investor99 wrote:Not that cheap yet, IMO. $47 would be lovely.
It is almost near 52 week low at $41.10. Is it close to bottom?
Perhaps one longer term theme to look into: who would benefit from a relaxation of the federal law against banks directly selling insurance?Manulife Financial Corp [MFC-T]. chief executive officer Dominic D'Alessandro has noted that banks are already allowed to solicit business exactly the same way insurers do, including direct mail, referrals, and brokers. He's on record saying he's against banks being allowed to distribute or market insurance in branches.
But, he also notes that products offered by banks and insurers are increasingly substitutes for one another and it's no longer useful to think of the sectors as being inherently different. Selling insurance in branches is one thing, but the more fundamental issue that should be dealt with first is the structure of the financial services sector in Canada, Mr. D'Alessandro thinks. And he also believes that banks and insurers should be allowed to merge, and "it is no longer useful to think of the banking and insurance sectors as being inherently different from one another."
While the banks have been setting up tents in the insurers' backyards, Manulife's reciprocating.
Mr. Skelding said that "companies like Manulife are using their adviser channels to do banking. They're saying, 'okay, if you're buying an annuity, you must have an investment portfolio, [and] do you need a mortgage? Do you want a line of credit? And so on."
"You can do it one way, and not the other way."
Many Canadians will have spotted the ads for "Manulife One," which bills itself as the first flexible mortgage account, combining a customer's mortgage with their chequing and savings account so that any income immediately starts paying off their debt.
EPS down 35%. Pay out ratio of 100% for the quarter.TORONTO, ONTARIO--(Marketwire - May 1, 2009) - IGM Financial Inc. (IGM or the Company) (TSX:IGM) today announced earnings results for the first quarter of 2009.
Net income for the three months ended March 31, 2009 was $133.5 million compared to net income of $211.2 million a year ago and adjusted net income of $140.1(1) million in the prior quarter. Earnings per share were 51 cents compared to 79 cents a year ago and compared to adjusted earnings per share of 53(1) cents in the prior quarter.
Gross revenues for the three months ended March 31, 2009 were $559.1 million compared to $714.2 million a year ago and $583.9 million in the prior quarter. Operating expenses were $373.8 million for the first quarter, compared to $424.4 million a year ago and $393.4 million in the prior quarter.
Total assets under management at March 31, 2009 were $98.7 billion. This compared with total assets under management of $119.0 billion at March 31, 2008 and $101.7 billion at December 31, 2008.
Shareholders' equity at March 31, 2009 was $4.2 billion, unchanged from March 31, 2008 and compared to $4.1 billion at December 31, 2008. Return on average common equity for the three months ended March 31, 2009 was 12.9% compared with 20.2% for the same period in 2008 and compared to adjusted return on equity of 13.4% in the prior quarter.
People don’t seem to be leaving them in droves; that’s for sure.Earnings per share were 55 cents compared to adjusted earnings per share of 81(1) cents a year ago and earnings per share of 51 cents in the prior quarter.
Total assets under management at June 30, 2009 were $109.6 billion. This compared with total assets under management of $119.7 billion at June 30, 2008 and $98.7 billion at March 31, 2009.
Metro (MRU.a) has had a nice bump as well. Here is a possible explanation, see RBC Focus List updatesShakespeare wrote:Nice bump today.
Oops, not sure. I'm with TDW not RBC and Google doesn't turn up anything yet on the new RBC Focus List. Perhaps someone who has access to RBC can find out.Shakespeare wrote:Is "IMG" supposed to be IGM?