AR:
In Shareholder Yield you note the existence of «capital destroyers,» those companies that have positive dividend yields but negative shareholder yields.
AR:
In Shareholder Yield you talk about the secular decline in dividend payout ratios.
Cambria's commitment to a Shareholder Yield ETF, the historical results outlined
in Shareholder Yield: A Better Approach to Dividend Investing (and elsewhere on the web), and the results of the tests using Portfolio123 indicate that a shareholder yield strategy is worth our attention.
Faber outlines the Shareholder Yield strategy
in his Shareholder Yield: A Better Approach to Dividend Investing.
Not exact matches
But if Moynihan hits his mark and returns all of B of A's profits to
shareholders, with earnings now
in the $ 20 billion range, the
yield would rise to 8.5 %, and the total return to more like 12.5 %.
If the listing
yields a lucrative exit for existing
shareholders, it will encourage other nascent high - growth firms to follow
in Spotify's footsteps.
We feel this provides the best trade - off
in terms of valuations,
shareholder yield, growth expectations and the potential to buffer some of the downside if markets sell off.
Shareholders in Deutsche Bank are said to be upset that a strategic turnaround at the lender is yet to
yield promised returns.
Metro gets a percentage of sales from every location, so it generates a lot of free cash flow, which it then returns to
shareholders in the form of 1.53 %
yield and share buybacks.
As a result, Shell has rewarded its
shareholders well, delivering a dividend
yield of nearly 6 percent, among the highest
in the entire industry.
Indeed, Elliott thinks Polycom could pay as much as $ 10 per share for Mitel
in an all - stock transaction — which would also pay off handsomely for Elliott — and still
yield a 95 % return for Polycom
shareholders by the end of 2018.
In some cases, a lower valuation with lower preferred share rights may
yield a higher economic outcome for common
shareholders than a higher valuation with a high level of preferred share rights.
Currently, BXMT's dividend produces an approximate 8.1 % pretax
yield in the current share price and at that level, its tax deduction will provide most individual
shareholders in the top bracket
in the pretax equivalent of another 90 bps of
yield.
Mebane Faber explores the concept of
shareholder yield and expands upon it in his book, Shareholder Yield: A Better Approach to Dividend
shareholder yield and expands upon it in his book, Shareholder Yield: A Better Approach to Dividend Inves
yield and expands upon it
in his book,
Shareholder Yield: A Better Approach to Dividend
Shareholder Yield: A Better Approach to Dividend Inves
Yield: A Better Approach to Dividend Investing.
Brace for some ups and downs
in markets, but consider positioning your portfolio to pursue income through preferred stocks, total
shareholder payout and high
yield bond - oriented ETFs.
The following 5 charts display the quintile returns for
shareholder yield in red and the S&P 500 Equal Weight Index
in blue.
MS: (Editor note: After explaining this to me twice, he provided the following example) Let's say that you are the lone
shareholder in a fund and, when you invest, the fund
in turn buys a single bond at a 2 %
yield.
Hi George, could you define exactly how you calculated
shareholder yield in Portfolio123?
However, this
shareholder yield backtest did not exhibit a smooth increase
in average excess returns from the 1st quintile to the 5th quintile.
The lowest 20 percent of stocks ranked by
shareholder yield are placed
in the first quintile and the next 20 percent
in the second quintile and so forth until we have five portfolios of stocks.
These stocks are then ranked by the criteria being tested;
in this case, we are testing
shareholder yield.
I'm interested
in seeing how the Meb Faber
shareholder yield competes with the simpler dividend and backback
shareholder yield.
To be explicit on this: when the earnings
yield (the inverse of a P / E ratio) is higher than the return on cash, it is beneficial to
shareholders in increasing EPS.
So far, only a portion of this rise
in company profits has been passed on to
shareholders in the form of higher dividends;
in April, the dividend
yield was 3.7 per cent compared with 3.3 per cent
in January.
In other words, REITs are high -
yield pass - through stocks, designed to distribute the majority of cash flow to
shareholders.
When the
yields on the securities
in which money market mutual funds invest are quite low, the
yields that the funds are passing along to their
shareholders are also quite low.
Business organizations have to ask whether or not using eLearning
in some form is a worthwhile investment that will
yield good dividends for
shareholders and enable them to hold their place or even advance their position
in the globally connected market place.
I consider Faber one of the most innovative strategists
in the business today, and I found his research on
shareholder yield to be compelling enough to make the Cambria Shareholder Yield ETF (SYLD) a core, long - term holding in multiple ETF portfolio
shareholder yield to be compelling enough to make the Cambria Shareholder Yield ETF (SYLD) a core, long - term holding in multiple ETF portfolios I ma
yield to be compelling enough to make the Cambria
Shareholder Yield ETF (SYLD) a core, long - term holding in multiple ETF portfolio
Shareholder Yield ETF (SYLD) a core, long - term holding in multiple ETF portfolios I ma
Yield ETF (SYLD) a core, long - term holding
in multiple ETF portfolios I manage.
For example, here is a chart with accompanying statistics of a reference ETF portfolio determined
in that manner for the Cambria
Shareholder Yield ETF (SYLD):
In the case of SYLD, the manager chooses what he considers to be the top 100 stocks based on
shareholder yield, as well as the portfolio weights.
The
shareholders of General Electric enjoy receiving dividend checks
in the mail with a current
yield of 2.79 %.
As cash returned to
shareholders can be reinvested
in the common stock of a particular company, investors benefit from high -
yield companies as a group.
Van Vliet and de Koning suggest using a combination of dividend
yield and buyback
yield (collectively called «
shareholder yield»
in certain cases, though Van Vliet and de Koning do not use that phrase
in the book) to screen for value.
Does the high
yield compensate the
shareholder for whatever risks are
in the price of the stock?
Brace for some ups and downs
in markets, but consider positioning your portfolio to pursue income through preferred stocks, total
shareholder payout and high
yield bond - oriented ETFs.
QVAL appears to be just under the average of its «active» ETF peers,
in between a couple other notables: Cambria
Shareholder Yield ETF (SYLD) at 0.59 % and AdvisorShares TrimTabs Float Shrink ETF (TTFS) at 0.99 %.
In 10 years, Coca - Cola
shareholders will have a
yield on cost of around 7.1 % thanks to growth.
The first test is a
Shareholder Yield strategy on stocks
in the S&P 500.
Company ABC decides to pay half of these earnings ($ 50 million)
in dividends to its
shareholders, paying $ 10 for each share for a dividend
yield of 10 %.
And
shareholders are also locking
in a very appealing
yield right now.
Through a combination of increasing dividends and aggressive share repurchases, Chubb's high
shareholder yield allows it to give investors good returns even without core growth, and
in this case, the company would have roughly doubled your money if you had invested seven years ago and reinvested all dividends.
The return realized by the company on its investment
in its own shares is the same as an individual
shareholder's (the Earnings
Yield = flip of P / E = ROE divided by the Price / Book).
The
shareholder yield tested by Mebane Faber is also worth mentioning (Dividend yield + Percentage of Shares Repurchased + Net debt repaid yield) Net Debt Repaid Yield = Change in total debt / Market Value of the co
yield tested by Mebane Faber is also worth mentioning (Dividend
yield + Percentage of Shares Repurchased + Net debt repaid yield) Net Debt Repaid Yield = Change in total debt / Market Value of the co
yield + Percentage of Shares Repurchased + Net debt repaid
yield) Net Debt Repaid Yield = Change in total debt / Market Value of the co
yield) Net Debt Repaid
Yield = Change in total debt / Market Value of the co
Yield = Change
in total debt / Market Value of the company
Supposing a 4 % free cash flow
yield and a 5 % growth rate
in earnings, the company offers long - term rewards of 9 % per year to
shareholders.
The total
shareholder yield of the portfolio will generally be
in the mid-single digits.
Dividends are money
in the
shareholders pocket and when earnings remain constant, share reduction results
in increased earnings per share and potentially a higher future dividend
yield.
It seems these companies are able to return cash to
shareholders (via dividend raises) on average
in the 8 - 12 % range without share buybacks and
in 11 - 15 % range with (total
shareholder yield) outside of any additional increase
in the actual price per share.
There was a lot of turnover this month due
in part to posts up including a Q&A with Mebane Faber on
shareholder yield and and a post up on the «mirage of financial literacy.»
Investors who desire exposure to a leading mortgage REIT with an 11 % dividend
yield should consider a company with a convincing track record
in growing
shareholder value and outperforming its peers.
I'm merely stating that after funding the pension (
in line with mgmt comments) and paying the expected dividend (while not an obligation to
shareholders, mgmt knows the company's relative valuation is at least partially based on its
yield relative to peers and will not likely cut it) there is no capital left for growth, share repurchaes or to raise the dividend.