or Freddie Mac.
The Company focuses on acquiring Fannie Mae MBS and Freddie Mac MBS. It also acquires and holds non-agency private-label MBS. Private-label MBS are MBS that are not issued by the United States Government agency or a United States Government-sponsored entity, such as Fannie Mae or Freddie Mac, and that are generally backed by a pool of single-family residential mortgage loans. Certificates are issued by originators of, investors in, and other owners of residential mortgage loans, including savings and loan associations, savings banks, commercial banks, mortgage banks, investment banks and special purpose conduit subsidiaries of these institutions. The Company focuses on acquiring Residential Prime Senior MBS, Residential Non-Prime Senior MBS, Residential Subordinate MBS and Residential Re-REMIC Support MBS.
Advisors' Opinion:- [By Ning Jia]
Reuters Description: Advance Auto Parts, Inc. (Advance), incorporated on August 1, 2001, is a specialty retailer of automotive aftermarket parts, accessories, batteries and maintenance items primarily operating within the United States. The Company operates in two segments: Advance Auto Parts (AAP), and Autopart International (AI). The AAP segment is comprised of its store operations, which operate under the trade names Advance Auto Parts and Advance Discount Auto Parts.The AI segment consists of the operations of Autopart International, Inc. which operates under the Autopart International trade name. The Company�� stores carry a product line for cars, vans, sport utility vehicles and light trucks.The Company serves both do-it-yourself (DIY), and do-it-for-me (Commercial), customers. Its Commercial customers consist primarily of delivery customers for whom the Company delivers product from its store locations to it Commercial customers��places of business, including independent garages, service stations and auto dealers. On December 31, 2012, the Company acquired B.W.P. Distributors, Inc.
Top Financial Stocks For 2015: Abu Dhabi Islamic Bank Egypt SAE (ADIB)
Abu Dhabi Islamic Bank Egypt SAE, formerly National Bank for Development (NBD), is an Egypt-based public shareholding company engaged in the provision of retail, corporate and investment banking services through a network of 69 branches located across Egypt. The Bank�� products and services are structured into four segments: the Personal banking segment includes current and saving account, investment account, club finance, charitable accounts and sukuk, among others; the Microfinance segment includes microfinance program; the Wholesale banking segment includes corporate banking, financial institutions and trade, cash management and corporate finance, and the Treasury segment includes foreign exchange, sharia-compliant products and market analysis/updates. In January 2014, the Company sold 11,619,575 shares representing 77.46% stake in National Company for Glass and Crystal�� share capital to Abu Dhabi Islamic Financial Investments Holding. Advisors' Opinion:- [By Gregor Stuart Hunter]
Tirad Mahmoud, the chief executive of Abu Dhabi Islamic Bank (ADIB), has warned of "irrational exuberance" in the UAE's corporate lending market, saying companies are seeking to lower borrowing costs by so much that banks may no longer find it appealing to lend.
Top Financial Stocks For 2015: Territorial Bancorp Inc.(TBNK)
Territorial Bancorp Inc. operates as the bank holding company for Territorial Savings Bank, a federally-chartered savings bank that provides a range of financial services to individuals, families, and businesses in Hawaii. It involves in accepting deposits from the general public and investing those deposits together with funds generated from operations and borrowings in loans and investment securities. The company?s deposit products include passbook and statement savings accounts, certificates of deposits, money market accounts, commercial and regular checking accounts, and NOW accounts. Its loan products include one-to-four-family residential mortgage loans; home equity loans and lines of credit; construction, commercial, and other non-residential real estate loans; consumer loans; and multi-family mortgage loans. The company, through its subsidiary, Territorial Financial Services, Inc., also engages in insurance agency activities. In addition, it provides various non-d eposit investments, including annuities and mutual funds through a third-party broker-dealer. As of December 31, 2010, the company operated 26 full-service branch offices in Hawaii. The company was founded in 1921 and is headquartered in Honolulu, Hawaii.
Advisors' Opinion:- [By Lisa Levin]
Territorial Bancorp (NASDAQ: TBNK) shares touched a new 52-week low of $21.31. Territorial Bancorp shares have dropped 9.43% over the past 52 weeks, while the S&P 500 index has gained 16.18% in the same period.
Top Financial Stocks For 2015: Marsh & McLennan Companies Inc. (MMC)
Marsh & McLennan Companies, Inc., a professional services company, provides advice and solutions in the areas of risk, strategy, and human capital. It operates in two segments, Risk and Insurance Services, and Consulting. The Risk and Insurance Services segment provides risk management and insurance broking, reinsurance broking, and insurance program management services for businesses, public entities, insurance companies, associations, professional services organizations, and private clients. The Consulting segment offers advice and services to the managements of organizations in the area of human resource consulting, comprising retirement and investments, health and benefits, outsourcing and talent; and strategy and risk management consulting, such as management, economic, and brand consulting. The company also provides investment consulting services for endowments and foundations in the United States; health and benefit recordkeeping, and employee enrollment technology; human resource knowledge, data, and solutions for professionals in various industries; and Medicaid policy consulting services. It principally serves customers in the United States, the United Kingdom, the Asia Pacific, and Continental Europe. Marsh & McLennan Companies, Inc. was founded in 1871 and is headquartered in New York, New York.
Advisors' Opinion:- [By Dan Caplinger]
The real test for Obamacare
In any event, the biggest challenge that Obamacare faces is getting its Health Insurance Marketplace up and running by Oct. 1. Although private exchanges from Marsh & McLennan (NYSE: MMC ) subsidiary Mercer as well as Towers Watson (NYSE: TW ) have done a good job of getting Aetna, UnitedHealth, and other popular insurers to participate in their programs, the reception that public exchanges have gotten has been far less favorable. Without a smooth launch in less than three months, Obamacare could find itself facing much greater criticism than it is today. - [By CRWE]
Marsh & McLennan Companies, Inc. (NYSE:MMC) held its annual meeting of shareholders, at which the Company announced that its Board of Directors has voted to increase the Company�� quarterly cash dividend by 5 percent to $.23 per share on outstanding common stock.
Top Financial Stocks For 2015: Legg Mason Inc (LM)
Legg Mason, Inc. (Legg Mason), incorporated in 1981, is a global asset management company. The Company, through its subsidiaries, provides investment management and related services to institutional and individual clients, company-sponsored mutual funds and other pooled investment vehicles. It offers these products and services directly and through various financial intermediaries. The Company provides its asset management services through a number of asset managers, each of which generally markets its products and services under its own brand name and, in many cases, distributes retail products and services through a centralized retail distribution network. Its investment advisory services include discretionary and non-discretionary management of separate investment accounts in a number of investment styles for institutional and individual investors. Legg Mason�� investment products include mutual funds ranging from money market and other liquidity products to fixed income and equity funds managed in a variety of investment styles, other domestic and offshore funds offered to both retail and institutional investors and funds-of-hedge funds. As of March 31, 2012, assets under management were $643.3 billion. During the fiscal year ended March 31, 2012 (fiscal 2012), the Company sold Bartlett & Co., a Cincinnati-based wealth manager.
Asset Managers
The Company conducts its business primarily through 12 asset managers. Its asset managers are individual businesses, each of which generally focuses on a portion of the asset management industry in terms of the types of assets managed (primarily equity or fixed income), the types of products and services offered, the investment styles utilized, the distribution channels used, and the types and geographic locations of its clients. The Company�� asset managers provide a range of separate account investment management services to institutional clients, including pension and other retirement plans, corporations, insurance companies, ! endowments and foundations and governments, and to high-net-worth individuals and families. In addition, its asset managers also sponsor and manage various groups of the United States mutual funds, including the Legg Mason Funds, The Royce Funds and the Western Asset Funds, funds-of-hedge funds and a number of equity, fixed income, liquidity and balanced funds that are domiciled and distributed in countries worldwide, and provide investment advisory services to a number of retail separately managed account programs. Western Asset Management Company is a global fixed income asset manager for institutional clients. Western Asset's operations include investment operations in New York City, the United Kingdom, Japan, Brazil, Australia and Singapore. Western Asset offers a range of products spanning the yield curve and encompassing the bond markets, including a suite of limited duration and core products, emerging market and high yield portfolios, municipal portfolios and a variety of sector-oriented and global products. Among the services Western Asset provides are management of separate accounts and management of mutual funds, closed-end funds, international funds and other structured investment products.
ClearBridge Advisors is an equity asset management firm. ClearBridge Advisors provides asset management services to 29 of the equity funds (including balanced funds and closed-end funds) in the Legg Mason Funds, to retail separately managed account programs, to certain of its international funds and, primarily through separate accounts, to institutional clients. ClearBridge also sub-advises domestic mutual funds that are sponsored by third parties. Royce & Associates is investment advisor to all of The Royce Funds and to certain of the Company�� international funds. In addition, Royce & Associates manages other pooled and separate accounts, primarily institutional. Brandywine Global Investment Management manages fixed income, including global and international fixed income, and equity portf! olios for! institutional and, through wrap accounts, high-net-worth individual clients.
Batterymarch Financial Management manages the United States, international and emerging markets equity portfolios for institutional clients. Permal Group Ltd. is a global funds-of-hedge funds management firm. With a headquarters in London and other offices in New York City, Boston, Dubai, Paris, Tokyo, Hong Kong, Singapore and Nassau, Permal manages products, which include both directional and absolute return strategies, and are available through multi-manager and single manager funds, separately managed accounts and structured products sponsored by a number of financial institutions. Legg Mason Capital Management is an equity asset management business that manages both institutional separate accounts and mutual funds. Legg Mason Capital Management manages 12 Legg Mason Funds, and also sub-advises the mutual fund managed by the joint venture described below and investment products sponsored by its other subsidiaries, including certain of the Company�� international funds.
Legg Mason Investment Counsel & Trust Company, National Association is a national banking association with authority to exercise trust powers. Legg Mason Investment Counsel & Trust Company provides services as a trustee for trusts established by its individual and employee benefit plan clients and manages fixed income and equity assets. Legg Mason Investment Counsel, LLC, a subsidiary of Legg Mason Investment Counsel & Trust, manages equity, fixed income and balanced portfolios for high-net-worth individual and institutional clients and a number of its mutual funds. Legg Mason Investment Counsel operates out of offices in New York City, Cincinnati, Philadelphia, Easton, Maryland, and Bryn Mawr, Pennsylvania. Esemplia Emerging Markets is an emerging markets equities investment manager. Esemplia offers a range of portfolio management strategies, including core long-only and alpha-extension portfolios, to institutional investors worl! dwide, in! cluding pension funds and sovereign wealth funds.
Private Capital Management manages equity assets for high-net-worth individuals and families, institutions, endowments and foundations in separate accounts and through limited partnerships. Legg Mason's business in Poland engages in portfolio management, servicing and distribution of both separate account management services and local funds in Poland. The firm provides portfolio management services primarily for equity assets to institutions, including corporate pension plans and insurance companies, and, through funds distributed through banks and insurance companies, individual investors. Legg Mason Australian Equities is an Australian asset management business that offers Australian equity products, Australian property trusts and asset allocation products. As of March 31, 2012, Legg Mason Australian Equities managed assets with a value of $1billion.
United States Mutual Funds
The Company�� United States mutual funds business primarily consists of three groups of mutual and closed-end funds, the Legg Mason Funds, The Royce Funds and the Western Asset Funds. The Legg Mason Funds invest in a range of domestic and international equity and fixed income securities. The Royce Funds invest primarily in smaller-cap company stocks using a value investment approach. The Western Asset Funds invest primarily in fixed income securities. The Legg Mason Funds consist of 113 mutual funds and 27 closed-end funds in the United States, almost all of which are sub-advised by its subsidiary asset managers. The mutual funds and closed-end funds within the Legg Mason Funds include 63 equity funds (including balanced funds) that invest in a spectrum of equity securities. The fixed income and liquidity mutual funds and closed-end funds within the Legg Mason Funds include 77 funds. As of March 31, 2012 , the Legg Mason Funds included $114.7 billion in assets, respectively, in their mutual funds and closed-end funds, of which approximate! ly 30% an! d 27%, respectively, were equity assets, approximately 24% and 18%, respectively, were fixed income assets and approximately 46% and 55%, respectively, were liquidity assets.
The Royce Funds consist of 32 mutual funds and three closed-end funds, most of which invest primarily in smaller-cap company stocks. The Royce Funds are distributed through non-affiliated fund supermarkets, its centralized funds distribution operations, non-affiliated wrap programs, and direct distribution. In addition, two of the portfolios in The Royce Funds are distributed only through insurance companies. The Company�� mutual funds business also includes the Western Asset Funds, a family of nine mutual funds and two closed-end funds. The mutual funds are marketed primarily to institutional investors and retirement plans through the Company�� institutional funds marketing group. Western Asset Management Company manages these funds. The funds primarily invest in fixed income securities.
International Funds
The Company, outside the United States, manages, supports and distributes a number of funds across an array of global fixed income, liquidity and equity investment strategies. Its international funds include a range of cross border funds that are domiciled in Ireland and Luxembourg and are sold in a number of countries across Asia, Europe and Latin America. The Company�� international funds also include local fund ranges that are available for distribution in the United Kingdom, Australia, Japan, Singapore, Poland, Hong Kong and Canada. All of its international funds are distributed and serviced by Legg Mason's global distribution group. Its international funds include equity, fixed income, liquidity and balanced funds that are primarily managed or sub-advised by Batterymarch Financial Management, Brandywine Global, ClearBridge, Esemplia, Legg Mason Capital Management, Private Capital Management, Royce & Associates, Western Asset Management and its global asset allocation team. In a! ggregate,! the Company sponsors and manages more than 220 of these international funds.
Retail Separately Managed Account Programs
The Company is a provider of asset management services to retail separately managed account programs, commonly known as managed account or wrap programs. These programs typically allow securities brokers or other financial intermediaries to offer their clients the opportunity to choose from a number of asset management services. It provides investment management services to a number of retail separately managed account programs sponsored by a number of financial institutions.
Distribution
The Company�� centralized global distribution group distributes and supports its United States and international funds and retail separately managed account program business. The United States-based operations of the Company�� global distribution group support and distribute the Legg Mason Funds, The Royce Funds and the Western Asset Funds, and include its mutual fund wholesalers and its institutional funds marketing group. The Company�� mutual fund wholesalers distribute the Legg Mason Funds through a number of third-party distributors. The Company�� institutional funds marketing group distributes institutional share classes of the Legg Mason Funds and the Western Asset Funds to institutional clients and also distributes variable annuity sub-advisory services provided by its asset managers to insurance companies. Its institutional liquidity funds are primarily distributed by Western Asset's distributors. In addition to its centralized funds distribution group, Royce & Associates' distributors also distribute The Royce Funds. In addition to distributing funds, the wholesalers in the Company�� global distribution operations also support its retail separately managed account program services. These services are provided through programs sponsored by Morgan Stanley Smith Barney's retail business, as well as other financial institutions.
! The international distributors within the Company�� global distribution group offer its investment management services to individual and institutional investors across Asia, Europe and the Americas. These distributors operate out of distribution offices in 18 cities in 14 countries and are the sole distributors of its cross border funds globally and its international local funds in their respective countries. Legg Mason Investments is responsible for the distribution and servicing of cross border and local fund ranges across Europe, the Americas and Asia. Legg Mason Investments has offices in locations including London, Paris, Milan, Geneva, Frankfurt, Madrid, Singapore, Hong Kong, Taipei, Miami, Santiago and New York. In addition to Legg Mason Investments, the Company�� global distribution group includes separate distribution operations in Australia, Canada and Japan. In Australia, its distribution operations distribute local and cross border pooled investment vehicles sub-advised by the Company�� asset managers primarily to retail investors, pension plans, fund-of-funds managers, insurance companies and government funds/agencies. In Canada, its distribution operations distribute Legg Mason-managed products primarily to pension plans, endowments, foundations, banks and mutual fund companies and separately managed account programs. In Japan, the Company�� distribution operations distribute domestic investment funds, cross border funds and institutional separate accounts primarily to the retail market, which includes retail banks, private banks, asset managers, funds platforms and insurance companies.
Advisors' Opinion:- [By Shauna O'Brien]
Susquehanna International reported on Wednesday that it has maintained a “Negative” rating on Legg Mason Inc (LM).
The firm has reiterated a “Negative” rating on LM, but has increased the company’s price target from $23 to $24. This new price target suggests an 18% decline from the stock’s current price of $32.74.
An analyst from the firm noted: ��e are raising our f2Q14 estimate to $0.6 Negative. 0 from $0.48 reflective of a lower tax rate and some revenue benefits from the market lift in September. We are modeling a 15% GAAP tax rate in f2Q as a result of new U.K. corporate tax reductions that were put into place. Our calendar 2013 and 2014 estimates are now $1.70 and $2.00 compared to $1.61 and $1.90, previously. The calendar 2014 revision is reflective of higher buybacks and some flow-through with higher equity asset levels to end the current quarter. Our target is now $24 or 12x our new calendar 2014 estimate. We expect net long-term outflows of $5 billion-$6 billion this quarter or a 4% organic decay rate, the worst since December 2012. Frankly, we do not think estimates or flow matter all that much to shares. The ability to repurchase stock remains the most important driver of the equity.��/p>
Legg Mason shares were up 14 cents, or 0.43%, during Wednesday morning trading. The stock is up 27% YTD.
Top Financial Stocks For 2015: Piedmont Office Realty Trust Inc.(PDM)
Piedmont Office Realty Trust, Inc. engages in the acquisition and ownership of commercial real estate properties in the United States. Its property portfolio primarily consists of office and industrial buildings, warehouses, and manufacturing facilities. As of December 31, 2007, the company owned interests in 83 properties that are wholly owned and controlled through consolidated joint ventures. It has elected to be taxed as a real estate investment trust and would not be subject to federal income tax, if it distributes approximately 90% of its taxable income to its shareholders. The company was incorporated in 1997 and is headquartered in Norcross, Georgia.
Advisors' Opinion:- [By Brad Thomas]
Other REITs mentioned: (O), (NNN), (STAG), (DCT), (EGP), (PDM), (DRE), (LRY)
Source: Chambers Street: More Liquidity Magic On The Way In REIT-DomDisclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)
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