Occidental Petroleum Co. (NYSE:OXY) – Investment analysts at Capital One Financial boosted their FY2021 earnings estimates for Occidental Petroleum in a research note issued on Wednesday, January 5th. Capital One Financial analyst R. Tullis now anticipates that the oil and gas producer will post earnings per share of $2.24 for the year, up from their prior estimate of $2.11. Occidental Petroleum (NYSE:OXY) last released its quarterly earnings data on Thursday, November 4th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.21. The business had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.57 billion. Occidental Petroleum had a positive return on equity of 7.75{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a negative net margin of 1.51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The business’s quarterly revenue was up 107.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.84) EPS.
OXY has been the subject of several other reports. Wells Fargo & Company downgraded Occidental Petroleum from an “equal weight” rating to an “underweight” rating and reduced their price objective for the company from $35.00 to $29.00 in a research note on Wednesday. Truist raised Occidental Petroleum from a “hold” rating to a “buy” rating and upped their price objective for the company from $35.00 to $50.00 in a research note on Monday, October 18th. Citigroup boosted their target price on Occidental Petroleum from $35.00 to $38.00 in a research report on Monday. Zacks Investment Research cut Occidental Petroleum from a “strong-buy” rating to a “hold” rating and set a $31.00 target price on the stock. in a research report on Tuesday, December 28th. Finally, Societe Generale boosted their target price on Occidental Petroleum from $35.00 to $43.00 and gave the stock a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Occidental Petroleum currently has a consensus rating of “Buy” and a consensus target price of $35.67.
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Occidental Petroleum stock opened at $32.76 on Friday. The stock has a 50-day simple moving average of $30.77 and a 200-day simple moving average of $29.27. The company has a debt-to-equity ratio of 3.39, a quick ratio of 0.89 and a current ratio of 1.08. The company has a market capitalization of $30.60 billion, a P/E ratio of -26.85, a PEG ratio of 0.37 and a beta of 2.32. Occidental Petroleum has a fifty-two week low of $19.00 and a fifty-two week high of $35.75.
A number of large investors have recently made changes to their positions in the business. Crestmont Private Wealth LLC acquired a new stake in Occidental Petroleum during the 4th quarter valued at $54,000. Balyasny Asset Management LLC acquired a new stake in Occidental Petroleum during the 3rd quarter valued at $34,553,000. Patriot Financial Group Insurance Agency LLC grew its holdings in Occidental Petroleum by 51.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 10,662 shares of the oil and gas producer’s stock valued at $315,000 after buying an additional 3,643 shares during the last quarter. American International Group Inc. grew its holdings in Occidental Petroleum by 2.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 3rd quarter. American International Group Inc. now owns 314,186 shares of the oil and gas producer’s stock valued at $9,294,000 after buying an additional 8,063 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Occidental Petroleum by 5.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the 3rd quarter. Bank of New York Mellon Corp now owns 8,775,281 shares of the oil and gas producer’s stock worth $259,572,000 after purchasing an additional 444,442 shares during the period. Hedge funds and other institutional investors own 66.34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 14th. Shareholders of record on Friday, December 10th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date is Thursday, December 9th. Occidental Petroleum’s dividend payout ratio (DPR) is presently -3.28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Occidental Petroleum Company Profile
Occidental Petroleum Corp. engages in the exploration and production of oil and natural gas. It operates through the following segments: Oil and Gas, Chemical, and Midstream and Marketing. The Oil and Gas segment explores for, develops and produces oil and condensate, natural gas liquids and natural gas.
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Should you invest $1,000 in Occidental Petroleum right now?
Before you consider Occidental Petroleum, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Occidental Petroleum wasn’t on the list.
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Wall Street analysts predict that Broadridge Financial Solutions, Inc. (NYSE:BR) will announce $1.20 billion in sales for the current fiscal quarter, Zacks reports. Five analysts have made estimates for Broadridge Financial Solutions’ earnings, with the lowest sales estimate coming in at $1.15 billion and the highest estimate coming in at $1.24 billion. Broadridge Financial Solutions reported sales of $1.05 billion during the same quarter last year, which would suggest a positive year over year growth rate of 14.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The company is expected to announce its next earnings results on Tuesday, February 1st.
According to Zacks, analysts expect that Broadridge Financial Solutions will report full-year sales of $5.59 billion for the current financial year, with estimates ranging from $5.46 billion to $5.70 billion. For the next financial year, analysts anticipate that the firm will post sales of $5.88 billion, with estimates ranging from $5.77 billion to $6.00 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Broadridge Financial Solutions.
Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Tuesday, November 2nd. The business services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.10. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Broadridge Financial Solutions had a net margin of 10.62{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a return on equity of 41.21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The firm’s quarterly revenue was up 17.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} compared to the same quarter last year. During the same period last year, the firm posted $0.98 earnings per share.
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Separately, Raymond James boosted their target price on shares of Broadridge Financial Solutions from $187.00 to $192.00 and gave the stock an “outperform” rating in a research note on Thursday, November 4th.
In other news, VP Vijay Mayadas sold 25,208 shares of the company’s stock in a transaction dated Monday, November 29th. The shares were sold at an average price of $174.00, for a total transaction of $4,386,192.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, President Christopher John Perry sold 415 shares of the company’s stock in a transaction dated Tuesday, December 28th. The shares were sold at an average price of $185.04, for a total transaction of $76,791.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,180 shares of company stock worth $11,736,880. 1.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by company insiders.
Large investors have recently bought and sold shares of the company. BlackRock Inc. grew its position in Broadridge Financial Solutions by 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. BlackRock Inc. now owns 9,283,177 shares of the business services provider’s stock worth $1,546,949,000 after purchasing an additional 86,967 shares in the last quarter. State Street Corp grew its position in Broadridge Financial Solutions by 0.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. State Street Corp now owns 4,846,335 shares of the business services provider’s stock worth $785,564,000 after purchasing an additional 16,629 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Broadridge Financial Solutions by 2.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,811,623 shares of the business services provider’s stock worth $777,221,000 after purchasing an additional 112,745 shares in the last quarter. Geode Capital Management LLC grew its position in Broadridge Financial Solutions by 4.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. Geode Capital Management LLC now owns 2,160,725 shares of the business services provider’s stock worth $359,184,000 after purchasing an additional 91,573 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec grew its position in Broadridge Financial Solutions by 156.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,268,126 shares of the business services provider’s stock worth $211,321,000 after purchasing an additional 774,130 shares in the last quarter. 86.57{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by institutional investors.
Shares of NYSE:BR opened at $177.46 on Thursday. The company’s 50 day simple moving average is $176.38 and its 200 day simple moving average is $172.48. The stock has a market capitalization of $20.69 billion, a price-to-earnings ratio of 38.16 and a beta of 0.88. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.25 and a quick ratio of 1.25. Broadridge Financial Solutions has a 1 year low of $137.91 and a 1 year high of $185.40.
The company also recently announced a quarterly dividend, which was paid on Wednesday, January 5th. Investors of record on Wednesday, December 15th were issued a $0.64 dividend. The ex-dividend date of this dividend was Tuesday, December 14th. This represents a $2.56 annualized dividend and a yield of 1.44{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Broadridge Financial Solutions’s payout ratio is 55.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Broadridge Financial Solutions Company Profile
Broadridge Financial Solutions, Inc engages in the provision of investor communications and technology solutions to banks, broker-dealers, mutual funds, and corporate issuers. It operates through the following segments: Investor Communication Solutions and Global Technology and Operations. The Investor Communication Solutions segment offers services for broker-dealer investor communication, customer communication, corporate issuer, advisor solutions, and mutual fund and retirement solutions.
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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Should you invest $1,000 in Broadridge Financial Solutions right now?
Before you consider Broadridge Financial Solutions, you’ll want to hear this.
MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Broadridge Financial Solutions wasn’t on the list.
While Broadridge Financial Solutions currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.
The calendar year undoubtedly commenced off on a hopeful notice, but the wheels have appear off the bull-market place wagon, with a sharp tumble for the Nasdaq Composite and a very similar slump for the Nasdaq-100 index marking the worst begin for individuals tech-weighty benchmarks in over a decade.
The Nasdaq Composite
COMP, -3.34{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}’s
unsightly 3.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} Wednesday drop aided to saddle the benchmark with the worst commence to a calendar year, down 3.48{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, given that 2008 when it dropped 5.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the very first three buying and selling classes.
For the Nasdaq-100 index
NDX, -3.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},
composed of the premier firms in the Nasdaq, the calendar year-to-day decrease is 3.36{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, also representing its steepest slide to start the initially a few times of a year in 13 decades, when the money crisis gripped the world.
This time all-around, the COVID pandemic has wreaked havoc in provide chains and appears to be persuasive the Federal Reserve to ratchet up its tightening cycle to overcome out-of-regulate inflation, which is functioning properly higher than its annual 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} focus on.
Study: Fed minutes suggest officers are primed to move away from quick coverage stance
On Wednesday, minutes from the Fed’s mid-December accumulating, its previous of 2021, pointed to a more quickly timetable for increasing interest charges in 2022, most likely as quickly as in March, amid increased distress with high inflation. Sector individuals are anticipating at minimum a few curiosity level raises this year.
On best of that, and aiding to rattle produce-delicate segments of the market place like tech, associates of the Federal Open up Industry Committee signaled an interest in shrinking its around $8.8 trillion portfolio of bonds and other property somewhat shortly soon after commencing to raise prices.
The minutes, generally a snoozer on Wall Street, drove offering in the industry that previously was on edge anticipating a central financial institution that would be much less accommodative, even as the omicron variant of the coronavirus that causes COVID-19 fuels disruptions in the worldwide overall economy.
See:Here’s what inventory and bond market place strategists say after Fed minutes issue to the end of effortless cash
Omicron stumbles are envisioned to be quick-lived, having said that. That may well be why the Fed is inclined to dial down market place-supportive bond purchases and elevate curiosity costs, which now stand at a assortment concerning {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and .25{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, nearer to ordinary.
Traders weren’t having it very well, with the Dow Jones Industrial Ordinary
DJIA, -1.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
snapping a two-day streak of report-superior closes to end down 1.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and the S&P 500
SPX, -1.94{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}
skidding to a 1.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} fall on the session.
Readers are referred to the section “Forward-Looking Statements” at the end of this release. All figures are expressed in Canadian dollars.
Power continues to simplify corporate structure
Power Corporation sells its 13.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} interest in ChinaAMC to IGM Financial
Transaction to be partially funded through sale by IGM of common shares of Great-West Lifeco to Power Corporation
Further opportunity to support Power share buyback program
MONTRÉAL, Jan. 5, 2022 /CNW Telbec/ – Power Corporation of Canada (Power Corporation or Power) (TSX: POW) today announced that it has entered into an agreement under which the Power Corporation group of companies’ current combined 27.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} equity ownership stake in China Asset Management Co., Ltd. (ChinaAMC) will be consolidated at IGM Financial Inc. (IGM) (TSX: IGM). Under the agreement, Power will sell its 13.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} ownership stake to Mackenzie Financial Corporation, a wholly owned subsidiary of IGM, for aggregate consideration of $1.15 billion in cash. Power shareholders will continue to participate in ChinaAMC through Power’s 64.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} economic interest in IGM.
To partially fund the transaction, IGM has agreed to sell 15,200,662 Great-West Lifeco Inc. (Great-West Lifeco) (TSX: GWO) common shares to a subsidiary of Power Financial Corporation (Power Financial or PFC), for aggregate consideration of $575 million, representing a price of $37.83 per share which is equivalent to the 5-day volume-weighted average price of the Great-West Lifeco common shares as at the close of business on January 5, 2022 (the Great-West Lifeco Share Transfer).
“We continue to execute on our strategy to simplify and streamline Power and to deliver value for our shareholders,” said R. Jeffrey Orr, President and Chief Executive Officer of Power Corporation. “We look forward to continued participation in ChinaAMC through our ownership of IGM. We also believe this is an attractive opportunity to both increase our ownership in Great-West Lifeco and support our share buyback initiatives.”
Power Corporation expects to return a portion of the net cash proceeds from the transaction to its shareholders, after factoring in the purchase of Great-West Lifeco common shares, through share repurchases over time pursuant to a normal course issuer bid of Power. The transaction is expected to be accretive to Power’s net asset value.
Timing and Regulatory Approvals
The sale of Power’s interest in ChinaAMC will be subject to, among other things, approval by the China Securities Regulatory Commission and by certain other Chinese regulatory authorities.
The acquisition by Power of the Great-West Lifeco common shares is conditional on the closing of the sale of the ChinaAMC shares.
The transactions are expected to close in the first half of 2022.
Advisors
BMO Capital Markets and Morgan Stanley are acting as financial advisors to Power. Blake, Cassels & Graydon LLP, and Baker McKenzie are acting as Power’s legal advisors.
Early Warning Disclosure
PFC currently beneficially owns, including through its controlling interest in IGM, an aggregate of 657,587,165 Great-West Lifeco common shares, representing approximately 70.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares (69.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on an economic basis). Excluding Great-West Lifeco common shares beneficially owned by IGM, PFC currently owns 620,250,032 Great-West Lifeco common shares, representing approximately 66.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares.
On closing of the Great-West Lifeco Share Transfer, PFC will indirectly acquire 15,200,662 additional Great-West Lifeco common shares (representing approximately 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares) such that PFC will beneficially own an aggregate of 635,450,694 Great-West Lifeco common shares, excluding those beneficially owned by IGM, representing 68.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares. The Great-West Lifeco Share Transfer will not impact the aggregate beneficial ownership of Great-West Lifeco common shares by PFC, which shall remain at 70.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares (including indirect beneficial ownership through its controlling interest in IGM). PFC’s economic interest will increase to 69.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. PFC and its subsidiaries will continue to own, in the aggregate, voting securities representing approximately 65{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the votes attached to all voting securities of Great-West Lifeco.
PFC holds the Great-West Lifeco common shares for investment purposes and, in accordance with applicable securities laws, may increase or decrease its investment in Great-West Lifeco depending on market conditions and then relevant factors. PFC relies on Part 5 of National Instrument 62-103 in respect of aggregation relief relating to any securities that may be held by Great-West Lifeco and its subsidiaries, IGM and its subsidiaries, and any investment fund managed by entities within the Power Corporation group of companies.
About Power Corporation
Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit www.PowerCorporation.com.
Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe. PFC is continued under the Canada Business Corporations Act and its head office is located at 751 Victoria Square, Montréal, Quebec H2Y 2J3. To learn more, visit www.PowerFinancial.com.
About China Asset Management Co., Ltd
Founded in 1998 as one of the first fund management companies in China, China Asset Management Co., Ltd. (ChinaAMC) has maintained a market leading position in China’s asset management industry with total AUM of approximately RMB¥1.607 trillion ($309 billion) at June 30, 2021. The company currently serves over 75,000 institutional clients and 184 million retail investors. ChinaAMC boasts one of the industry’s strongest investment teams with over 250 dedicated investment professionals. CITIC Securities is the largest shareholder of ChinaAMC. To learn more, visit fund.chinaamc.com for more information.
About IGM Financial Inc.
IGM Financial Inc. is one of Canada’s leading diversified wealth and asset management companies with approximately $270 billion in total assets under management and advisement at November 30, 2021. The company provides a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel. To learn more, visit www.igmfinancial.com.
About Great-West Lifeco Inc.
Great-West Lifeco Inc. is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. It operates in Canada, the United States and Europe under the brands Canada Life, Empower Retirement, Putnam Investments, and Irish Life. To learn more, visit www.greatwestlifeco.com.
Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect Power’s and PFC’s current expectations, or with respect to disclosure regarding Power’s and PFC’s public subsidiaries, reflects such subsidiaries’ disclosed current expectations as disclosed in their respective MD&A. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Power’s and PFC’s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future and the reader is cautioned that such statements may not be appropriate for other purposes. These statements include, without limitation, statements regarding the anticipated benefits of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer, the timing of the completion of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer, the timing for the receipt of the required regulatory and other approvals, the interest of PFC in Great-West Lifeco following the Great-West Lifeco Share Transfer, repurchases pursuant to a normal course issuer bid of Power, and the effect of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer on Power’s and PFC’s future operations, financial conditions and share price performance. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond Power’s and PFC’s and their respective subsidiaries’ control, affect the operations, performance and results of Power and PFC and their respective subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government regulation and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises (such as COVID-19), Power’s and PFC’s and their respective subsidiaries’ ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer not occurring as expected, including failure of any condition to the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer, or the failure to achieve the anticipated benefits of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer and Power’s or PFC’s and their respective subsidiaries’ success in anticipating and managing the foregoing factors.
The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, that the required approvals for the disposition of Power’s equity ownership stake in ChinaAMC will be received, as well as other considerations that are believed to be appropriate in the circumstances, including the availability of cash to complete purchases under normal course issuer bid, and that the list of factors in the preceding paragraph, collectively, are not expected to have a material impact on Power or PFC and their respective subsidiaries. While each of Power and PFC consider these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, each of Power and PFC undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Additional information about the risks and uncertainties of Power’s and PFC’s business and material factors or assumptions on which information contained in forward-looking statements is based is provided in their disclosure materials, including each of Power Corporation’s most recent Management’s Discussion and Analysis and Annual Information Form, filed with the securities regulatory authorities in Canada available at www.sedar.com.
Non-IFRS Financial Measures and Presentation
This press release presents and discusses a financial measure which is not in accordance with International Financial Reporting Standards (IFRS). Net Asset Value presents the fair value of the net assets of Power, expressed on a per share basis. Net Asset Value presents the fair value of the net assets of Power and is used to assist in assessing value, on a per share basis. This non-IFRS financial measure does not have a standard meaning and may not be comparable to similar measures used by other entities. Reconciliations of the Net Asset Value and the non-IFRS basis of presentation with the presentation reported in accordance with IFRS are included in Power’s most recent Management’s Discussion and Analysis.
CHICAGO, Jan. 5, 2022 /PRNewswire/ — LaSalle St., a family of prosperity management corporations encompassing an unbiased broker-dealer and registered expenditure adviser (RIA) system, right now declared the recruitment to its system of two unbiased prosperity management corporations: Brisbois Money, a company with $90 million in consumer belongings dependent in Wilmington, MA, and The Associates Group, a Chicago-area firm with $70 million in client belongings. Brisbois Money was formerly affiliated with Securities America, when The Associates Team was earlier affiliated with LPL Financial. The two firms’ founding advisors – Todd Brisbois and Alan Nadolna, respectively – provide over 50 yrs of put together working experience in serving purchasers to the LaSalle St. network, Pay Per Touch.
Launched in 2003, Brisbois Capital provides assistance to families, people today, trusts, corporate retirement options, pension options, and foundations on a detailed range of prosperity advisory and fiscal solutions, which includes asset administration, wealth administration and retirement scheduling. President and founder Todd Brisbois is committed to encouraging each consumer build a lasting legacy through open dialogue and demonstrated approaches that are created specifically to go well with every single client’s desires.
The Associates Team is a monetary organizing-concentrated advisory apply that provides personalized-personalized wealth administration and retirement setting up expert services to a wide range of clientele. Founded by seven-time Five Star Prosperity Manager Award winner Alan Nadolna, the company is dedicated to professionalism and the cooperative advancement of unique, particular aims as the foundation of the monetary ideas it provides to consumers. (The 5 Star Wealth Manager Award is primarily based on 10 aim standards affiliated with offering high-quality products and services to shoppers such as credentials, expertise, and property beneath management among other components.)
Mark Contey, LaSalle St.’s Main Enterprise Improvement Officer, said, “We are thrilled to welcome Brisbois Funds and The Associates Group to the LaSalle St. loved ones. Todd Brisbois and Alan Nadolna are the two extraordinary advisors with sturdy monitor documents of furnishing top-tier assistance to their clientele, and we glimpse ahead to supporting them in the ongoing expansion of their corporations. As this announcement reveals, LaSalle St.’s price proposition as an advisor-targeted agency with a nimble, ‘culture of yes’ support mentality and a motivation to very long-time period security is continuing to resonate with major monetary advisors across the state.”
Todd Brisbois said, “With the impartial economic suggestions landscape continuing to evolve so fast, it was essential for me to partner with a strong, steady company that will get the time to get to know me, my customers and my company moving forward. LaSalle St. much more than satisfied these requirements with their responsive company lifestyle, consistent obtain to the firm’s major leaders, versatile and realistic tactic to technology, and progressive platforms like their zero interest lending program for succession preparing-pushed acquisitions. With this partnership in area, Brisbois Funds is ideally positioned to keep on our advancement and deliver even much better support to our shoppers.”
Alan Nadolna claimed, “From our pretty very first discussions, it was clear to me that LaSalle St. prizes its near relationships with advisors in the similar way I value my own connections with my purchasers, which was incredibly significant to me. I also considerably appreciated their strategy to changeover and extensive-phrase company support, as they built it clear that their mission was to assistance my recent business enterprise product – not power me to conform to their system or support offerings. I am very enthusiastic to associate with LaSalle St., and I search forward to every thing we will complete with each other.”
About LaSalle St.
LaSalle St. is a relatives of corporations comprising LaSalle St. Securities, an unbiased broker-seller LaSalle St. Investment decision Advisors, a SEC-registered financial commitment adviser and LaSalle St. Insurance coverage Products and services, a supplier of annuity and insurance plan merchandise. It has a singular mission of supporting the progress and achievements of unbiased financial advisors across the state. Founded in 1974 and based in Chicago, Illinois, LaSalle St. supports extra than 300 money advisors, has over $12 billion in total customer belongings and is registered in all 50 states. The LaSalle St. corporations present a vast vary of expert services, including brokerage, advisory, investment and insurance plan. The business clears primarily by Nationwide Monetary Services, with custodial services as a result of NFS mother or father Fidelity Investments. For extra facts, take a look at
The federal government has begun conversations to set in area a resolution mechanism to deal with insolvency of firms in the economic sector. A modified edition of the Economic Resolution and Deposit Insurance coverage (FRDI) Monthly bill — which was withdrawn in 2018 thanks to its controversial provision of bail-in that was perceived as undermining security of depositors — is getting contemplated. The Finance Ministry has a short while ago sought views of the Reserve Financial institution of India (RBI) on drafting the refreshing laws and discussions are underway to putting in spot a procedure to offer with economic firms’ insolvency even though at the same time delivering greatest stage of protection to depositors, sources common with the conversations stated.
Even as the RBI has arrive out with a Prompt Corrective Motion framework for NBFCs (non-banking monetary organizations), a will need is getting felt for a legislative backing for the overall fiscal sector. The RBI has not too long ago outdated boards of Reliance Capital, SREI Infrastructure Finance and SREI Machines Finance, and appointed supplemental director at the RBL Lender, raising concerns above solvency of firms across the money sector.
The choice on PCA framework has appear after 4 massive finance firms — IL&FS, DHFL, SREI and Reliance Cash — which gathered community funds through preset deposits and non-convertible debentures collapsed in the last 3 decades inspite of the restricted monitoring in the financial sector. They collectively owe over Rs 1 lakh crore to investors. DHFL was fixed as a result of the Insolvency and Individual bankruptcy Code, despite problems in courts.
“DHFL resolution has set a variety of a template of resolution, which can be tried in other scenarios these types of as SREI. But there is a need to have to have a precise regulation to solve insolvency of FIs (economical establishments). FIs should not be required to go as a result of IBC given their impression on the economical process and systemic steadiness. These points can be fixed through the new legislation that is less than dialogue,” a senior federal government formal explained.
Explained
Want for legislative backing
Even as the RBI has appear out with a Prompt Corrective Motion framework for NBFCs (Non Banking Monetary Providers), a need is becoming felt for a legislative backing for the entire fiscal sector.
The FRDI Monthly bill, 2017 was meant to handle the problem of insolvency of corporations in the financial sector — so that if a lender, NBFC, an insurance plan company, a pension fund or a mutual fund-run by an asset administration business fails, a brief solution is obtainable to either offer that business, merge it with another business, or close it down, with the least disruption to the program and other stakeholders.
The Monthly bill was withdrawn due to problems between public around safety of deposits regardless of assurances by the Central authorities. A critical point of criticism was the so identified as bail-in clause in the Bill that explained in situation of insolvency in a financial institution, the depositors will have to bear a aspect of the expense of the resolution by a corresponding reduction in their statements. The government experienced then clarified that the bail-in clause would not be utilized to general public sector banking institutions and it would be a device of final vacation resort, when a merger or acquisition is not feasible, in the situation of non-public sector banks.
A Financial Resolution Corporation was envisaged beneath the legislation as an agency that will classify firms in accordance to the risks they pose, have out inspections and, at a later stage, acquire around manage. Considering that then, the governing administration has experimented with to allay fears of depositors who would be provided best priority in the party of liquidation of a monetary business. The deposit insurance coverage go over has also been raised to Rs 5 lakh from Rs 1 lakh per account.
“With the deposit insurance policies deal with getting elevated, around 50 for every cent of the overall assessable lender deposits are now insured and this share is even larger at all around 60 for each cent for the public sector banks. Attempts have been built to deliver maximum basic safety to depositors, and the conversations on the money resolution legislation must be viewed in that light by itself,” a federal government formal explained.
Wall Street analysts predict that Broadridge Financial Solutions, Inc. (NYSE:BR) will announce $1.20 billion in sales for the current fiscal quarter, 
