Evoke plc, the global gambling company formerly known as 888 Holdings, continues downsizing its US operations to focus on European markets. The group recently shuttered its SI Sportsbook business in Colorado, a deal regarded as the latest step in its strategic retreat from North America. Recent financial results indicate that this decision might have merit, as the company returned to profitability.
Slim Profit Margins in the US Make Operations Unsustainable
The financial implications of this exit are significant. Evoke agreed to pay Authentic Brands an initial $25 million termination fee, with another $25 million by 2029 as part of the shutdown deal. SI Sportsbook had market access in several key US states, including Michigan, New Jersey, and Virginia. However, the high cost of operations and slim profit margins made continued investment unsustainable.
Despite this shutdown of US sportsbook operations, Evoke should still benefit from selling some of its US B2C assets to Hard Rock Digital. While specific details about the assets involved and the terms of the transaction remain undisclosed, the sale should close by the first quarter of 2025. These developments are part of Evoke’s decision to withdraw from the US market and focus more closely on securing its European position.
European Operations Recorded Double-Digit Growth
Evoke’s third-quarter financial results reflect this ongoing paradigm shift. The company’s financials showcased a 3% increase in group revenue, primarily driven by market share gains in its core European markets. The company is well on track with its turnaround strategy, especially in countries like Italy, Denmark, Spain, and Romania, where revenues rose 26% year-on-year.
Evoke’s online business recorded an 8% increase in sales for the three months ending 30 September, marking its first quarter of growth since early 2022. CEO Per Widerström emphasized the company’s confidence in its revamped business model and was optimistic regarding Evoke’s continued momentum for the remainder of 2024 and beyond.
Our online business is a clear growth engine for the group. Double-digit online revenue growth (was) underpinned by our focused market strategy and clearer customer value proposition and segmentation.
Per Widerström, Evoke CEO
The recent financial results mark a positive shift for Evoke, which implemented a turnaround plan in August following a profit warning. Evoke’s rebranding earlier this year was critical to its broader strategy aimed at core markets, streamlining operations, and integrating new technologies into its business model, including automation and artificial intelligence.
We are achieving our plans to improve trading in the short-term while simultaneously radically transforming the group’s capabilities for the long-term.
Per Widerström, Evoke CEO
EVOKE currently operates in 10 European countries and has licenses in six US states. However, with its gradual exit from the US market, the company has signaled that its future growth will mainly happen in Europe, where regulatory environments and market dynamics are more suitable for long-term growth.
Opinions expressed by Entrepreneur contributors are their own.
Before becoming an investor at Bread, I was a startup founder. I know what it’s like to stand before a room full of people, palms sweating, asking them to believe in me. I also know the relentless effort it takes to prove, time and again, that their faith — and their money — will pay off. My journey from founder to funder was shaped by these experiences, and it’s why I approach investing differently.
As a founder, I benefited most from investors who went beyond providing capital. They mentored me, guided me through difficult decisions and became true partners in my entrepreneurial journey. Now, as an investor, I aspire to offer the same kind of support to the founders I back because it’s something that the startup world has long been missing.
This founder-to-funder transition isn’t unique to me — I’m seeing a growing number of entrepreneurs take their hard-earned experience and apply it to venture capital. What’s more, there’s an increasing number of former founders taking on strategic consulting roles for young companies. These “founders for hire” aren’t just giving advice from the sidelines; they’re applying years of entrepreneurial experience to help today’s founders plan, execute and grow their businesses.
Both founders-to-investors and founders-for-hire are transforming how startups are funded and nurtured, and I believe it will have a profound impact on the startup ecosystem for years to come.
Successful founder VCs have investment success rates that are 6.5 percentage points higher than professional VCs. This doesn’t surprise me. Founder-turned-investors bring something to the table that isn’t common in the VC world: operational knowledge. They’ve experienced the highs and lows of startup life, understand the challenges of scaling a business, and have a keen eye for identifying promising ventures. Investors with startup experience can relate to founders on a deeper level, offering insights that traditional investors might miss.
My co-founders and I built our first product company, Density, from the ground up, which has shaped my approach to supporting my portfolio companies. It’s a common misconception that innovation in business is all about technological discovery, when really it’s about solving “boring problems.” I look for founders who are just as excited about their hiring practices, operational processes, and financial planning, as they are about their product development. When you’re excited about the boring things, you build better products and run a more stable business. I wouldn’t know this without the firsthand trial-and-error experience I gained as a founder.
How experiences shape investment strategies
If you’re a founder looking to raise capital, here’s why you want to look for an investor with startup experience:
Emphasis on product and market fit: Having built products themselves, a founder-turned-investor is able to quickly assess a startup’s potential to solve real-world problems.
Realistic expectations: They understand the challenges of scaling and are often more patient with growth trajectories.
Focus on fundamentals: They tend to prioritize sustainable business models over hype-driven metrics.
Empathy for founders: They’re more likely to back passionate founders who demonstrate grit and adaptability.
Investors with startup experience also offer much more than access to capital, often providing founders with access to their network, partnership opportunities and guidance on every part of the business.
The importance of hands-on involvement
One of the most significant advantages that a founder-investor brings to the table is a willingness to roll up their sleeves and get involved in portfolio companies. They often want to know the ins and outs of product development at every company they invest in and the operational challenges they’re dealing with.
Are they struggling to hire the right people? Are they lacking clear processes for project deliverables? Are they conflicted about which product feature to prioritize?
Whatever the challenge, founder-turned-funders are not afraid to get into the trenches with their portfolio companies. Personally, I’ve spent hours helping founders reshape their visual identity, refine their marketing strategy or even relaunch their product if necessary. In many cases, I am literally in the code with them.
Investors who’ve started their own companies know how hard it is. They want to provide emotional support and guidance through the intense ups and downs of startup life. By being a sounding board for the founders I work with, I hope to make the journey a little less stressful, which can make achieving success a bit easier.
Just as founder-led venture capital firms offer early entrepreneurs access to operational guidance, working with a consultant who has started their own company can provide invaluable mentorship opportunities.
What sets a founder-for-hire apart from a traditional consultant is the depth of their involvement. They’re not just helping startups refine their sales motions or market strategies; they’re actively shaping products, helping find market fit, and even assisting in building out teams. It’s a level of engagement that goes far beyond typical consultant-client relationships. It’s also a flexible way for startups to tap into years of experience without needing to hire someone full-time or give up too much equity.
Having a founder-consultant on your team is one of the smartest things you can do as an early entrepreneur. The combination of practical experience is invaluable in those first stages of business growth.
The rise of founder-turned-investors and entrepreneurial consultants is changing the game for both venture capital and startups. By mixing financial knowledge with the real-world experience and hands-on involvement of former founders, these new players offer a unique level of business development and growth potential for young companies.
For new entrepreneurs, this means a more supportive and understanding investment landscape. And for the startup ecosystem overall, it means a clearer path to success for everyone involved.
Nothing comes easy. Besides hardwork, you need to do thorough research, secure sufficient finance, and implement the right thing at the right time. Your efforts may pay off or not, but the process remains the same. Here’s what you need to do start your business journey and make it a success. ~ Ed.
If you’re going to be starting a business, we think that’s great. In fact, more people should probably start businesses to account for all the demand. We’re getting off topic though, because that’s not what we’re going to be discussing. What we want to focus on in today’s article is the fact that there are some people out there who think that starting a business is always going to be sunshine and roses. That’ll be a walk in the park and fairly easy to complete. This is not true in the slightest, and feeding yourself delusions isn’t going to help.
In this article, we’re going to be taking a look at some of the reasons why starting and running a business is not always going to be smooth sailing. But, because we’re nice, we’re also going to mention how to handle them the best way possible. Have we caught your interest? If so, you know what to do.
7 Ways to Start a Business (and ensure that the journey is not dark and thorny)
Certainly, the journey to starting a business is not a path of roses. However, you can lighten and light this path by securing the right financial support, leads,, services, and suppliers. And not to forget the importance of proper market research and the right tech to crack the success code.
Finding The Money
First up on the list we’re going to look at the fact that you need to find the money to finance your business. Now the ideal option would be that you have the money in your bank account to bankroll your business for the first year or so until it turns a profit. But, more often than not this is not the case as it costs a lot to get a business going. So, you need to work out how you’re going to get this money then.
You’ve got a few options, one of them being taking a small business loan from the bank. You are likely going to be asked to provide collateral, so make sure that you’ve got some that can be used. Alternatively, you can look into getting an investor on board. Doesn’t matter if you already have multiple, one more won’t hurt you. There’s always crowdfunding as well if you think you’re popular enough to make this work.
Stepping Up To Lead
As the business owner, it comes down to you to step up and lead your business in the right direction. This is a lot to take on for anyone, so don’t be too disheartened if you’re not the best at it when it first comes to it. We know that it isn’t easy, but it is doable if you want to learn. There are tips and tricks online that you can try out to become a more effective leader, or there are courses you can take.
It takes a lot of hard work to become a good leader. You need to know when to be harsh, when to have compassion, and when to be neutral. It can be tough to knowwhen you’ve gotta be certain things, but you will learn over time. During the learning curve though, everything seems that little bit more difficult. Don’t forget, you also need to give yourself credit for what you’re doing right along the way.
Getting The Right Services
Then, you’re going to have to work out what services your business needs and how you can get them. But, securing them is not the only thing that you need to worry about because before you can secure anyone, you’re going to have to determine who is worth your time and who is not. For example, when you’re sitting down and thinking about what you need, who do you see as the most important people for your business?
One of them is definitely going to have to be marketing as this is one of the most essential parts of business and you can’t afford to mess it up. It’s important to note though that there are a lot of different elements of marketing, and you may need help with one or all of them. You can look into digital marketing services if you’re struggling with the online side of things, or you can look at a company that does it all for you.
As well as this, you’re going to need services such as IT, human resources, legal, and so many more. Just make sure that you’re doing your research before you hire anyone, ensuring that they are able to provide you with what you are looking for.
Managing Suppliers
Suppliers are a whole different kettle of fish. When it comes to choosing suppliers for your business, you have to be super careful and you can’t afford to get it wrong. If you and your supplier don’t gel, or if they are late more than they are not, if there is no communication, your business is the one that will suffer. Whether that’s fair or not, that’s just the cold, hard facts, and you need to ensure that this doesn’t happen to your business.
Instead, you need to realize that you get what you pay for, and stop automatically going for the cheaper options. Of course we understand that you are trying to stick to a budget, but that doesn’t mean that you have to ruin the entire business because of it. If you choose someone who is unreliable and they do not deliver to you, how are you supposed to deliver to your clients? It’s all a carefully constructed sequence of events, and if one of them is missed, the whole thing could end up going down. It’s a lot to handle, but you have to work it out as best you can.
Sorting Out Tech
We’re sure that you know all about how important technology is in life these days. You’ve probably read about it, or seen with your own two eyes that we rely on tech for a lot. That being said, it should come as no surprise to you then that you are going to need to sort out all of the tech for your business. When you’re starting up it’s going to be a case of ensuring that your business and your employees have everything that they need, but as time goes by, it’s your job to update everything, and replace what needs changing.
If you do not know a lot about tech, then we’re sure there are people out there that you can hire to help you. In fact, if you hire the right IT guys, then they should be able to help you out here as much as possible.
Reading Through Market Research
The only way that your business is going to improve is to know what is going right and wrong for your company, as well as the others in the industry. Market research is not just something that you have to do when you are starting the business itself, but for the rest of your time on the market. You constantly need to know what is going on, what the latest trends are, what your competitors are doing and so much more. However, we know that research isn’t for everyone and it’s imperative that this is done right. Get some help here then if you need it, and don’t let yourself down by ignoring the information right in front of you.
Take the information that you receive, and use it to make the best possible business decisions. As long as the data that you are working with is up to date and accurate, that’s what matters here. You cannot simply just ignore it and go with your gut the way that some people tell you too.
Being Responsible For It All
At the end of the day, when it all comes down to it, the person who is responsible for every single thing about your business is you. You are responsible for all of the successes and the failures of your business, and trust us when we say that you will feel every single one of them. It’s a lot to take on. It’s a lot of pressure, a lot of mental stress, and a lot of hard work. You’re never going to get anywhere if you are not willing to fight for it, and that’s what makes it such a grueling path to travel. However, while it might not be all sunshine and roses to get to where you want to be, it’s definitely worth the view from the top once you get there. You just have to keep going, even when it’s hard.
Wrapping It Up
We hope that you have found this article helpful, and now have a more solid understanding of why starting a business is not all sunshine and roses. It’s not just about coming up with the business idea and then doing a bunch of other things that you enjoy. There’s a lot going on at any given time, and it’s imperative that you are handling it as best you can.
You’ve got to dedicate yourself and ensure that you’re working hard to help build your business into the success that you want it to be. A word of warning though, it’s never going to get there if you hold onto this view that owning your business is sunshine and roses all of the time. It’s not. It never will be. Accept it and move on.
Over to you
If you too started a business, how was your journey? Share your experiences and tips in the comments section to help the newbie.
Disclaimer: Though the views expressed are of the author’s own, this article has been checked for its authenticity of information and resource links provided for a better and deeper understanding of the subject matter. However, you’re suggested to make your diligent research and consult subject experts to decide what is best for you. If you spot any factual errors, spelling, or grammatical mistakes in the article, please report at [email protected]. Thanks.
Gateway Investment Advisers LLC lowered its stake in Chubb Limited (NYSE:CB – Free Report) by 9.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,787 shares of the financial services provider’s stock after selling 195 shares during the period. Gateway Investment Advisers LLC’s holdings in Chubb were worth $515,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in CB. Capital Research Global Investors grew its stake in shares of Chubb by 44.4% during the 1st quarter. Capital Research Global Investors now owns 6,713,331 shares of the financial services provider’s stock valued at $1,739,625,000 after purchasing an additional 2,064,730 shares during the period. Capital World Investors raised its holdings in shares of Chubb by 6.6% during the 1st quarter. Capital World Investors now owns 10,997,092 shares of the financial services provider’s stock worth $2,849,677,000 after acquiring an additional 685,677 shares in the last quarter. Confluence Investment Management LLC purchased a new stake in Chubb during the 1st quarter valued at $165,932,000. Lazard Asset Management LLC grew its position in Chubb by 14.8% in the 1st quarter. Lazard Asset Management LLC now owns 3,543,763 shares of the financial services provider’s stock valued at $918,294,000 after acquiring an additional 457,881 shares during the last quarter. Finally, Troy Asset Management Ltd bought a new position in Chubb in the 2nd quarter valued at $106,975,000. Institutional investors own 83.81% of the company’s stock.
Chubb Stock Up 0.7 %
Chubb stock opened at $286.83 on Monday. The firm has a market cap of $116.47 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 5.87 and a beta of 0.66. Chubb Limited has a 52 week low of $205.64 and a 52 week high of $294.18. The business’s 50-day moving average price is $282.13 and its 200 day moving average price is $266.78. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.20.
Chubb (NYSE:CB – Get Free Report) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $5.38 EPS for the quarter, topping the consensus estimate of $5.04 by $0.34. The firm had revenue of $13.36 billion for the quarter, compared to analyst estimates of $13.04 billion. Chubb had a return on equity of 15.77% and a net margin of 18.14%. Chubb’s revenue for the quarter was up 11.8% compared to the same quarter last year. During the same period last year, the company earned $4.92 earnings per share. As a group, sell-side analysts anticipate that Chubb Limited will post 21.32 earnings per share for the current year.
Chubb Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, October 4th. Investors of record on Friday, September 13th were issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 1.27%. The ex-dividend date was Friday, September 13th. Chubb’s dividend payout ratio (DPR) is 16.16%.
Analyst Upgrades and Downgrades
CB has been the topic of a number of recent research reports. Morgan Stanley dropped their price target on Chubb from $260.00 to $259.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Royal Bank of Canada upped their price objective on Chubb from $285.00 to $295.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Piper Sandler upped their price objective on Chubb from $281.00 to $305.00 and gave the stock an “overweight” rating in a research note on Friday, October 4th. Bank of America increased their price target on Chubb from $275.00 to $282.00 and gave the company an “underperform” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods increased their price target on Chubb from $304.00 to $305.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $282.37.
In other Chubb news, Director Michael G. Atieh sold 261 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $287.49, for a total value of $75,034.89. Following the sale, the director now directly owns 39,172 shares of the company’s stock, valued at approximately $11,261,558.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Chubb news, Director Michael G. Atieh sold 261 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $287.49, for a total value of $75,034.89. Following the sale, the director now directly owns 39,172 shares of the company’s stock, valued at approximately $11,261,558.28. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Juan Luis Ortega sold 3,921 shares of Chubb stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $273.06, for a total value of $1,070,668.26. Following the completion of the sale, the executive vice president now directly owns 44,632 shares in the company, valued at $12,187,213.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 86,636 shares of company stock valued at $24,874,208. Company insiders own 0.86% of the company’s stock.
Chubb Limited provides insurance and reinsurance products worldwide. The company’s North America Commercial P&C Insurance segment offers commercial property, casualty, workers’ compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, and casualty; and group accident and health insurance to large, middle market, and small commercial businesses.
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Shares of Janus Henderson Group plc (NYSE:JHG – Get Free Report) have been assigned an average recommendation of “Hold” from the ten brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $34.73.
JHG has been the subject of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Janus Henderson Group from $38.00 to $39.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. TD Cowen increased their price objective on shares of Janus Henderson Group from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, July 8th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Janus Henderson Group from $36.00 to $37.00 and gave the stock a “hold” rating in a research report on Thursday, August 15th. The Goldman Sachs Group increased their price objective on shares of Janus Henderson Group from $36.00 to $37.00 and gave the stock a “sell” rating in a research report on Thursday, October 3rd. Finally, StockNews.com cut shares of Janus Henderson Group from a “buy” rating to a “hold” rating in a report on Friday, August 16th.
JHG stock opened at $39.15 on Monday. The company has a fifty day moving average price of $36.74 and a 200-day moving average price of $34.58. The company has a market capitalization of $6.23 billion, a P/E ratio of 14.77, a PEG ratio of 0.75 and a beta of 1.50. Janus Henderson Group has a 52-week low of $22.17 and a 52-week high of $39.36. The company has a debt-to-equity ratio of 0.07, a quick ratio of 2.67 and a current ratio of 4.05.
Janus Henderson Group (NYSE:JHG – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.11. Janus Henderson Group had a net margin of 21.02% and a return on equity of 10.76%. The firm had revenue of $588.40 million during the quarter, compared to the consensus estimate of $568.79 million. During the same quarter last year, the firm earned $0.62 earnings per share. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. As a group, equities analysts expect that Janus Henderson Group will post 3.25 EPS for the current year.
Janus Henderson Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 28th. Shareholders of record on Monday, August 12th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 3.99%. The ex-dividend date was Monday, August 12th. Janus Henderson Group’s dividend payout ratio (DPR) is currently 58.87%.
Insider Buying and Selling at Janus Henderson Group
In other news, CFO Roger Mj Thompson sold 9,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $35.38, for a total transaction of $318,420.00. Following the completion of the sale, the chief financial officer now directly owns 139,171 shares of the company’s stock, valued at $4,923,869.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Roger Mj Thompson sold 9,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $35.38, for a total transaction of $318,420.00. Following the completion of the sale, the chief financial officer now directly owns 139,171 shares of the company’s stock, valued at $4,923,869.98. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Michelle Rosenberg sold 7,651 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $36.51, for a total transaction of $279,338.01. Following the sale, the chief accounting officer now directly owns 89,048 shares of the company’s stock, valued at approximately $3,251,142.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,651 shares of company stock valued at $918,158. Corporate insiders own 19.60% of the company’s stock.
Institutional Investors Weigh In On Janus Henderson Group
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Janus Henderson Group by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 13,652,673 shares of the company’s stock worth $449,036,000 after purchasing an additional 71,753 shares in the last quarter. Capital Research Global Investors grew its position in Janus Henderson Group by 1.2% in the 1st quarter. Capital Research Global Investors now owns 8,831,148 shares of the company’s stock worth $290,456,000 after purchasing an additional 103,341 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Janus Henderson Group by 4.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,090,743 shares of the company’s stock worth $272,741,000 after purchasing an additional 344,582 shares in the last quarter. Millennium Management LLC grew its position in Janus Henderson Group by 43.5% in the 2nd quarter. Millennium Management LLC now owns 5,968,705 shares of the company’s stock worth $201,205,000 after purchasing an additional 1,809,249 shares in the last quarter. Finally, Ariel Investments LLC grew its position in Janus Henderson Group by 0.7% in the 2nd quarter. Ariel Investments LLC now owns 2,256,434 shares of the company’s stock worth $76,064,000 after purchasing an additional 16,653 shares in the last quarter. 87.94% of the stock is owned by institutional investors.
Janus Henderson Group plc is an asset management holding entity. Through its subsidiaries, the firm provides services to institutional, retail clients, and high net worth clients. It manages separate client-focused equity and fixed income portfolios. The firm also manages equity, fixed income, and balanced mutual funds for its clients.
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A US judge has cleared the way for billions of dollars to be refunded to former customers of bankrupt crypto exchange FTX.
At a court hearing in Wilmington, Delaware, on Monday, judge John Dorsey gave final approval to FTX’s reorganization plan, the terms of which had previously been put to creditors and voted through by a landslide.
“I think this is a model case for how to deal with a very complex Chapter 11 proceeding,” said Dorsey. “I applaud everyone involved in the negotiation process.”
FTX filed for bankruptcy in November 2022 after running out of funds to process customer withdrawals. Billions of dollars’ worth of FTX customer deposits were missing. The money, a jury later found, had been swept into a sibling company and spent on high-risk trading, venture bets, debt repayments, personal loans, political donations, luxury real estate, and other illegitimate dealings.
A year later, FTX founder Sam Bankman-Fried was convicted of multiple counts of fraud and conspiracy, then sentenced to 25 years in prison. In September, coconspirator Caroline Ellison received a two-year prison term after testifying against Bankman-Fried at trial.
First proposed in May, the FTX bankruptcy plan charts a path to a full refund, plus interest, for former FTX customers—a level of recovery rarely seen in bankruptcies. “Generally, anything over 100 cents on the dollar is close to miraculous,” says Yesha Yadav, associate dean and a bankruptcy specialist at Vanderbilt University Law School. “What tends to happen is that unsecured creditors get cents on the dollar, if they’re lucky. The expectation is that it is a process of scarcity.”
In this case, though, the administrators of the FTX estate were able to recover billions of dollars by liquidating investments made by the exchange’s venture capital arm, FTX Ventures, and its sister company, Alameda Research, along with other assets. A rise in the price of cryptocurrencies in the period since FTX filed for bankruptcy, meanwhile, raised the value of the coins left in exchange coffers.
Under the plan, government bodies in the United States—including the Internal Revenue Service and the Commodities and Futures Trading Commission—have agreed to suspend high-value claims against FTX until creditors had been repaid (although the IRS will receive a $200 million upfront payment as part of the settlement).
Even FTX equity holders, typically the last to be repaid in a bankruptcy, stand to make back a portion of their initial investment—a maximum of $230 million between them—paid for using funds recovered by the Department of Justice through the prosecution of FTX insiders.
But despite the abnormally high expected recovery, some creditors believe they are still getting a raw deal by virtue of the way their claims have been valued.
Many customers held crypto assets like bitcoin on the FTX platform, but through a process called dollarization common to bankruptcies, their claims have instead been assigned a dollar value based on the price of those assets on the date of the bankruptcy filing. When FTX fell, the crypto market was in the doldrums, but it has since lurched to new all-time highs, meaning some customer claims would be far more valuable if the refund were mapped to the present value of crypto assets. Therefore, though dollarization is proper under the bankruptcy code, “saying [the return] is over 100 percent is just wrong,” says Yadav. “For the average person, it’s very far from that.”
A federal judge in Missouri put a temporary hold on President Joe Biden’s latest student loan cancellation plan on Thursday, slamming the door on hope it would move forward after another judge allowed a pause to expire.Related video above: Delinquency reports for student loan borrowers restart in OctoberJust as it briefly appeared the Biden administration would have a window to push its plan forward, U.S. District Judge Matthew Schelp in Missouri granted an injunction blocking any widespread cancellation.Six Republican-led states requested the injunction hours earlier, after a federal judge in Georgia decided not to extend a separate order blocking the plan.The states, led by Missouri’s attorney general, asked Schelp to act fast, saying the Education Department could “unlawfully mass cancel up to hundreds of billions of dollars in student loans as soon as Monday.” Schelp called it an easy decision.Biden’s plan has been on hold since September, when the states filed a lawsuit in Georgia arguing Biden had overstepped his legal authority. But on Thursday, U.S. District Court Judge J. Randal Hall decided not to extend the pause after finding that Georgia doesn’t have the legal right to sue in this case.Hall dismissed Georgia from the case and transferred it to Missouri, which Hall said has “clear standing” to challenge Biden’s plan.Proponents of student loan cancellation briefly had a glimmer of hope the plan would move forward — Hall’s order was set to expire after Thursday, allowing the Education Department to finalize the rule. But Schelp’s order put the question to rest.“This is yet another win for the American people,” Missouri Attorney General Andrew Bailey said in a statement. “The Court rightfully recognized Joe Biden and Kamala Harris cannot saddle working Americans with Ivy League debt.”Biden’s plan would cancel at least some student loan debt for an estimated 30 million borrowers.It would erase up to $20,000 in interest for those who have seen their original balances increase because of runaway interest. It would also provide relief to those who have been repaying their loans for 20 or 25 years, and those who went to college programs that leave graduates with high debt compared to their incomes.Video below: Older Borrowers Struggle with High Student Loan DebtBiden told the Education Department to pursue cancellation through a federal rulemaking process after the Supreme Court rejected an earlier plan using a different legal justification. That plan would have eliminated up to $20,000 for 43 million Americans.The Supreme Court rejected Biden’s first proposal in a case brought by Republican states including Missouri.In his order Wednesday, Hall said Georgia failed to prove it was significantly harmed by Biden’s new plan. He rejected an argument that the policy would hurt the state’s income tax revenue, but he found that Missouri has a strong case.Missouri is suing on behalf of MOHELA, a student loan servicer that was created by the state and is hired by the federal government to help collect student loans. In the suit, Missouri argues that cancellation would hurt MOHELA’s revenue because it’s paid based on the number of borrowers it serves.In their lawsuit, the Republican states argue that the Education Department had quietly been telling loan servicers to prepare for loan cancellation as early as Sept. 9, bypassing a typical 60-day waiting period for new federal rules to take effect.Also joining the suit are Alabama, Arkansas, Florida, North Dakota and Ohio.
WASHINGTON —
A federal judge in Missouri put a temporary hold on President Joe Biden’s latest student loan cancellation plan on Thursday, slamming the door on hope it would move forward after another judge allowed a pause to expire.
Related video above: Delinquency reports for student loan borrowers restart in October
Just as it briefly appeared the Biden administration would have a window to push its plan forward, U.S. District Judge Matthew Schelp in Missouri granted an injunction blocking any widespread cancellation.
Six Republican-led states requested the injunction hours earlier, after a federal judge in Georgia decided not to extend a separate order blocking the plan.
The states, led by Missouri’s attorney general, asked Schelp to act fast, saying the Education Department could “unlawfully mass cancel up to hundreds of billions of dollars in student loans as soon as Monday.” Schelp called it an easy decision.
Biden’s plan has been on hold since September, when the states filed a lawsuit in Georgia arguing Biden had overstepped his legal authority. But on Thursday, U.S. District Court Judge J. Randal Hall decided not to extend the pause after finding that Georgia doesn’t have the legal right to sue in this case.
Hall dismissed Georgia from the case and transferred it to Missouri, which Hall said has “clear standing” to challenge Biden’s plan.
Proponents of student loan cancellation briefly had a glimmer of hope the plan would move forward — Hall’s order was set to expire after Thursday, allowing the Education Department to finalize the rule. But Schelp’s order put the question to rest.
“This is yet another win for the American people,” Missouri Attorney General Andrew Bailey said in a statement. “The Court rightfully recognized Joe Biden and Kamala Harris cannot saddle working Americans with Ivy League debt.”
Biden’s plan would cancel at least some student loan debt for an estimated 30 million borrowers.
It would erase up to $20,000 in interest for those who have seen their original balances increase because of runaway interest. It would also provide relief to those who have been repaying their loans for 20 or 25 years, and those who went to college programs that leave graduates with high debt compared to their incomes.
Video below: Older Borrowers Struggle with High Student Loan Debt
Biden told the Education Department to pursue cancellation through a federal rulemaking process after the Supreme Court rejected an earlier plan using a different legal justification. That plan would have eliminated up to $20,000 for 43 million Americans.
The Supreme Court rejected Biden’s first proposal in a case brought by Republican states including Missouri.
In his order Wednesday, Hall said Georgia failed to prove it was significantly harmed by Biden’s new plan. He rejected an argument that the policy would hurt the state’s income tax revenue, but he found that Missouri has a strong case.
Missouri is suing on behalf of MOHELA, a student loan servicer that was created by the state and is hired by the federal government to help collect student loans. In the suit, Missouri argues that cancellation would hurt MOHELA’s revenue because it’s paid based on the number of borrowers it serves.
In their lawsuit, the Republican states argue that the Education Department had quietly been telling loan servicers to prepare for loan cancellation as early as Sept. 9, bypassing a typical 60-day waiting period for new federal rules to take effect.
Also joining the suit are Alabama, Arkansas, Florida, North Dakota and Ohio.
Opinions expressed by Entrepreneur contributors are their own.
Real estate is one of the biggest industries in today’s world. From buying property as an investment to buying your own home, real estate impacts every person’s life in one way or another. Although it’s a beast of an industry, you do not necessarily have to work in real estate to invest in it. In fact, many people buy properties simply to make a passive income with no intention of making it their full-time job.
By investing in a property, you are going to be able to make a passive income — a check you don’t have to actively work for. Depending on the property you buy, you can rent out the space to tenants and get paid each month that they occupy the building. In turn, the income can be recycled to pay for the property and its expenses or be used to invest in other properties without having to touch other funds. This is great because this is monthly income that you do not have to actively work for.
Tax advantages
By investing in real estate, there are many deductions and breaks that can actually help when it comes to paying your taxes. Also, any money you make on the sale of the property will be seen as capital gains and not an income, therefore lowering the amount of taxes you would have to pay on that money.
Cash flow
As you rent out the property and the tenants pay their rent, you will create a steady cash flow for yourself and increase your own income. As the mortgage gets paid, this will also help build your equity, which can help you invest in more properties and build up overall wealth.
Diversification
When investing money, it is always good to invest in different types of assets to ensure you have stable and reliable returns. Commercial real estate can diversify a portfolio — and in case of a market crash, properties remain unaffected, whereas stocks and bonds plummet. It’s also a tangible asset that you can touch and feel, unlike other forms of investments. Tangible assets can help minimize the total risk in investments and help you build a profitable portfolio.
Most times, buying a piece of real estate requires an initial cash investment. That investment can gain a very high return that can completely cover the debts of the property. For example, if you pay a down payment of 20% and the other 80% is debt, the property only needs to appreciate 20% for the invested equity to be 100%. However, this comes with the risk that if the property does not become profitable, it may have to go into foreclosure if the monthly payments cannot be made.
Appreciation
Real estate investments offer a lot of potential growth and appreciation that you may not have in more classic avenues of investing. For example, an investor can choose to buy and develop a property in an area they believe is up-and-coming. In that case, as the popularity of the neighborhood increases, the value of their property significantly rises and can lead to great capital appreciation.
Inflation hedge
As the economy grows and inflation rises and falls, commercial real estate doesn’t feel the long-term impacts. Luckily, rents can be adjusted accordingly to the inflation rate and offset the impact. This results in strong rent growth and appreciation for your property, despite any worsening conditions in the economy. With other investments like stocks and bonds, inflation almost always has a negative impact.
On the flip side…
Commercial real estate, like any investment, has downsides as well.
For starters, it’s a time commitment. Investors need to put time into managing and taking care of the property and its tenants. All of the building concerns and problems fall into the lap of the owner, so that aspect needs to be taken into consideration.
This leads to another downside — managing and taking care of the building usually requires outside help, like property management companies. These companies are not cheap and can be costly. However, this is really the only way to properly run the building and avoid running into issues.
This leads to the need for cash. Unlike residential real estate, commercial properties need a lot more capital for the initial investment and then cash that needs to be put into the property to maintain it. This makes commercial real estate investing unappealing since there are a lot of costs to carry the property, and it can take time for the revenue to outweigh the costs.
At the end of the day, every investment comes with risks. No investment is guaranteed. However, some may be a little bit more secure than others. Commercial real estate is a great idea if you’re someone looking to diversify your portfolio and find another way to increase your wealth. Although it may be daunting, and the initial investments can be scary, the returns can be very high and worth it!
OpenAI is reportedly telling investors that it plans on charging $22 a month to use ChatGPT by the end of the year. The company also plans to aggressively increase the monthly price over the next five years up to $44.
The documents obtained by shows that OpenAI took in $300 million in revenue this August, and expects to make $3.7 billion in sales by the end of the year. Various expenses such as salaries, rent and operational costs will cause the company to lose $5 billion this year.
OpenAI is reportedly circulating the documents the NYT reported on as part of a drive to find new investors to prevent or lessen its financial shortfall. Fortunately, OpenAI is raising money on a $150 billion valuation, and a new round of investments could bring in as much as $7 billion.
OpenAI is also reportedly in the midst of switching from . The business model allows for the removal of any caps on investor returns so they’ll have more room to negotiate for new investors at possibly higher rates.
Private equity firms Vista Equity Partners and Blackstone are buying software maker Smartsheet for approximately $8.4 billion in cash.
Vista and Blackstone said Tuesday that they will pay $56.50 per Smartsheet Inc. share. The agreement includes a 45-day “go-shop” period during which Smartsheet and its advisers seek alternative acquisition proposals from certain third parties and possibly enter into talks with other parties that make alternative offers. Smartsheet’s board will have the right to end the deal with Vista and Blackstone to accept a superior proposal. The go-shop period expires on Nov. 8.
“We look forward to partnering closely with Blackstone and Smartsheet to support its ambitious goal of making its platform accessible for every organization, team and worker relying on collaborative work to achieve successful outcomes,” Monti Saroya, co-head of Vista’s Flagship Fund and senior managing director, and John Stalder, managing director at Vista, said in a statement.
The announcement comes shortly after the Federal Reserve said that it cut its benchmark interest rate by an unusually large half-point. The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%. A rate cut gives more favorable conditions for businesses looking at making acquisitions.
The deal, which was approved by Smartsheet’s board, is expected to close in the company’s fiscal fourth quarter. It still needs approval from Smartsheet’s shareholders.
Once the transaction closes, Smartsheet will become privately held. The Bellevue, Washington company will continue to run under the Smartsheet name and brand.
NEW YORK (AP) — Caroline Ellison, a former top executive in Sam Bankman-Fried ’s fallen FTX cryptocurrency empire, was sentenced to two years in prison on Tuesday after she apologized to everyone hurt by a fraud that stole billions of dollars from investors, lenders and customers.
Ellison, 29, could have faced a much tougher sentence, but both the judge and prosecutors said she deserved credit for talking extensively with federal investigators, pleading guilty and ultimately testifying against Bankman-Fried for three days at his trial last November.
U.S. District Judge Lewis A. Kaplan said Ellison’s cooperation was “very, very substantial” and “remarkable.”
But he said a prison sentence was necessary because she had participated in what might be the “greatest financial fraud ever perpetrated in this country and probably anywhere else” or at least close to it.
Ellison was ordered to report to prison Nov. 7.
FTX was one of the world’s most popular cryptocurrency exchanges, known for its Superbowl TV ad and its extensive lobbying campaign in Washington, before it collapsed in 2022.
U.S. prosecutors accused Bankman-Fried and other top executives of looting customer accounts on the exchange to make risky investments, make millions of dollars of illegal political donations, bribe Chinese officials and buy luxury real estate in the Caribbean.
Ellison was chief executive at Alameda Research, a cryptocurrency hedge fund controlled by Bankman-Fried.
“I’m deeply ashamed with what I’ve done,” she said at the sentencing hearing, fighting through tears to say she was “so so sorry” to everyone she had harmed directly or indirectly.
She did not speak as she left Manhattan federal court, surrounded by lawyers.
In court Tuesday, Assistant U.S. Attorney Danielle Sassoon called for leniency, saying Ellison’s testimony was “devastating and powerful proof” against Bankman-Fried, 32, who was found guilty of fraud and sentenced to 25 years in prison.
Attorney Anjan Sahni asked the judge to spare his client from prison, citing “unusual circumstances,” including her off-and-on romantic relationship with Bankman-Fried and the damage caused when her “whole professional and personal life came to revolve” around him.
Judge Kaplan agreed that Ellison’s willingness to work with prosecutors was extraordinary.
“I’ve seen a lot of cooperators in 30 years here. I’ve never seen one quite like Ms. Ellison,” he said.
But he said that in such a serious case, he could not let cooperation be a get-out-of-jail-free card, even when it was clear that Bankman-Fried had become “your kryptonite.”
Bankman-Fried also testified at the trial, portraying himself to the jury as inexperienced and bumbling but not a criminal. He acknowledged making mistakes, but said he didn’t defraud anyone and wasn’t aware that Alameda Research had amassed billions of dollars in debt.
Sassoon, the prosecutor, described that testimony in court Tuesday as “evasive, even contemptuous.”
As the business began to falter, Ellison divulged the massive fraud to employees who worked for her even before FTX filed for bankruptcy, trial evidence showed.
Ultimately, she also spoke extensively with criminal and civil U.S. investigators.
Sassoon said prosecutors were impressed that Ellison did not “jump into the lifeboat” to escape her crimes but instead spent nearly two years fully cooperating.
Since testifying at Bankman-Fried’s trial, Ellison has engaged in extensive charity work, written a novel and worked with her parents on a math enrichment textbook for advanced high school students, according to her lawyers.
They said she also now has a healthy romantic relationship and has reconnected with high school friends she had lost touch with while she worked for and sometimes dated Bankman-Fried from 2017 until late 2022.
Developing economies in Asia are forecast to grow at a 5.0% annual pace this year, helped by a strong U.S. economy and surging demand for computer chips that power artificial intelligence, the Asian Development Bank said in a report Wednesday.
The forecast was revised upward slightly from the ADB’s April estimate of 4.9% growth.
However, the regional lender warned of the potential threat of more protectionist measures, such as higher tariffs on exports from China, depending on the outcome of the U.S. presidential election.
The report highlighted several positive trends, including a rebound in exports from Asia of computer chips and other advanced electronics this year due to rapid adoption of artificial intelligence. It also noted that energy and food prices are moderating, though inflation remains painfully high in countries such as Pakistan, Laos and Myanmar.
The upturn in global demand for semiconductors and related electronics materials and components has helped drive stronger growth in Taiwan, Hong Kong, Singapore and South Korea, and to a lesser extent, the Philippines and Thailand, and that trend is expected to continue.
The report cited data from World Semiconductor Trade Statistics projecting that spending on memory chips, vital for AI applications, will expand 77% this year.
Other types of exports, especially autos from China and South Korea, also are growing quickly, it said.
The U.S. presidential election is a major source of uncertainty.
“The election could result in higher blanket tariffs by the U.S. on all global imports, and a broad-based and steep increase in tariffs on all U.S. imports from the PRC (China),” the report said. “This would significantly escalate U.S.-PRC trade tensions, with potential negative spillovers to developing Asia through real and financial channels.”
Former President Donald Trump has pledged to stop U.S. businesses from shipping jobs overseas and to take other countries’ jobs and factories away by relying heavily on sweeping tariffs. Vice President Kamala Harris has criticized Trump’s plan to impose large tariffs on most imported goods, which she says would severely raise the cost of goods.
Asia’s developing economies are also vulnerable to other U.S. moves that might affect their currencies or the cost of borrowing on foreign loans, the report said.
China’s ailing property market remains a key risk and the report kept its forecasts for growth for the world’s second-largest economy at 4.8% in 2024 and 4.5% next year. The ADB’s chief economist, Albert Park, welcomed a flurry of fresh measures announced Tuesday by Beijing to cut borrowing costs and encourage more home purchases.
“It’s good to see. Certainly there’s room for monetary policy expansion,” he told reporters in a briefing before the report’s release. “Whether that will work remains to be seen.”
Among other positive developments, the report noted that energy inflation has returned to levels seen before the COVID-19 pandemic began in 2020. That alleviates pressures on some economies that depend heavily on imports of oil and other fuels, such as Sri Lanka, China and Japan.
Food inflation is still slightly higher, but falling. Rice prices fell by 12% to $589 per metric ton in late August after hitting a 16-year peak of $669 per metric ton in late January, the report said.
They are expected to fall further, as rice harvests are projected to hit record levels in the 2024-2025 growing year, and prices for wheat and maize also have declined. Crops are likely to benefit from the La Nina climate phenomenon, which could bring beneficial higher rainfall to some regions though it also could cause destructive flooding in others.
Although 83% of U.S. adults said parents are the most responsible for teaching their children about money, 31% of American parents never speak to their kids about the topic, according to a survey from CNBC and Acorns.
Last week, the subject came up on Northwestern Mutual’s A Better Way to Moneypodcast, which featured social media star and owner of Stur Drinks Kat Stickler and Northwestern Mutual vice president and chief portfolio manager Matt Stucky.
“I love and respect my parents, but we didn’t really talk about money ever — I never saw them talk about money,” Stickler told Stucky during the conversation. “It was taboo. It wasn’t brought up once.”
According toStucky, parents can instill strong money management skills like any other good habit.
“It just takes a lot of repetition — things like saving, investing,” Stucky said. “I’m not going to teach my 4-year-old about investing, but just the idea of if I save a dollar, that means I can spend it down the road on something that I really want. That takes a while to sink in.”
Money might not have been a regular topic of discussion while Stickler was growing up, but the entrepreneur says her mother did show her the value of a dollar in other ways: repurposing old jeans into shorts or empty butter tubs into containers for school lunch.
In addition to talking to their kids about money, parents can lead by example when it comes to smart financial decisions.
“There are new risks that are now in the equation of being a parent,” Stucky said. “Things like, What if something happens to me; what if I can’t work anymore? How does that impact my child’s financial life?“
Navigating those uncertainties means planning for big-ticket items, according to Stucky. Stickler, who has a young daughter, said she’s already taken some key steps to secure her future: setting up a will complete with a month-by-month timeline and establishing funds for healthcare and school — and even one for clothes and toys.
According to Stucky, parents should leverage today’s circumstances for tomorrow’s success.
Stucky recommends setting up a 529, to which you can contribute funds for education, and a Roth IRA for your child.
“[With a Roth IRA], you are able to contribute on their behalf up to the child’s earned income amount or the current contribution limits of $7,000, and the dollars come out tax-free after age 59 ½ or if they need to use it for a qualifying life event,” Stucky explains. “It’s a way to set up your children for their retirement, as well as support generational wealth.”
Parents might also consider a Uniform Transfer to Minors Account (UTMA), which has no limit on the amount that goes in and allows them to retain control until their kids reach 18-21, depending on where they live, Stucky says.
Finally, Stucky recommends the “often overlooked option” of permanent life insurance for your child.
“The policy will pay a death benefit someday so long as the required premiums are paid,” he explains. “In addition, policies accumulate cash value, which your child could access during their lifetime.”
Sei Investments Co. grew its holdings in U.S. Bancorp (NYSE:USB – Free Report) by 5.1% during the second quarter, HoldingsChannel reports. The fund owned 1,852,257 shares of the financial services provider’s stock after purchasing an additional 90,691 shares during the period. Sei Investments Co.’s holdings in U.S. Bancorp were worth $73,535,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in USB. Redwood Wealth Management Group LLC purchased a new position in U.S. Bancorp in the second quarter valued at approximately $25,000. Financial Synergies Wealth Advisors Inc. acquired a new position in shares of U.S. Bancorp in the 1st quarter valued at $30,000. LRI Investments LLC purchased a new position in shares of U.S. Bancorp in the 1st quarter valued at $31,000. Eagle Bay Advisors LLC raised its stake in U.S. Bancorp by 93.2% during the 1st quarter. Eagle Bay Advisors LLC now owns 686 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 331 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new stake in U.S. Bancorp in the second quarter valued at $30,000. Institutional investors and hedge funds own 77.60% of the company’s stock.
U.S. Bancorp Trading Down 1.0 %
NYSE:USB opened at $46.01 on Friday. U.S. Bancorp has a 1 year low of $30.47 and a 1 year high of $47.31. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.81. The stock has a fifty day moving average price of $44.39 and a two-hundred day moving average price of $42.31. The stock has a market capitalization of $71.80 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 4.36 and a beta of 1.04.
U.S. Bancorp (NYSE:USB – Get Free Report) last released its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.04. U.S. Bancorp had a net margin of 12.55% and a return on equity of 13.34%. The firm had revenue of $6.87 billion for the quarter, compared to the consensus estimate of $6.81 billion. During the same quarter in the previous year, the firm earned $1.12 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. As a group, sell-side analysts anticipate that U.S. Bancorp will post 3.87 earnings per share for the current fiscal year.
U.S. Bancorp announced that its board has approved a stock repurchase plan on Thursday, September 12th that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.
U.S. Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.50 dividend. This is an increase from U.S. Bancorp’s previous quarterly dividend of $0.49. This represents a $2.00 annualized dividend and a yield of 4.35%. The ex-dividend date of this dividend is Monday, September 30th. U.S. Bancorp’s dividend payout ratio (DPR) is presently 66.23%.
Insider Buying and Selling
In other news, Director Aleem Gillani purchased 10,000 shares of the company’s stock in a transaction dated Thursday, July 18th. The stock was acquired at an average price of $44.99 per share, for a total transaction of $449,900.00. Following the completion of the transaction, the director now directly owns 10,000 shares in the company, valued at approximately $449,900. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.23% of the stock is currently owned by insiders.
Analyst Ratings Changes
USB has been the topic of a number of research analyst reports. UBS Group lifted their target price on U.S. Bancorp from $43.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. Citigroup lifted their price target on U.S. Bancorp from $45.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, July 18th. JPMorgan Chase & Co. downgraded U.S. Bancorp from an “overweight” rating to a “neutral” rating and set a $43.50 price objective for the company. in a report on Thursday, June 27th. StockNews.com raised shares of U.S. Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 17th. Finally, Wells Fargo & Company increased their price target on shares of U.S. Bancorp from $48.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $48.18.
U.S. Bancorp, a financial services holding company, provides various financial services to individuals, businesses, institutional organizations, governmental entities, and other financial institutions in the United States. It operates through Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support segments.
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It’s official: Massachusetts’ taxpayers won’t be getting a break this year from a decades-old tax rebate law, the state’s fiscal watchdog says.
State Auditor Diana DiZoglio said a review by her office has determined that the net state tax revenues of more than $39 billion in fiscal 2023 were below the allowable amount of $44.4 billion, “resulting in no excess state tax revenues.”
The auditor’s report is based on data from the state Department of Revenue, which also concluded that taxpayers won’t be getting any extra refunds this year.
In 2022, the state returned $3 billion to more than 3.6 million taxpayers under the voter-approved Chapter 62F law, which requires Massachusetts to refund money when tax revenues grow by more than wages and salaries.
But lawmakers approved changes to the law as part of a $1 billion tax relief package, signed by Gov. Maura Healey in October, that exempted collections from the new “millionaires tax” – which sets a 4% surtax on incomes above $1 million – from the calculation.
In the previous year, the state collected nearly $2.2 billion from the tax, according to the report.
Last year, DiZoglio’s office determined that the net state tax revenues of nearly $37 billion in fiscal 2023 were below the allowable amount of $41.4 billion, which was also below the threshold to trigger the rebate law.
The Chapter 62F law was overwhelmingly approved by voters in 1986. Besides 2022, the rebate law had only been triggered once since it was approved – in fiscal 1987 – when the state’s actual revenues exceeded allowable revenues by nearly $30 million.
As part of the tax relief plan, lawmakers also tweaked the Chapter 62F law to require that any future rebates be paid out “equally” among taxpayers, and married taxpayers who file a joint return with the federal government must also file a joint state return.
That change was prompted by concerns raised by liberal groups that “loopholes” in state law would allow wealthy households to skirt the “millionaires tax”.
Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.
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If you’re looking to achieve financial security, increase your family’s wealth, and experience peace of mind, then you might want to commit to a budgeting habit.
There are different budgeting plans out there designed for families, many of which have been developed to ensure that households have enough funds available for their everyday needs.
When families commit to the budgeting habit, they reap the following benefits:
Freedom from debt
Comfortable way of life, with more funds available for things that the family considers important
Keeps unnecessary spending (and the waste that accompanies it) to a minimum
Teaches family members to use money wisely and encourages mindful decision-making
Ideally, a budget should be written down. This can be done on actual paper, a spreadsheet, or a budgeting app.
In this article, you’ll find a collection of free budget printables that you can use to track your family’s expenses.
Read on and check out the awesome designs we’ve rounded up for this collection.
Reach your financial goals with this Budget Planner bundle.
Featuring templates for tracking your credit score health, income and expenses, debt repayment, and budget, each fillable and printable planner is designed to help you monitor everything that has to do with your hard-earned money.
Achieve financial freedom in no time with this planner bundle.
If you’re new to budget tracking, you might want to use this fairly straightforward tracker we’ve created. All the information you need about your monthly expenditures is available at a glance.
This tracker has spaces allocated for recording expenses as they occur throughout the month, with a description of each expense, the amount, and the date.
You can indicate the type of expense in the “category” column. At the bottom of the page is a section for writing down the total expenses incurred for the month.
Do you often wonder why you’re overshooting your monthly budget? Our budget planner is designed to help track your total monthly income and your total monthly expenses.
Another section of this planner is allocated for writing notes and your total savings for the month.
This budget worksheet includes a list of typical items that need budgeting in a household. These are grouped into main categories, such as
Housing
Monthly living expenses
Long-term expenses + investments
There is also a column to allow for checking of the actual amount of deficit or savings that a family has at the end of the month. This feature is quite helpful for preventing uncontrolled spending.
In this budget template example, each item on the household’s monthly expense list is categorized according to whether it’s a regular expense, flexible expense, or debt.
Households that utilize a budget system to manage their finances report positive results.
For example, budgeting has helped families understand what things they are able and unable to afford every month. This paves the way for many families to save up and buy things that they truly want.
9. Monthly Budget Sheet
This well-designed budget sheet will keep your budgeting on track. It provides ready access to information, whether you’re within budget or already in a deficit for the month.
If you’d like, you can use the pre-filled sheet, which features a categorized list of expenses that most families have.
Some of the categories include:
Housing
Food
Debts
Medical
Charity
There are also areas for creating a savings plan, specifying your family’s monthly income, and indicating a starting balance for savings and debt.
Not keen on the pre-filled template? The sheet also comes in a blank format, making it easier to customize according to your family’s monthly spending.
10. Minimalist Monthly Budget Template
This template has a simple, clean design, making it ideal for those who are looking for a minimalist aesthetic.
It allows you to keep track of income, savings, fixed expenses, and variable expenses. Furthermore, it provides a summary of your funds for the whole month for quick reference.
11. The Budget Tracker
This next example is also a pretty straightforward budget worksheet that will help you keep track of all your monthly household expenses in one place.
This template is also very versatile and can be used for tracking different types of budgets.
12. Template for the Monthly Budget
This template has areas for writing down the amount allocated for a specific expense, the actual amount spent, and the difference between the two, which gives you a quick overview so you know if you’ve overshot or are still within budget.
A “Notes” column lets you enter important, relevant information about each specific expense on the list.
Knowing how much money your family has spent each month month can encourage the members of the household to be more conscious about spending.
Maybe some of the money you save this month can go into the family savings?
13. Zero Based Budget
Thezero based budgeting system encourages you to justify all household expenses every month.
This is different from traditional budgeting, where a company or household simply builds upon a previous budget and deducts from or adds to the amount allocated for each item.
Only when new expenses come up do budgeters using the traditional method need to justify them, which can result in unnecessary spending.
This template is designed to work with the zero based budget system. It allows you to plan your household’s spending every month, from the ground up.
14. Household Budget Template
If you’re new to budgeting, you might want a no-frills budget template.
This printable is perfect for this.
There are spaces for writing the following information for your monthly budgeting:
Monthly, yearly, and long-term financial goals
Bills and expenses, as well as their specifics
Amount and date due
Column to indicate if the bill/expense has already been paid
This template also features a very apt quote from Albert Einstein:
“Learn from yesterday, live for today, hope for tomorrow.”
15. Budget Planner With Mini Bills Tracker
This budget tracker has provisions for tracking family expenses, such as:
Bills
Pets
School and work
Travel
Health
Housing
Car
Food
Once you’ve decided on a budget allocation for every item, you make a commitment to keeping your spending within the allocated amount.
Another advantage of a budget planner is that it helps prevent impulse spending. With a tracker, you are always conscious of where your money goes.
Furthermore, it challenges you to do better by spending less than you did during the previous month.
16. Family Budget Template
If you love the color blue, you might like this blue-themed budget worksheet.
In addition to helping you keep track of your household’s monthly budget, it also features a bar progress chart that depicts the status of a specific financial goal.
This encourages frugal living and exercising mindfulness when it comes to spending, rather than being obsessed with constantly purchasing the latest gadgets, appliance, fashion, etc., like the rest of society.
17. Monthly Budget Tracker
Keep track of your monthly spending and savings with this pink-themed budget template.
This tracker promotes awareness about your household’s spending habits by letting you write a goal amount and compare it with the actual total expenses for the month.
The same goes for savings and debt. There are columns for writing the goal amount and the actual amount spent.
Expenditures are broken down into different categories, such as:
Each category has a list of items with corresponding spaces for writing a goal amount/budget and the actual amount spent for each item.
18. Simple Budget Tracker
This template has a section for listing all the income you expect to receive for the month.
The section has columns labeled “Date,” “Description,” and “Amount.” It also has a column labeled “Paid,” which features boxes that you can put a check mark in when you’ve received the expected income.
In addition, this tracker features an expense tracker where you can write down the date of purchase or payment of an item or service, the expense (name of item or service), and the amount paid.
Similar to the “Income” section, there are also boxes you can tick for when the purchase or payment has been made.
This template also has a designated column for making a running list of your daily expenditures throughout the month.
Finally, at the bottom of the page is a section for writing down the estimated and actual amounts for your income, expenses, and total amount remaining.
This way, you’ll know at a glance if you were able to save some money for the month.
19. Monthly College Budget
Are you a college student who needs a tool to help manage your funds? Here’s a template that can help.
The template’s layout is designed to improve your financial literacy. It has sections dedicated to recording your monthly income and expenses.
There are pre-set categories for organizing the kind of expenses you’ve incurred during the month. There are also columns where you write the estimated amount you plan to spend for a specific category and the actual cost.
This system provides a simple yet effective way of keeping track of where your funds go. In the long term, it teaches you to save money by motivating you to spend below your budget.
20. Monthly Family Budget Worksheet
This worksheet is designed to help keep track of the family budget every month.
It has sections allocated for recording the following items:
The family’s overall monthly income
Recurring bills (e.g., mortgage, insurance, utilities, car maintenance, etc.)
The worksheet also has a section for writing the family’s goals for next month in relation to their finances.
21. Budget for the Month at a Glance
Using a budget worksheet gives you an advantage when it comes to taking control of your finances. This template shows you the status of your finances at a glance.
One section features an itemized and pre-set budget for all your monthly expenses. All you need to do is write down the amount for every item.
The template also has a dedicated section for listing down income, as well as a monthly total box to give you an idea of your overall balance for the month.
This process helps determine if your income is enough to cover all your expenses or if you need to make some changes to your spending habits.
22. Budget Worksheet for Beginners
Are you a newbie at budgeting? Here’s a worksheet that can help give you a sense of control over your monthly expenses.
A relatively straightforward budget template, it features sections for the following budgeting elements:
23. Budgeting Template Pack
This budgeting template helps you do more than track your monthly spending. It has 15 pages featuring:
Budgeting templates for four different budgeting methods
Tips for better spending habits and saving money
Freedom from debt worksheets
Final Thoughts About Budget Printables
There you have it—23 examples of free budget worksheet printables that you can use to keep track of your household’s expenses.
We hope that you found a favorite design among the ones featured today. We also hope that this article encouraged you to cultivate a better money habit.
Not only will doing so increase your family’s wealth, it will also teach your children how to be responsible and mindful of how they spend any money that comes their way.
As it turned out, Trump was readily convinced: Despite having previously dismissed bitcoin as a “scam,” Trump has recently taken to pitching himself as the crypto president. In July, speaking to thousands of bitcoiners at a conference in Nashville, Tennessee, Trump promised to turn the US into the “crypto capital of the planet” and establish a national “bitcoin stockpile” if reelected. In a post on X after the speech, Tyler Winklevoss celebrated the former president having been “orange-pilled”—crypto lingo meaning “indoctrinated.”
Initially, when Eric and Donald Jr. first began to hint at the World Liberty Financial project, there was speculation they were gearing up to launch an official Trump crypto token.
In the last year, tens of Trump-inspired memecoins have come to market, becoming something of a bellwether for the upcoming election, fluctuating in price along with changes in Trump’s political fortunes. One such token, DJT, issued in early June, surged in price amid rumors that it originated with the Trump family. In a broadcast on X, Martin Shkreli, of “pharma bro” fame, claimed to have created the token in partnership with Barron Trump, the former president’s 18-year-old son. On August 6, the price of DJT sank by 90 percent after large quantities were sold off by an anonymous token holder. “Wasn’t me!” said Shkreli, in an email to WIRED, when asked whether he knew who was responsible for the sell-off. The price of DJT was $0.0002441 per coin on Monday.
The press office for the Trump campaign did not respond to questions about Barron’s alleged involvement with the DJT token. In a post on X in the leadup to announcing World Liberty Financial, Donald Jr. warned followers to “beware of fake tokens claiming to be part of the Trump project.”
World Liberty Financial will face steep competition in a DeFi market already crowded with similar services, among them Aave, Compound, Venus Protocol, and others. “DeFi is pretty mature, especially on the over-collateralized side,” says Zach Hamilton, founder of crypto startup Sarcophagus and venture partner at VC firm Venture51.
But the Trumps need not necessarily do anything novel, if they can capitalize on their mammoth public platform to peddle the new venture. “[World Liberty Financial] is launching with the most free marketing that any crypto company could ever get,” says Hamilton. “Trump is the king of living rent free in people’s minds.”
Incumbents in the DeFi industry are cautiously optimistic about the prospect of the Trump family’s arrival; at once glad of the publicity and wary of the reputational damage World Liberty Financial could cause if it were to fall on its face, or if a technical snafu were to result in financial losses.
“I welcome any effort to bring DeFi into the mainstream,” says Brad Harrison, CEO of Venus Protocol. “But like the autopilot in a Tesla, DeFi may give the appearance of something that’s simple, but the inner workings are complex. Without a solid grasp of its nuances in the hands of seasoned technologists and financial engineers, a new platform risks being more of a branding exercise than a substantive and safe contribution to the space.”
Irrespective of the risk in placing trust in a crypto platform yet to be battle tested, industry enthusiasts are likely to patronize World Liberty Financial if only to signal support for Trump’s political endeavors. “We are definitely dealing with crypto as a right-wing Republican commodity now,” says Jacob Silverman, coauthor of Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud. “The industry is so aligned with the Republican party and they are the biggest donors of any industry this cycle.”
In the spirit of various British politicians who have retired into crypto positions, World Liberty Financial could represent an attempt by Trump to hedge against a loss in the upcoming election—to set up for himself a fallback gig.
“Maybe the raucous reception at the crypto conference in Nashville has given him an impression this is the world he wants to be in, because they love him and he can make money,” says Silverman. “For all his faults, he does understand the crowd.”
Daiwa Securities Group Inc. trimmed its holdings in shares of Equitable Holdings, Inc. (NYSE:EQH – Free Report) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,693 shares of the company’s stock after selling 1,400 shares during the period. Daiwa Securities Group Inc.’s holdings in Equitable were worth $927,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Equitable by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 38,012,452 shares of the company’s stock valued at $1,265,815,000 after buying an additional 446,752 shares in the last quarter. Intech Investment Management LLC grew its position in Equitable by 60.9% in the first quarter. Intech Investment Management LLC now owns 100,476 shares of the company’s stock valued at $3,819,000 after acquiring an additional 38,040 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Equitable in the fourth quarter valued at approximately $362,000. Ashton Thomas Private Wealth LLC grew its position in Equitable by 265.0% in the first quarter. Ashton Thomas Private Wealth LLC now owns 69,503 shares of the company’s stock valued at $2,642,000 after acquiring an additional 50,460 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in Equitable in the fourth quarter valued at approximately $2,892,000. 92.70% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on EQH. Barclays assumed coverage on Equitable in a research note on Wednesday, September 4th. They set an “overweight” rating and a $59.00 price objective for the company. Citigroup lifted their price objective on Equitable from $41.00 to $53.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Jefferies Financial Group lifted their price objective on Equitable from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, June 28th. UBS Group downgraded Equitable from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $40.00 to $43.00 in a report on Tuesday, June 18th. Finally, JPMorgan Chase & Co. lifted their price objective on Equitable from $36.00 to $45.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Equitable currently has an average rating of “Moderate Buy” and a consensus target price of $46.64.
In other news, COO Jeffrey J. Hurd sold 9,969 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $43.09, for a total transaction of $429,564.21. Following the completion of the sale, the chief operating officer now directly owns 111,552 shares of the company’s stock, valued at $4,806,775.68. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Mark Pearson sold 30,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $42.20, for a total transaction of $1,266,000.00. Following the completion of the sale, the chief executive officer now directly owns 678,555 shares of the company’s stock, valued at $28,635,021. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jeffrey J. Hurd sold 9,969 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $43.09, for a total value of $429,564.21. Following the transaction, the chief operating officer now directly owns 111,552 shares in the company, valued at $4,806,775.68. The disclosure for this sale can be found here. 1.10% of the stock is currently owned by company insiders.
Equitable Trading Up 2.1 %
Shares of EQH stock opened at $40.12 on Monday. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.12 and a current ratio of 0.12. Equitable Holdings, Inc. has a 1 year low of $24.65 and a 1 year high of $44.50. The stock has a fifty day moving average of $40.88 and a two-hundred day moving average of $39.28. The firm has a market capitalization of $13.05 billion, a PE ratio of 12.42 and a beta of 1.42.
Equitable (NYSE:EQH – Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.03. The business had revenue of $3.51 billion during the quarter, compared to analyst estimates of $3.71 billion. Equitable had a return on equity of 87.49% and a net margin of 7.87%. The company’s revenue was up 47.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.17 earnings per share. As a group, research analysts expect that Equitable Holdings, Inc. will post 6.01 EPS for the current year.
Equitable Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Tuesday, August 13th. Stockholders of record on Tuesday, August 6th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Tuesday, August 6th. Equitable’s dividend payout ratio is 29.72%.
Equitable Holdings, Inc, together with its consolidated subsidiaries, operates as a diversified financial services company worldwide. The company operates through six segments: Individual Retirement, Group Retirement, Investment Management and Research, Protection Solutions, Wealth Management, and Legacy.
See Also
Want to see what other hedge funds are holding EQH?Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Equitable Holdings, Inc. (NYSE:EQH – Free Report).
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Nuveen Pennsylvania Quality Municipal Income Fund (NYSE:NQP – Get Free Report) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.01 and traded as high as $12.74. Nuveen Pennsylvania Quality Municipal Income Fund shares last traded at $12.70, with a volume of 30,372 shares.
Nuveen Pennsylvania Quality Municipal Income Fund Stock Up 0.3 %
The firm’s 50-day moving average price is $12.42 and its two-hundred day moving average price is $12.01.
Nuveen Pennsylvania Quality Municipal Income Fund Dividend Announcement
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 13th will be paid a $0.078 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date is Friday, September 13th.
Institutional Trading of Nuveen Pennsylvania Quality Municipal Income Fund
Hedge funds have recently bought and sold shares of the stock. Almitas Capital LLC boosted its holdings in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 22.5% in the 2nd quarter. Almitas Capital LLC now owns 1,183,331 shares of the financial services provider’s stock worth $14,437,000 after acquiring an additional 217,464 shares in the last quarter. Whitebox Advisors LLC raised its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 121.1% in the 2nd quarter. Whitebox Advisors LLC now owns 159,331 shares of the financial services provider’s stock valued at $1,944,000 after acquiring an additional 87,252 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 80,802 shares of the financial services provider’s stock worth $986,000 after purchasing an additional 2,100 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in Nuveen Pennsylvania Quality Municipal Income Fund by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 86,429 shares of the financial services provider’s stock worth $1,054,000 after acquiring an additional 2,658 shares in the last quarter. Finally, Blue Bell Private Wealth Management LLC lifted its holdings in shares of Nuveen Pennsylvania Quality Municipal Income Fund by 7.6% during the 2nd quarter. Blue Bell Private Wealth Management LLC now owns 53,022 shares of the financial services provider’s stock valued at $647,000 after purchasing an additional 3,737 shares in the last quarter. 30.58% of the stock is owned by institutional investors.
Nuveen Pennsylvania Quality Municipal Income Fund Company Profile
Nuveen Pennsylvania Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of Pennsylvania. The fund invests in tax exempt municipal bonds, with a rating of Baa/BBB or higher.
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Prestige Wealth Management Group LLC reduced its stake in shares of Invesco QQQ (NASDAQ:QQQ – Free Report) by 11.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 241 shares of the exchange traded fund’s stock after selling 30 shares during the period. Prestige Wealth Management Group LLC’s holdings in Invesco QQQ were worth $116,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also recently modified their holdings of QQQ. Ballentine Partners LLC boosted its holdings in Invesco QQQ by 0.3% during the second quarter. Ballentine Partners LLC now owns 39,092 shares of the exchange traded fund’s stock worth $18,730,000 after purchasing an additional 115 shares during the last quarter. Ellis Investment Partners LLC boosted its stake in shares of Invesco QQQ by 0.9% in the 2nd quarter. Ellis Investment Partners LLC now owns 43,165 shares of the exchange traded fund’s stock worth $20,681,000 after buying an additional 405 shares during the last quarter. Valence8 US LP grew its holdings in shares of Invesco QQQ by 14.9% in the second quarter. Valence8 US LP now owns 76,711 shares of the exchange traded fund’s stock valued at $36,753,000 after acquiring an additional 9,951 shares in the last quarter. Arlington Trust Co LLC grew its holdings in shares of Invesco QQQ by 3.4% in the second quarter. Arlington Trust Co LLC now owns 1,636 shares of the exchange traded fund’s stock valued at $784,000 after acquiring an additional 54 shares in the last quarter. Finally, Koss Olinger Consulting LLC purchased a new stake in shares of Invesco QQQ during the second quarter valued at approximately $2,447,000. 44.58% of the stock is owned by hedge funds and other institutional investors.
Invesco QQQ Price Performance
QQQ stock opened at $448.69 on Monday. The stock’s fifty day simple moving average is $472.43 and its two-hundred day simple moving average is $456.33. Invesco QQQ has a 1-year low of $342.35 and a 1-year high of $503.52.
Invesco QQQ Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Monday, June 24th were given a dividend of $0.7615 per share. The ex-dividend date was Monday, June 24th. This represents a $3.05 annualized dividend and a yield of 0.68%. This is a positive change from Invesco QQQ’s previous quarterly dividend of $0.57.
PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust’s investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.
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