i just think there is no appetite for FIG beyond the dividend. money talks and the current yield blows. can't even tell what the tax liability is, due to partnership structure - so even $0.08 divvy may suck if your tax liability is $0.05/share. and all their big talk for THREE YEARS about a top-up has led to..... ZERO DOLLARS of top-ups.
just a bit frustrating (though not surprising) that the mkt will not factor growth into FIG pricing. there is ZERO demand for FIG beyond the cash divvy.
not even up 5% today.
if you run numbers with normalized returns on their funds (as opposed to falling below high-water marks during the financial crisis and then playing catch up), this should be a $20 stock.
i think the tough thing about FIG is mgt runs it like a private company. that's great over the long haul, but means that there can be 5+ year periods (2007-2013) where mgt gives no love to public shareholders. they did the prudent thing - they paid off mgt co debt, built the portfolio, bought back shares, and got back above those high-water marks. ultimately this stock will trade based on how good they are at raising & investing capital. that tells me there's large potential upside, but it's still a black box.
they don't pay 4Q div until after YE earnings release. they may indeed leave us high & dry, but we won't know until sometime in march.
i think so too. i think the cash yield will bring in institutions that understand it. i'd take a 4% divvy at $14/share with a 10% growth rate all day long.
i hope you're right but i'm not counting on it. last year they promised a top-up with no exception and did not do it. this year they've said straight-up that they may just do a buyback in lieu. they are obtuse when it comes to shareholder relations, but still know how to run those funds, so eventually cash should start spilling out, just hope i'm around to see it.