ETF Inflows Hit a Fresh Annual Record
The US-listed ETFs witnessed strong inflows last week with the addition of $11.7 billion. It brought the year-to-date total to $319.9 billion.
The SPDR S&P Bank ETF (KBE) rose 4.20% for the week—its biggest weekly rise since June. The SPDR S&P Regional Banking ETF (KRE) rose 4.4%.
Several large US banks and credit card companies reported a rise in credit card delinquency rates for August—the second rise after falling for four months.
The SPDR Gold Trust (GLD) added $873 million—gold prices rose to the highest level in a year. The largest outflow was witnessed in SPY.
Bank stocks fell lower last week as bond yields reached the lowest levels in 2017, which caused interest rates to fall.
According to AIR Worldwide, Hurricane Irma will likely create insured losses of $20 billion–$65 billion for the US and some Caribbean islands.
Of the five analysts that follow Papa John’s, 60% recommend a “buy,” 40% recommend a “hold,” and none of the analysts recommend a “sell.”
US-listed ETFs had strong inflows last week with the addition of $10.3 billion, bringing the year-to-date total to $303.7 billion.
Hurricane Harvey hurt the shares of US property and casualty insurers. JPMorgan (JPM) estimated insured losses of around $20.0 billion.
In 2Q17, the five largest US banks originated residential mortgages worth $112.0 billion, which was higher than $96.0 billion in 1Q17 but well below $129.0 billion in 2Q16.
US ETF inflows continued to surge last week with investors adding $3.9 billion, bringing the year-to-date total to $292.3 billion. All asset classes saw positive flows during the week.
US stocks rose modestly last week after the Federal Reserve Chair Janet Yellen remained silent about future interest rate hikes, which sent US Treasury yields lower.
According to Bloomberg, deregulation of US banking (XLF) could enhance gross profits for the six largest US banks by $27 billion, which would increase their annual pretax income by around 20%.
Extra Space Storage’s (EXR) analyst target price is $81.13, up 7% from its current price level.
Public Storage (PSA) trades at an EV-to-EBITDA multiple of ~21.5x.
During 2Q17, CubeSmart (CUBE) paid a dividend of $0.27 per share, which was higher than $0.21 per share paid in 2Q16.
CubeSmart issued two notes of $50.0 million each, carrying interest of 4.4% and 4.0% and maturity dates of 2023 and 2025, respectively.
During 1H17, CubeSmart acquired two properties located in Maryland and California worth $21.9 million.
Although Public Storage did not provide any guidance for net operating income expected during fiscal 2017, analysts expect the company to report flat YoY NOI of ~$2.0 billion during 2Q17.
Extra Storage expects to report adjusted FFO of $4.25–$4.32 in fiscal 2017.