Posts by: kcaron
On the surface, valuations appear to be coming back down to earth. The Standard & Poor’s 500 stock index has declined to nearly 4,000 from almost 4,800 in January. Back at the January peak, forecast year-ahead earnings for the index stood at $223, and now those forecasts are at $237. Today’s price-earnings ratio is 17x compared with 21x in January and in line with the 10-year average. So, stocks are moving down despite rising profit forecasts, resulting in better value.
A sharp rise in interest rates catches the bond market by surprise and creates a challenge for the bull case for stocks. This week, we look at how rising rates are shaping the outlook.
The first quarter brought a surge in inflation and war in Eastern Europe. This environment imposes a new reality on investors and policymakers. In this report, we discuss what is happening and how our top-down portfolios are positioned now.
Against a backdrop of falling consumer expectations, we consider what a “typical” cycle tends to look like. As an old aphorism states: “History doesn’t repeat itself but it often rhymes.” We offer a highly “stylized” interpretation of market cycles to consider the current situation.
Our process for tactical asset allocation involves assessing data. Specifically, we assess month-to-month trends in data. When Russia began a full-scale invasion of Ukraine in late February, most of the trends we follow seemed poised to bounce. Obviously, this is no longer the case. This week we assess how recent data is influencing our outlook.
March 2, 2022 | Reston, VA The Board of Directors of General Dynamics has declared a regular quarterly dividend of $1.26 per common share, an increase of approximately 5.9% over the previous quarterly dividend. Year to date, this marks the tenth dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All ten changes were increases. The average dividend increase was 7.56% compared with December 31, 2021 indicated levels. From the press release: “The board of directors of General Dynamics (NYSE: GD) today declared a regular quarterly dividend of $1.26 per share on the company’s common stock, payable May 6,…
February 28, 2022 | Guildford, UK The Board of Directors of Linde plc has declared a regular quarterly dividend of $1.17 per common share, an increase of approximately 10% over the previous quarterly dividend. Year to date, this marks the ninth dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All nine changes were increases. The average dividend increase was 7.74% compared with December 31, 2021 indicated levels. From the press release: “The Board of Directors also approved a new share repurchase program for up to $10 billion of Linde’s ordinary shares. This new program replaces the $5 billion…
Russia’s invasion of Ukraine, and the West’s initial response, casts a veil over Eastern Europe. This veil of uncertainty can be unsettling as we confront many unknowns. This week we look at what actions are being taken and how these actions may influence the investing landscape.
February 18, 2022 | Atlanta, GA The Board of Directors of Genuine Parts Company has declared a regular quarterly dividend of $0.895 per common share, an increase of nearly 10% over the previous quarterly dividend. Year to date, this marks the seventh dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All seven changes were increases. The average dividend increase was 6.38% compared with December 31, 2021 indicated levels. From the press release: “Genuine Parts Company (NYSE: GPC) announced today a 10% increase in the regular quarterly cash dividend for 2022. The Board of Directors of the Company, at its February…
February 17, 2022 | Atlanta, GA The Board of Directors of The Coca-Cola Company has declared a regular quarterly dividend of $0.44 per common share, an increase of approximately 5% over the previous quarterly dividend. Year to date, this marks the sixth dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All six changes were increases. The average dividend increase was 5.78% compared with December 31, 2021 indicated levels. From the press release: “The Board of Directors of The Coca-Cola Company today approved the company’s 60th consecutive annual dividend increase, raising the quarterly dividend approximately 5 percent from 42…
February 17, 2022 | Bentonville, AR The Board of Directors of Walmart Inc. has declared a regular quarterly dividend of $0.56 per common share, an increase of 2% over the previous quarterly dividend. Year to date, this marks the fifth dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All five changes were increases. The average dividend increase was 5.94% compared with December 31, 2021. From the press release: “The board of directors of Walmart Inc. (NYSE: WMT) approved an annual cash dividend for fiscal year 2023 of $2.24 per share, an increase of approximately 2 percent from the…
February 8, 2022 | St. Paul, MN The Board of Directors of 3M has declared a regular quarterly dividend of $1.49 per common share, an increase of 0.7% over the previous quarterly dividend. Year to date, this marks the fourth dividend change for the Washington Crossing Advisors Rising Dividend portfolio. All four changes were increases. The average dividend increase was 6.92% compared with December 31, 2021 indicated levels. From the press release: “The 3M Board of Directors (NYSE:MMM) today declared a dividend on the company’s common stock of $1.49 per share for the first quarter of 2022. The dividend is payable March 12, 2022, to…
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