Posts by: battipagliaj
When most of us think about growth, the focus is usually on how quickly a company might expand in the future and, sometimes, on recent growth. But the more important question for your portfolio may actually be not how much growth a company might deliver — it is how confident we can be in that growth. We will argue here that during risk-loving bull markets (like today), focus tends to shift to the “how much” question, and during more normal, risk-aware markets, reverts to the “how confident” question. To prove our point, we will offer three charts. The first chart
18 November 2025 I Rahway, NJ The board of directors of Merck (NYSE: MRK) has declared a regular quarterly dividend of $0.85 per common share, an increase of approximately 5% from the previous quarterly dividend of $0.81. Payment of the dividend is expected in January 2026. For calendar year 2026, this marks the second dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. Both changes were increases. The average dividend increase is 7.5% compared with 2025 levels. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past 12 months, increased, decreased, or had
12 November 2025 I Roseland, NJ The board of directors of ADP (NASDAQ: ADP) has declared a regular quarterly dividend of $1.70 per common share, an increase of approximately 10% from the previous quarterly dividend of $1.54. Payment of the dividend is expected in January 2026. For calendar year 2026, this marks the first dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past 12 months, increased, decreased, or had no change in dividend. From the press release: “The board of directors of ADP
As 2025 draws to a close, the economy remains stronger than many expected. The Federal Reserve’s modest 0.25% rate cut to 4.25% signals a gentler stance, but persistent inflation suggests only gradual easing ahead. Equity and credit markets have rallied to record valuations, leaving limited margin for disappointment. Bonds once again offer meaningful real returns and portfolio balance, while global growth leadership is shifting toward developed markets. With optimism high and valuations stretched, we believe investors should emphasize diversification, quality, and flexibility—positioning portfolios to potentially benefit from resilience while staying prepared for bouts of volatility that often follow periods of
9 October 2025 I Bethesda, MD The board of directors of The Lockheed Martin Corporation (NYSE: LMT) has declared a regular quarterly dividend of $3.45 per common share, an increase of approximately 4.5% from the previous quarterly dividend of $3.30. Payment of the dividend is expected in December 2025. For calendar year 2025, this marks the twenty-seventh dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. All twenty-seven changes were increases. The average dividend increase is 6.7% compared with December 2024 indicated levels. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past
Our recent lag versus the S&P 500 reflects a market led by lower-quality and extremely highly valued companies. While challenging, this is a well-understood dynamic of quality investing. Low-quality phases can last for a time, but history has shown they were followed by renewed leadership in high quality. The current low-quality phase is already longer than average and may be nearing exhaustion. Credit and valuation signals now suggest downside risks are rising even as the economy continues to expand. Where We Are Now This has been a speculative stretch: lower rate hopes, and pro-growth policy expectations have pulled the leadership
25 September 2025 I New York, NY The board of directors of Accenture Plc (NYSE) has declared a regular quarterly dividend of $1.63 per common share, an increase of approximately 10% from the previous quarterly dividend of $1.48. Payment of the dividend is expected in November 2025. For calendar year 2025, this marks the twenty-sixth dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. All twenty-six changes were increases. The average dividend increase is 6.8% compared with December 2024 indicated levels. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past 12 months,
18 September 2025 I Dallas, TX The board of directors of Texas Instruments Incorporated (NASDAQ: TXN) has declared a regular quarterly dividend of $1.42 per common share, an increase of approximately 4.4% from the previous quarterly dividend of $1.36. Payment of the dividend is expected in November 2025. For calendar year 2025, this marks the twenty-fifth dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. All twenty-five changes were increases. The average dividend increase is 6.7% compared with December 2024 indicated levels. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past 12
The Federal Reserve meets this week to determine the next steps for monetary policy. And while the Federal Open Market Committee appears divided as to the appropriate future course for policy, financial markets are positioned for significant rate cuts ahead. As the chart below shows, the futures market is betting on 5-6 rate cuts by the end of next year, ultimately lowering short-term policy rates to under 3% from today’s rate near 4.5%. The committee meets under intense pressure to act as inflation remains well above target and amid signs of slippage in job growth. Markets Priced for Big Cuts
15 September 2025 I Redmond, WA The board of directors of Microsoft Corp. (NASDAQ: MSFT) has declared a regular quarterly dividend of $0.91 per common share, an increase of approximately 10% from the previous quarterly dividend of $0.83. Payment of the dividend is expected in December 2025. For calendar year 2025, this marks the twenty-fourth dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. All twenty-four changes were increases. The average dividend increase is 6.8% compared with December 2024 indicated levels. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past 12 months,
Stock prices are more than numbers on a screen. They tell us what market participants believe. These beliefs are distilled into prices that reveal investors’ changing expectations about the future. The expectations are not those of a CEO or a handful of analysts — they are the aggregate judgment of all the actual buyers and sellers of stocks who set prices each day. By applying a basic valuation framework[1] to the five hundred largest U.S. companies, we can tease out what the market assumes about long-run growth in perpetuity. This is not about next quarter or even the next decade.
1 August 2025 I Glenview, IL The board of directors of Illinois Tool Works Inc. (NYSE: ITW) has declared a regular quarterly dividend of $1.61 per common share, an increase of approximately 7.3% from the previous quarterly dividend of $1.50. Payment of the dividend is expected in October 2025. For calendar year 2025, this marks the twenty-third dividend increase for the Washington Crossing Advisors Rising Dividend portfolio. All twenty-three changes were increases. The average dividend increase is 6.7% compared with December 2024 indicated levels. Please contact your financial advisor for a complete list of all portfolio holdings that have, in the past
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