Pension Fund – Mon Best Of http://monbestof.com/ Sat, 13 Aug 2022 09:42:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://monbestof.com/wp-content/uploads/2021/04/cropped-pp-32x32.png Pension Fund – Mon Best Of http://monbestof.com/ 32 32 New York State Common Retirement Fund purchases 42,988 shares of Eastern Bankshares, Inc. (NASDAQ: EBC) https://monbestof.com/new-york-state-common-retirement-fund-purchases-42988-shares-of-eastern-bankshares-inc-nasdaq-ebc/ Sat, 13 Aug 2022 09:42:22 +0000 https://monbestof.com/new-york-state-common-retirement-fund-purchases-42988-shares-of-eastern-bankshares-inc-nasdaq-ebc/

New York State Common Retirement Fund increased its stake in shares of Eastern Bankshares, Inc. (NASDAQ: EBCGet a rating) by 34.7% in Q1, according to its most recent 13F filing with the Securities & Exchange Commission. The fund held 166,805 shares of the company after purchasing an additional 42,988 shares during the period. The New York State Common Retirement Fund held 0.09% of Eastern Bank shares worth $3,593,000 when it last filed with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also changed their positions in EBC. Janney Montgomery Scott LLC increased its holdings of Eastern Bankshares shares by 19.5% during the 4th quarter. Janney Montgomery Scott LLC now owns 25,581 shares of the company valued at $516,000 after purchasing an additional 4,181 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings of Eastern Bankshares shares by 1.8% during the fourth quarter. Commonwealth Equity Services LLC now owns 57,228 shares of the company valued at $1,154,000 after purchasing an additional 985 shares in the last quarter. New Jersey State Joint Pension Fund D purchased a new stock position in Eastern Bankshares during Q4, valued at approximately $2,671,000. Qube Research & Technologies Ltd bought a new position in shares of Eastern Bankshares in Q4, valued at around $668,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its equity stake in Eastern Bankshares by 57.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,587 shares of the company valued at $415,000 after acquiring an additional 7,530 shares in the last quarter. Institutional investors hold 58.98% of the company’s shares.

A Wall Street analyst gives his opinion

A number of research analysts have recently commented on EBC’s stock. JPMorgan Chase & Co. lowered its price target on Eastern Bankshares shares from $23.50 to $22.50 and set a “neutral” rating for the company in a Friday, July 1 report. Piper Sandler lowered her price target on Eastern Bankshares shares to $23.00 and set an “na” rating for the company in a Monday, May 16 report. Finally, Compass Point raised its price target on shares of Eastern Bankshares to $28.00 in a report on Tuesday.

Oriental bank stock price performance

Eastern Bankshares share opened at $20.94 on Friday. Eastern Bankshares, Inc. has a 1-year low of $17.98 and a 1-year high of $22.35. The company has a market capitalization of $3.73 billion, a P/E ratio of 20.33 and a beta of 0.97. The company’s 50-day moving average is $19.32 and its 200-day moving average is $20.09.

Eastern Bank Shares (NASDAQ: EBCGet a rating) last released its quarterly earnings data on Thursday, July 28. The company reported earnings per share of $0.32 for the quarter, beating analyst consensus estimates of $0.29 by $0.03. Eastern Bankshares had a net margin of 25.67% and a return on equity of 6.05%. During the same period last year, the company posted EPS of $0.22. Research analysts expect Eastern Bankshares, Inc. to post 1.33 earnings per share for the current fiscal year.

Eastern Bankshares announces dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15. Investors of record on Friday, September 2 will receive a dividend of $0.10. This represents a dividend of $0.40 on an annualized basis and a yield of 1.91%. The ex-date of this dividend is Thursday, September 1. Eastern Bankshares’ dividend payout ratio (DPR) is currently 38.84%.

Insider Trading at Eastern Bankshares

In other news, Director Luis Borgen sold 28,730 shares of the company in a transaction that took place on Wednesday, August 3. The shares were sold at an average price of $20.28, for a total transaction of $582,644.40. Following the transaction, the administrator now directly owns 89,965 shares of the company, valued at $1,824,490.20. The sale was disclosed in a filing with the SEC, accessible via this hyperlink. Company insiders hold 1.36% of the company’s shares.

Eastern Bankshares Company Profile

(Get a rating)

Eastern Bankshares, Inc operates as a banking holding company for Eastern Bank which provides banking products and services primarily to individuals, businesses and small businesses. It operates in two segments, banking business and insurance agency business. The Company provides interest-bearing and non-interest-bearing checking deposits, money market deposits, savings deposits and term deposit certificates, as well as debit and credit cards.

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Institutional ownership by quarter for Eastern Bankshares (NASDAQ:EBC)



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State Treasurer Fitzgerald says state-run pension program a priority if re-elected https://monbestof.com/state-treasurer-fitzgerald-says-state-run-pension-program-a-priority-if-re-elected/ Thu, 11 Aug 2022 20:00:00 +0000 https://monbestof.com/state-treasurer-fitzgerald-says-state-run-pension-program-a-priority-if-re-elected/

Democratic State Treasurer Michael Fitzgerald explained why he thinks Iowans should elect him to an 11e four-year term Thursday at the Iowa State Fair.

Speaking to the Des Moines Registry Political SoapboxFitzgerald said he wants to keep pushing the state to establish a retirement program for Iowans who don’t have a retirement plan through their employer.

“With half the people of Iowa approaching retirement age without a pension or retirement benefits, I think that’s a serious problem,” Fitzgerald said. “But there are things we can do to help Iowans prepare for retirement at no cost to us.”

Fitzgerald also said that if re-elected, he wants to try to return matured savings bonds held by the federal government to Iowans. And he said he would protect state pension funds.

“I will fight until the last day to keep not only IPERS, but also the peace officers and the judicial pension fund strong, and that is important for Iowa,” he said.

The state treasurer deposits and invests state funds.

Fitzgerald was first elected state treasurer in 1982 and is the nation’s longest-serving state treasurer. He touted the programs he launched during his nearly four decades in power.

They include the Great Iowa Treasure Hunt, which seeks to return lost funds to Iowans, and the 529 College Savings Program. It also operates Iowa’s ABLE plan for Iowans with disabilities.

Republican Senator Roby Smith of Davenport challenges Fitzgerald in the November election. From Thursday, Smith did not appear on the Soapbox speaker program. All candidates for statewide office were invited to speak there.

Before becoming a state senator, Smith was a banker for nearly 10 years and then became a small business owner.

Smith’s campaign website says he will work to protect the financial privacy of Iowans, improve financial literacy education, and continue to raise awareness of the tax-free college savings program and a savings program for Iowans with disabilities. It also says Smith will ensure that no Iowa taxpayer dollars are invested in programs that benefit countries that support terrorism.

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Inovalon Holdings is targeted in New Del. Follows after a $7.3 billion sale https://monbestof.com/inovalon-holdings-is-targeted-in-new-del-follows-after-a-7-3-billion-sale/ Tue, 09 Aug 2022 23:38:00 +0000 https://monbestof.com/inovalon-holdings-is-targeted-in-new-del-follows-after-a-7-3-billion-sale/
By Jeff Montgomery (August 9, 2022, 7:38 p.m. EDT) — Three Florida and Pennsylvania pension funds sued Inovalon Holdings Inc., a cloud-based healthcare data company, in the Court of Chancery on Tuesday. of Delaware, alleging breaches of fiduciary duty by individuals and funds named in a lawsuit filed last year ahead of the company’s $7.3 billion private sale.

The new complaint remained sealed Tuesday night, but he said the litigation was filed under Section 341 of Delaware’s General Corporations Act, which applies to “closed” non-public corporations with a limited number of restricted shares.

In the earlier lawsuit, dismissed only last week, lawyers for Steamfitters Local Pension and Retirement Security Funds…

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7 African countries with the strongest growth in pension fund assets https://monbestof.com/7-african-countries-with-the-strongest-growth-in-pension-fund-assets/ Mon, 08 Aug 2022 12:37:12 +0000 https://monbestof.com/7-african-countries-with-the-strongest-growth-in-pension-fund-assets/

The report focused specifically on pension fund assets in 68 countries or reporting jurisdictions, comprising 38 OECD countries and 30 non-member countries from Eastern Europe, Asia and Africa. The report said in several parts:

“Overall, pension fund assets stood at $38.5 trillion in a total of 68 reporting jurisdictions at the end of 2021. Most of these assets were held by pension funds in the OECD area, for a total of $37.7 trillion in assets in pension funds ($22.6 trillion), followed by the United Kingdom ($3.6 trillion), Australia ($2.3 trillion), the Netherlands ($2 trillion USD), Canada (USD 1.7 trillion), Japan (USD 1.5 trillion) and Switzerland (USD 1.2 trillion).These seven countries together held 92.4% of pension fund assets in the OECD area.

As always, at Business Insider Africa, we focus on the top seven African countries. We will reveal them shortly. But first, let’s talk briefly about what a pension fund is.

According to The Balance, pension funds are investment pools that accumulate wealth for the purpose of paying for workers’ retirement. Generally, pension funds are contributed by both workers and their employers, especially in African countries where mandatory pension schemes exist.

Pension fund managers invest in different asset classes such as stocks, fixed income assets such as bonds, treasury bills and corporate bonds, collective investment schemes (CIS0, etc.

Below are the seven African countries with the highest growth in pension fund assets, according to the OECD. The list is presented in no particular order of priority.

  1. Egypt: Egypt’s pension fund assets grew by 8.0% to $6.2 billion, representing 1.5% of the country’s GDP in 2021.
  2. Ghana: Ghana’s pension fund assets grew by 27.2% to $4.7 billion, representing 6.3% of the country’s GDP in 2021.
  3. Kenya: The country’s pension fund assets grew by 10.6% to $13.7 billion, accounting for 12.9% of the country’s GDP in 2021.
  4. Namibia: The Southern African country’s pension fund assets grew by 17.6% to $11.8 billion, representing 103.0% of the country’s 2021 GDP.
  5. Nigeria: Nigerian pension fund assets grew by 9.1% to $32.6 billion, or 7.6% of the country’s GDP.
  6. Uganda: Ugandan pension fund assets grew by 15.8% to $5.3 billion, representing 12.4% of the country’s GDP.
  7. Zimbabwe: Zimbabwe’s pension fund assets grew by 285.8% to $2 billion, or 7.6% of GDP.

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Carlyle Group sued by Pittsburgh pension fund over IPO tax rights https://monbestof.com/carlyle-group-sued-by-pittsburgh-pension-fund-over-ipo-tax-rights/ Fri, 05 Aug 2022 19:21:24 +0000 https://monbestof.com/carlyle-group-sued-by-pittsburgh-pension-fund-over-ipo-tax-rights/

The Pittsburgh Comprehensive Municipal Pension Trust Fund has filed a shareholder derivatives lawsuit against the Carlyle Group, contesting a $344 million payment to the private equity manager’s founders and other executives tied to the IPO. company stock market ten years ago.

The lawsuit, filed Wednesday by the $991 million pension fund in Delaware Chancery Court, alleges payment to founders William E. Conway Jr., Daniel A. D’Aniello and David M. Rubenstein, as well as d Other executives, including former Kewsong co-CEOs Lee and Glenn Youngkin, among others, paid “tax claim agreement fees” that were in fact worth nothing, according to the court filing. Mr. Lee is now the sole CEO of Carlyle.

The founders and executives constitute a “control group” through its control of Carlyle Group Management LLC, which owns 42.8% of the executive’s voting rights, according to the filing.

The Carlyle Group, as part of its initial public offering, reached an agreement that allowed the control group “to exchange their private units of the Carlyle subsidiaries for publicly traded units of the public entity on a rolling basis and “required that these exchanges be taxable to the control group and pre-IPO owners,” according to the filing.

The filing indicated that these swaps created tax assets that Carlyle could use to reduce its taxable income, and that the swap agreement prohibited tax-free swaps.

During this time, Carlyle also entered into a tax receivable agreement requiring it to make payments to the controlling group and owners prior to the IPO equal to 85% of the cash savings resulting from its use of the tax assets while retaining the remaining 15%, the filing says.

The lawsuit alleges that the control group in 2019 exchanged very few of its units in subsidiaries for publicly traded units, and that the control group was eager to receive tax debt settlement payments even though the company did not. had not earned taxable income, according to the record. .

“The control group’s solution was to push through a conversion of the public partnership into a corporation, and then exchange their shares in the Carlyle subsidiaries for publicly traded shares tax-free,” the filing said. The lawsuit alleges that because this conversion allowed the control group and pre-IPO owners to avoid paying taxes, it did not create any tax assets for the company that would result in payments under the agreements. of tax debt. Yet the lawsuit alleges that the control group offered to pay the company $344 million and Carlyle did so, paying $344 million in Carlyle stock.

Joel Friedlander and Jeffrey M. Gorris, partners at Friedlander & Gorris, plaintiff’s attorney, could not immediately be reached for comment. A Carlyle Group spokeswoman declined to comment.

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How PenCom protects N14.2trn pension fund assets from economic vulnerabilities – The Whistler Newspaper https://monbestof.com/how-pencom-protects-n14-2trn-pension-fund-assets-from-economic-vulnerabilities-the-whistler-newspaper/ Wed, 03 Aug 2022 17:21:26 +0000 https://monbestof.com/how-pencom-protects-n14-2trn-pension-fund-assets-from-economic-vulnerabilities-the-whistler-newspaper/

An employee who has worked for an organization for a few years is entitled to certain benefits which could be in the form of a bonus and pension payable to that employee by his employer upon retirement.

The pension is considered as a sum of money regularly paid to a person who no longer works due to old age, invalidity or retirement or to his widows or dependent children by the State, former employers or administrators of pension funds to which he and his employer contributed.

The pension system before 2004 was characterized by many problems that make the payment of pension benefits a failure in Nigeria. The main weaknesses of the pension scheme were the lack of adequate and timely budgetary provisions associated with the increase in life expectancy, the increase in the number of employers, the poor implementation of the pension scheme in the private sector due to inadequate oversight and regulation of the system and too many private sector employees. not even covered by the form of the pension plan.

These problems with the payment of pensions in Nigeria compelled the government under the administration of former President Olusegun Obasanjo to carry out a reform which gave rise to the Pension Reform Act of 2004. The Pension Reform Act of 2004 established a uniform contributory system; privately managed and fully funded pension system for the country’s public and private sectors.

The Pensions Reform Act 2004 was also passed to address the obvious shortcomings of the old defined benefit pension scheme and provide adequate resources to retirees after retirement.

The minimum contribution rate is 18 per cent of the employee’s monthly emoluments, of which 10 per cent is paid by the employer and 8 per cent is paid by the employee. However, the employer may decide to assume full responsibility for the contribution provided that it is not less than 18 per cent of the employee’s monthly salary.

An employee may elect to make additional contributions beyond the eight percent minimum provided that the employee’s total contribution and other deductions do not exceed one-third of his total monthly earnings.

To store the fund, a retirement savings account must be opened by an employee with a PFA of their choice, into which all pension contributions are paid and then invested for the purpose of paying retirement/terminal benefits .

The PFA is a company licensed by the National Pensions Commission (PenCom) for the sole purpose of managing and administering pension and other retirement scheme assets. Some of the PFAs are authorized to manage and administer pension plans for staff of organizations that had pension plans before the launch of the CPS in 2004.

These companies are called Administrators of Closed Pension Funds (CPFA). Besides the PFA, there is another category of companies called pension fund custodians.

A PFC is a company licensed by PenCom for the sole purpose of holding all pension funds and assets in trust for employees as well as beneficiaries of RSA and other pension schemes.

By the end of June this year, assets under the contributory pension scheme increased by N842.73 billion to N14.27 billion. According to PenCom, the total number of RSA holders was 9,795,957 during the period under review.

But who receives the monthly pension contributions? The employer deducts and remits both the employee and employer shares of the pension contributions to the PSC. The PFC notifies the PFA upon receipt of contributions.

As a regulatory body, the National Pensions Commission oversees all pension matters in Nigeria to safeguard pension fund assets. It authorizes all pension operators; issues regulations and guidelines; and ensures efficient administration of all pension schemes in Nigeria.

Investments of pension contributions are the sole responsibility of PFAs and are guided by the provisions of the Pension Reform Act 2014 and the Investment of Pension Fund Assets (Investment Regulations) Regulations issued by PenCom.

According to the Pensions Act, PFAs can only invest in the following instruments: shares; federal government securities; state/local government obligations; corporate debt securities; money market instruments; open/closed funds; bonds and infrastructure funds; private equity funds; and any securities/instruments that may be approved by PenCom from time to time.

Based on the provisions of the law, PFAs can only invest in instruments that meet the quality requirements stipulated in the investment regulations, such as the minimum risk rating, the ability of a listed company to make profits and/or pay dividends. In addition, the Investment Regulations provide investment limits for each permitted instrument to ensure diversification of all investments made by PFAs.

In order to ensure the safety of pension fund assets, investment decisions are made by the pension fund administrators. However, the RSA multi-fund structure introduced by PenCom allows a contributor to choose the fund in which their pension contributions would be invested.

The RSA multi-fund structure is designed to invest pension contributions according to the age and risk profile of RSA holders.

There are four separate funds, which differ from each other based on age classification, namely Fund I (under 50, but based on demand); Fund II (default fund for all contributors under 50); Fund III (50 years and over); Fund IV (reserved for retirees).

In addition, there are two special funds, Fund V for Micro Pension Plan participants and Fund VI for those who wish to have their contributions invested in interest-free financial instruments.

In order to know the fund in which a pension contribution will be invested within the framework of the multi-fund structure of the RSA, contributors aged 49 and under are by default in fund II. But they can choose to switch to Fund I. Whereas contributors who are 50 years old are in Fund III by default but can choose to switch to Fund II.

However, contributors to Funds IV and VI are not allowed to switch to another Fund, while contributors to Fund V can switch to Funds II and III if they obtain formal employment.

Although movement between the respective funds is free once a year, the guidelines stipulated that any subsequent movement request is subject to a nominal fee to be prescribed by PenCom.

In terms of return on investment, the rates of return on pension fund investments vary from year to year, depending on economic conditions and the performance of Nigerian financial markets, as well as the investment strategies of different PFAs. . However, the Commission monitors the PFAs to ensure that the returns are competitive and fair.

The Commission also ensures that the income generated by the investment of pension contributions is fully distributed in the contributors’ RSAs according to the proportion of assets in the individual RSAs.

PenCom also ensures that pension contributions are safe, which is achieved through the separation of investment and custody functions between pension fund administrators and pension fund custodians.

In addition, there is effective monitoring and oversight through daily monitoring of investment decisions made by PFAs to ensure compliance with the PRA 2014 and the Investment Regulations.

In addition, there are strict provisions in the Pension Fund Assets Investment Regulation that ensure segregation of assets and allow investment only in instruments with minimal risks.

There is also a warranty sealed so that in the event of a breach, the PFC or its parent company will pay any amount that may be lost due to the breach.

Similarly, adequate safeguards have been put in place to protect the pension assets of retirees from the negative impact of unfavorable investment conditions. For example, a pension protection fund was established by the PRA 2014 to, among other things, compensate eligible pensioners for loss of earnings or financial losses that may arise from the investment activities of PFAs.

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Massachusetts pension fund posts -3% return for the year https://monbestof.com/massachusetts-pension-fund-posts-3-return-for-the-year/ Mon, 01 Aug 2022 22:04:48 +0000 https://monbestof.com/massachusetts-pension-fund-posts-3-return-for-the-year/

For the three-, five- and 10-year periods ending June 30, the pension fund recorded an annualized gross return of 8.9%, 8.6% and 9.2%, respectively, above its respective benchmark returns 6%, 6.5% and 7.4%.

The pension fund had reported a gross return of 30% for the fiscal year ended June 30, 2021. MassPRIM announced at the time that this was the highest return for the fiscal year in the fund’s history. pension.

During the last fiscal year, the pension fund had to face a difficult market environment for both public equities and fixed income securities. For the year ended June 30, the Russell 3000 Index and Bloomberg US Aggregate Bond Index posted returns of -13.9% and -10.3%, respectively, in stark contrast to returns of 44. 2% and 4.6% for the year ended June 30, 2021.

However, the pension fund benefited from significant exposure to both private equity and real estate.

For the most recent year, private equity led all asset classes with a gross return of 27.3% for the year ended June 30. No benchmark has been provided.

After private equity, real estate, which returned a gross return of 25.5%, above the asset class benchmark return of 18.9%, and timberland, which returned a gross yield of 11.4%, just below the benchmark yield of 11.8%.

Portfolio completion strategies generated a gross return of -0.8%, just above the benchmark return of -1.4%. The report noted that hedge fund returns, which are included in the asset class, were net of fees.

Value-added fixed income securities generated a gross return of -3%, below the benchmark return of -2.4%, while core fixed income securities generated a return of -11.5% , just above the benchmark return of -11.6%, and global equities returned -16.1%, equal to its benchmark.

As of June 30, the actual pension fund allocation was 37.3% global equities, 18.4% private equity, 14.5% core fixed income, 10.6% real estate, 8.6% portfolio completion strategies, 6.8% value-added fixed income securities, 3.2% forestry securities and 0.6% overlay.

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New Jersey State Joint Pension Fund D sells 28,761 shares of Plains GP Holdings, LP (NYSE:PAGP) https://monbestof.com/new-jersey-state-joint-pension-fund-d-sells-28761-shares-of-plains-gp-holdings-lp-nysepagp/ Sun, 31 Jul 2022 11:11:49 +0000 https://monbestof.com/new-jersey-state-joint-pension-fund-d-sells-28761-shares-of-plains-gp-holdings-lp-nysepagp/

New Jersey State Joint Pension Fund D reduced its holdings in Plains GP Holdings, LP (NYSE: PAGPGet a rating) by 10.8% in the 1st quarter, according to its most recent communication to the Securities and Exchange Commission. The company held 237,965 shares of the pipeline company after selling 28,761 shares during the quarter. The New Jersey State Joint Pension Fund D’s holdings in Plains GP were worth $2,748,000 when it was last filed with the Securities and Exchange Commission.

Several other hedge funds have also recently changed their holdings in the company. Van ECK Associates Corp increased its position in Plains GP by 40.4% in the fourth quarter. Van ECK Associates Corp now owns 50,194 shares of the pipeline company worth $509,000 after buying an additional 14,448 shares during the period. Janney Montgomery Scott LLC increased its position in Plains GP by 21.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 55,045 shares of the pipeline company worth $558,000 after purchasing an additional 9,715 shares during the period. Commonwealth Equity Services LLC increased its position in Plains GP by 12.0% in the fourth quarter. Commonwealth Equity Services LLC now owns 28,018 shares of the pipeline company worth $284,000 after purchasing 3,007 additional shares during the period. DA Davidson & CO. bought a new position in Plains GP in the fourth quarter worth $168,000. Finally, Eagle Global Advisors LLC increased its position in Plains GP by 2.8% in the fourth quarter. Eagle Global Advisors LLC now owns 849,301 shares of the pipeline company worth $8,612,000 after purchasing an additional 22,770 shares during the period. 90.45% of the shares are held by institutional investors.

Analyst upgrades and downgrades

Several research analysts have recently commented on the company. Credit Suisse Group upgraded Plains GP from a “neutral” rating to an “outperforming” rating and raised its share price target from $13.00 to $14.00 in a Thursday 12 research report may. Bank of America upgraded Plains GP from an “underperforming” rating to a “neutral” rating and set a price target of $12.00 for the company in a Tuesday, July 19 report. Raymond James raised its price target on Plains GP from $12.00 to $13.00 and gave the company an “outperform” rating in a Wednesday, April 20 report. UBS Group raised its price target on Plains GP from $16.00 to $17.00 and gave the company a “buy” rating in a Friday, July 8 report. To finish, StockNews.com upgraded Plains GP from a “buy” rating to a “hold” rating in a Monday, April 18 report. Six investment analysts gave the stock a hold rating and seven gave the company a buy rating. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $14.06.

Plains GP Stock Performance

Shares of NYSE: PAGP opened at $11.19 on Friday. Plains GP Holdings, LP has a 12-month low of $9.24 and a 12-month high of $12.84. The company has a market capitalization of $2.17 billion, a PE ratio of 159.86 and a beta of 1.74. The company has a debt ratio of 0.56, a quick ratio of 0.88 and a current ratio of 0.94. The company has a fifty-day moving average of $11.02 and a 200-day moving average of $11.38.

Plains GP (NYSE: PAGPGet a rating) last reported quarterly earnings data on Wednesday, May 4. The pipeline company reported EPS of $0.11 for the quarter, missing analyst consensus estimates of $0.42 per ($0.31). The company posted revenue of $13.69 billion in the quarter, versus analyst estimates of $12.13 billion. Plains GP had a return on equity of 0.10% and a net margin of 0.03%. On average, equity research analysts expect Plains GP Holdings, LP to post EPS of 0.67 for the current fiscal year.

Plains GP announces dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 12. Investors of record on Friday, July 29 will receive a dividend of $0.2175. The ex-dividend date is Thursday July 28. This represents a dividend of $0.87 on an annualized basis and a yield of 7.77%. Plains GP’s payout ratio is 1,242.86%.

Plains GP Profile

(Get a rating)

Plains GP Holdings, LP, through its subsidiary, Plains All American Pipeline, LP, owns and operates midstream energy infrastructure in the United States and Canada. The Company operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company is involved in the transportation of crude oil and NGLs by pipelines, gathering systems and trucks.

Read more

Want to see which other hedge funds hold PAGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Plains GP Holdings, LP (NYSE: PAGPGet a rating).

Institutional ownership by quarter for Plains GP (NYSE:PAGP)



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Hedge fund legend Bill Ackman urges Biden to close the tax loophole that brought him billions https://monbestof.com/hedge-fund-legend-bill-ackman-urges-biden-to-close-the-tax-loophole-that-brought-him-billions/ Fri, 29 Jul 2022 20:25:00 +0000 https://monbestof.com/hedge-fund-legend-bill-ackman-urges-biden-to-close-the-tax-loophole-that-brought-him-billions/

William Ackman is not known for his political takes. Typically, the billionaire hedge fund manager spends his time dissecting corporate finances, looking for his next high-profile investment or activism.

But this week, the CEO of Pershing Square Capital Management found himself in the middle of a heated debate over the “loophole” interest— which enables private equity and hedge fund managers to reduce their tax burden on profits from fund investments. It’s a key part of the tax code that helped make so many hedge fund managers like Ackman billionaires in the first place.

Democrats have been working to close the interest-carrying loophole under the proposed $739 billion Inflation Reduction Act of 2022, and many hedge fund managers came out in opposition, but not Ackman.

“The interest loophole is a blot on the tax code,” Ackman said in a thursday tweet.

While a billionaire hedge fund manager might seem like an unlikely supporter of the Dems’ fight against tax loopholes, Ackman has actually advocated closing the loophole on carried interest for a decade now.

But before jumping into billionaire beef with deferred interest, it’s best to define a few key terms.

Deferred interest: a “loophole” or an entrepreneur’s best friend?

Private equity and hedge funds make money in two main ways. First, they charge a base management fee on the total amount of money a client has invested. Second, they earn a share of the profits from their fund’s investments if they achieve a minimum return known as the hurdle rate. All profits made by the managers above the minimum rate are called interest carried.

The deferred interest provision allows fund managers to pay a capital gains tax rate (approximately 20%) on this income, instead of the much higher normal income tax rate (37% for taxable income of single filers over $539,900).

This tax treatment, orloophole, according to whoever you ask, is supposed to incentivize fund managers to get better returns for their investors. But Ackman questioned that purported goal on Friday in a Twitter feed.

“The day-to-day business of investment management doesn’t need the added incentive of lower taxation of interest carried to drive behavior,” he said. “Put simply, there should be no difference in the income tax rate of management fees that investment managers receive versus the incentive fees they receive, because these are simply fees under various forms… They don’t need the added boost of lower rates to motivate them to work better or harder for their clients.The fees are enough to motivate their behavior.

Ackman isn’t the only big name on Wall Street who has spoken out against the carried interest loophole. Berkshire Hathaway CEO Warren Buffett has been advocating for the loophole to be closed for more than a decade.

“If you think you should tax people who earn income on their profession, I think you should tax people on carried interest,” he told a congressional hearing in 2010.

Yet proponents of the current tax treatment of carried interest argue that changes to the tax code will hurt entrepreneurs.

“Increasing taxes on carried interest means that many entrepreneurial businesses and small businesses across all sectors will not have access to the capital they need to compete, scale, innovate and navigate difficult economic conditions,” the Small Business and Entrepreneurship Council said in a statement. Friday Statement. “It will only harm local economies and workers, and more broadly undermine the competitiveness of the United States.”

Drew Maloney, the CEO of the American Investment Council, also chastised attempts to close the tax treatment of deferred interest in statement Thursday.

“Over 74% of private equity investments went to small businesses last year,” he said. “As small business owners face rising costs and our economy faces serious headwinds, Washington should not move forward with a new tax on private capital that helps local employers survive. and grow.”

The Commercial Real Estate Development Association has also argue that the closing of carried interest “will have a disproportionate impact on the real estate sector since real estate partnerships include a large number of partnerships and many use a carried interest component in the structuring of development projects”.

And even Ackman noted Friday that deferred interest has value for entrepreneurs, allowing them to receive favorable tax treatment as a sort of payment for the risks they take that can spur economic growth.

“This system has resulted in enormous job and wealth creation and is the greatest engine of our economy. It must therefore be preserved at all costs,” he wrote. “Provide favorable tax treatment to entrepreneurs who create businesses, develop real estate, drill for gas, sequester carbon, etc. creates powerful incentives that stimulate these high-risk activities and present investment opportunities for passive investors who lack these capabilities.”

But when it comes to private equity and hedge fund managers, Ackman said the carried interest loophole adds no value.

“It’s not helping small businesses, pension funds, other investors in hedge funds or private equity and everyone in the industry knows that. It’s embarrassing and it should stop now,” he said. he declared.

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HM King Hamad modifies the provisions of the law on pension funds BDF | THE DAILY TRIBUNE https://monbestof.com/hm-king-hamad-modifies-the-provisions-of-the-law-on-pension-funds-bdf-the-daily-tribune/ Thu, 28 Jul 2022 04:28:55 +0000 https://monbestof.com/hm-king-hamad-modifies-the-provisions-of-the-law-on-pension-funds-bdf-the-daily-tribune/



TDT | manama

The Daily Tribune – www.newsofbahrain.com

His Majesty King Hamad bin Isa Al Khalifa issued Decree Law (31) of 2022 yesterday. The Decree Law amends certain provisions of Decree Law (6) of 1991 on the establishment of a pension fund for officers Bahrainis and non-Bahrainis and Personnel of the Bahrain Defense and Public Security Forces.

It also amends certain provisions of Executive Order (47) of 2010 on the Management and Competencies of the Pension Fund for Bahraini and Non-Bahraini Officers and Personnel of the Defense and Public Security Forces of Bahrain, established under Executive Order- law (6 ) of 1991.

The Commander-in-Chief of the BDF, the Commander of the National Guard, the National Security Advisor, the Minister of the Interior, the Head of the National Security Agency and the Head of the Strategic Security Agency – each in its capacity – issue the necessary decrees to implement the provisions. of this decree-law.

Section (3) of Executive Order (6) of 1991 establishing a pension fund for Bahraini and non-Bahraini officers and personnel of the Bahraini Defense and Public Security Forces is hereby repealed. Any text contrary to the provisions of this decree-law is also repealed.



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