Streetbeat News

Dividends

PAG

Penske Automotive Group, Inc. (NYSE:PAG) has announced a 10% increase in its quarterly dividend to $0.87 per share, as approved by its Board of Directors. The company is a leading international transportation services provider and a top retailer of automotive and commercial trucks.

Portfolio Pulse from Benzinga Newsdesk

January 17, 2024 | 12:01 pm

GLW

SIMO

XRX

The article discusses three high-yielding dividend stocks in the tech sector with recent analyst ratings. Xerox Holdings Corporation (XRX) has a dividend yield of 6.21% but faces a workforce reduction and downgraded price targets. Silicon Motion Technology Corporation (SIMO) has a 3.15% yield and positive preliminary revenue growth, with analysts maintaining positive ratings. Corning Incorporated (GLW) offers a 3.71% yield but reported a sales decline, with mixed analyst ratings.

Portfolio Pulse from Avi Kapoor

January 17, 2024 | 11:43 am

ENLC

EnLink Midstream, LLC (ENLC) has announced the completion of its 2023 common unit repurchase program and the authorization of a new $200 million repurchase plan for 2024. Additionally, ENLC increased its quarterly distribution for Q4 of 2023 to $0.1325 per common unit, reflecting a 6% increase from the previous quarter. The company also updated its financial policy to target a long-term leverage ratio of 3.5x debt-to-EBITDA. A webcast and conference call to discuss Q4 and full-year 2023 earnings, along with 2024 financial guidance, is scheduled for February 21.

Portfolio Pulse from Charles Gross

January 16, 2024 | 10:10 pm

FM

First Quantum Minerals has temporarily halted operations at its Ravensthorpe nickel mine in Western Australia due to financial strain and a decline in nickel prices. The company will reduce the mine's workforce by 30% and continue nickel sales from existing stockpiles. Operations will resume once stockpiles are depleted, which may take 18 to 24 months. First Quantum also suspended its dividend and is considering the sale of smaller mines to strengthen its financial position.

Portfolio Pulse from Stjepan Kalinic

January 16, 2024 | 5:36 pm

INBK

LCNB

First Internet (NASDAQ:INBK) has maintained a consistent dividend per share of $0.24 annually from 2020 to 2023, with the latest payout of $0.06 per share resulting in a 0.98% yield. Despite this consistency, the company's earnings per share have decreased from $2.77 in 2020 to $2.04 in 2023, raising concerns about its financial health and future dividend sustainability. INBK's dividend yield is lower than industry peers like LCNB (NASDAQ:LCNB), which has a 5.90% yield.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:05 pm

GPMT

IVR

Granite Point Mortgage (NYSE:GPMT) is set to distribute a dividend of $0.20 per share with an annualized yield of 13.79%. The dividend has decreased from $1.00 per share in 2021 to $0.80 in 2023. Earnings per share also declined from $1.18 in 2021 to $0.42 in 2023, indicating potential financial challenges and impacting dividend sustainability. In comparison, Invesco Mortgage Capital (NYSE:IVR) has the highest annualized dividend yield in the industry at 17.45%.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:05 pm

CMCT

OPI

Creative Media (NASDAQ:CMCT) is distributing a dividend of $0.09 per share with an annualized yield of 10.24%. Despite an increase in dividend per share from $0.30 in 2020 to $0.34 in 2023, the company's earnings per share have decreased from $-1.69 to $-3.01, raising concerns about the sustainability of future dividends. Office Props IT (NASDAQ:OPI) leads the industry with a 20.57% dividend yield.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:05 pm

RVSB

UBFO

Riverview Bancorp (NASDAQ:RVSB) announced a dividend payout of $0.06 per share with an annualized yield of 3.75%. The ex-dividend date was January 4, 2024, and the dividend is payable on January 16, 2024. The company has shown a positive trend in dividend per share growth from $0.20 in 2020 to $0.24 in 2023, and earnings per share growth from $0.44 to $0.63 over the same period. Riverview Bancorp's dividend yield is mid-range compared to industry peers, with United Security (NASDAQ:UBFO) having the highest yield at 6.10%.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:05 pm

GIPR

GNL

Global Net Lease (NYSE:GNL) announced a dividend payout of $0.35 per share with an annualized yield of 14.23%. The ex-dividend date is January 11, 2024. The company's dividend per share has decreased from $1.73 in 2020 to $1.55 in 2023, and earnings per share have also declined from $1.56 in 2020 to $1.05 in 2023, indicating potential financial challenges and impacting future dividend sustainability.

Portfolio Pulse from Benzinga Insights

January 16, 2024 | 3:05 pm

MS

XLF

Morgan Stanley (NYSE:MS) reported Q4 earnings with a net profit of $1.5 billion, down from $2.2 billion Y/Y, but surpassed revenue estimates with $12.9 billion against a consensus of $12.75 billion. The Wealth Management division's revenue was flat Y/Y, while Investment Banking revenue grew by 5.3%. Fixed Income revenues slightly increased. The decline in net income was attributed to higher costs in Wealth Management and a $249 million regulatory settlement. The company declared an 85 cent quarterly dividend, and shares were down 3% at last check. James Gorman ended his tenure as CEO, with Ted Pick succeeding him. In comparison, the SPDR Select Sector Fund – Financial (NYSE:XLF) gained 4.8% last year, while MS shares lost 7.6%.

Portfolio Pulse from Anusuya Lahiri

January 16, 2024 | 2:58 pm