Fin Stocks Updates: NewStar (NEWS), Prologis (PLD), Triangle Capital (TCAP) – share market updates (press release)

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Shares of NewStar Financial Inc (NASDAQ:NEWS) ended Wednesday session in red amid volatile trading. The shares closed down -0.36 points or -3.70% at $9.37 with 11,899 shares getting traded. Post opening the session at $9.76, the shares hit an intraday low of $9.37 and an intraday high of $9.78 and the price vacillated in this range throughout the day. The company has a market cap of $425.37 million and the numbers of outstanding shares have been calculated to be 47.64 million shares.

NewStar Financial Inc (NEWS) on May 04, 2016 announced financial results for its first quarter of 2016, reporting net income of $4.0 million, or $0.09 per diluted share. These results compare to net income of $4.2 million, or $0.09 per diluted share in the fourth quarter of 2015 and $2.5 million, or $0.05 per diluted share in the first quarter of 2015. Operating income before income taxes was $6.9 million for the first quarter of 2016 compared to $7.1 million for the fourth quarter and $4.3 million in the first quarter of 2015.

Tim Conway, NewStar’s Chairman and Chief Executive Officer commented on the Company’s performance: “With the sale of our asset-based lending subsidiary at the end of the quarter, we continued to transform the company from a bank-styled diversified commercial finance business into a more specialized middle market direct lender with a focus on managing assets for institutional investors.  The transaction generated an attractive financial return, while demonstrating the intrinsic value of our direct lending platforms.  It also added significantly to our liquidity position, enhancing our ability to pursue other strategic priorities.  The additional liquidity allows us the flexibility to re-invest in our higher margin core lending and asset management businesses, which I believe are better positioned to capitalize on favorable long-term market trends, including a reduction in banks’ leveraged lending activities and growing interest among institutional investors in middle market private debt.

Shares of Prologis Inc (NYSE:PLD) ended Wednesday session in green amid volatile trading. The shares closed up +0.23 points or 0.50% at $45.88 with 2.48 million shares getting traded. Post opening the session at $45.22, the shares hit an intraday low of $44.77 and an intraday high of $45.98 and the price vacillated in this range throughout the day. The company has a market cap of $23.90 billion and the numbers of outstanding shares have been calculated to be 524.51 million shares.

Prologis Inc (PLD) on May 4, 2016 announced that its Board of Directors declared a regular cash dividend for the quarter ending June 30, 2016 on the following securities:

  • A dividend of $0.42 per share of the company’s common stock, which will be payable on June 30, 2016 to common stockholders of record at the close of business on June 13, 2016; and
  • A dividend of $1.0675 per share on the company’s 8.54% Series Q Cumulative Redeemable Preferred Stock, which will be payable on June 30, 2016 to Series Q stockholders of record at the close of business on June 17, 2016.

Annual Meeting Results

At the company’s 2016 annual stockholder meeting, three proposals were approved: the election of directors to serve until the next annual meeting and until their successors are duly elected and qualified; the advisory vote for the company’s executive compensation for 2015; and the ratification of the appointment of KPMG LLP as the company’s independent registered public accounting firm for the year 2016.

The stockholders of Prologis, Inc. elected Hamid R. Moghadam (chairman), George L. Fotiades, Christine N. Garvey, Lydia H. Kennard, J. Michael Losh, Irving F. Lyons III, David P. O’Connor, Jeffrey L. Skelton, Carl B. Webb and William D. Zollars as directors of the company.

Shares of Triangle Capital Corporation (NYSE:TCAP) ended Wednesday session in green amid volatile trading. The shares closed up +0.22 points or 1.11% at $19.96 with 95,603 shares getting traded. Post opening the session at $19.73, the shares hit an intraday low of $19.69 and an intraday high of $20.19 and the price vacillated in this range throughout the day. The company has a market cap of $662.28 million and the numbers of outstanding shares have been calculated to be 33.53 million shares.

Triangle Capital Corporation (TCAP) on May 04, 2016 announced its financial and operating results for the first quarter of 2016.

Highlights

  • Total Investment Portfolio:  $940.0 million
  • Total Net Assets (Equity):  $504.3 million
  • Net Asset Value Per Share (Book Value):  $15.02
  • Weighted Average Yield on Debt Investments:  12.3%
  • Efficiency Ratio (G&A Expenses/Total Investment Income):  39.5%
  • Efficiency Ratio excluding expenses related to the previously announced retirement of Garland S. Tucker, III:  19.1%
  • Investment Portfolio Activity for the Quarter Ended March 31, 2016
    • Cost of investments made during the period:  $11.8 million
    • Principal repayments (excluding PIK interest repayments) during the period:  $48.7 million
    • Proceeds related to the sale of equity investments during the period:  $4.9 million
  • Non-Accrual Assets as a Percentage of Total Portfolio Cost and Fair Value: 3.6% and 0.9%, respectively
  • Financial Results for the Quarter Ended March 31, 2016
    • Total investment income:  $26.7 million
    • Net investment income:  $9.6 million
    • Net investment income per share:  $0.29
    • Net investment income per share excluding expenses related to the previously announced retirement of Mr. Tucker:  $0.45
    • Net realized gains:  $0.6 million
    • Net increase in net assets resulting from operations:  $12.4 million
    • Net increase in net assets resulting from operations per share:  $0.37

In commenting on Triangle’s activities during the first quarter, E. Ashton Poole, President and CEO, stated, “Triangle experienced slow new investment activity, relatively active add-on investment activity, and a slight overall write-up in the fair value of our investment portfolio.  As we move into the second quarter, M&A activity has picked up meaningfully and our investment professionals are busy analyzing new investment opportunities.  As a result, we believe the balance of 2016 may prove to be quite active from a new investment perspective.”