Member Info for hardup

The number of new homes listed for sale has risen for the first time in 12 months, according to a survey.

A net positive balance of 8 per cent of respondents to the Royal Institution of Chartered Surveyors (Rics) residential market survey reported a rise in new listings, which suggests that people are looking to sell despite concerns about the rising cost of living and higher interest rates.

A net 9 per cent of the 273 chartered surveyors polled said that there was an accompanying rise in the number of inquiries from new buyers.

Simon Rubinsohn, chief economist at Rics, said that the housing market had been resilient despite growing concerns about the wider economy and the impact of the war in Ukraine on the cost of living in the UK.

“Rising interest rates have begun to push up the cost of mortgage finance but debt servicing remains low in a historic context, which helps to explain why the new buyer inquiries indicator remains in positive territory,” he said.

https://www.thetimes.co.uk/article/7b76cd06-bb5e-11ec-b79e-9ccd39d2c9e7?

Wells Fargo (WFC) came out with quarterly earnings of $0.88 per share, beating the Zacks Consensus Estimate of $0.81 per share. This compares to earnings of $1.05 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 8.64%. A quarter ago, it was expected that this biggest U.S. mortgage lender would post earnings of $1.09 per share when it actually produced earnings of $1.38, delivering a surprise of 26.61%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

https://uk.finance.yahoo.com/news/wells-fargo-wfc-q1-earnings-120512097.html

Goldman Sachs Stock Jumps After Topping Q1 Earnings Forecast Despite Deal-Making Slump.
Goldman Sachs Group (GS) - Get Goldman Sachs Group, Inc. Report posted stronger-than-expected first quarter earnings Thursday as global markets revenues offset a slump in deal-making fees amid sharp decline in merger activity.

Goldman said earnings for the three months ending in March were pegged at $10.76 per share, down 42.1% from the same period last year but firmly ahead the Street consensus forecast of $8.95 per share. Group revenues, Goldman said, fell 27% to $12.93 billion, but again topped analysts' forecasts of an $11.9 billion total.

https://www.thestreet.com/markets/goldman-sachs-tops-q1-earnings-forecast-despite-deal-making-slump

Latest polls show Labour on 40%, Conservatives on 34%. I can only see that gap widening if Boris is not held to account. I agree, now is not the best time and probably in the UK's interest that he should remain given the current political crisis with Ukraine until that is resolved. But that must not be used as a "get out of jail" card. Boris must be held to account for his actions before the next General Election or the Tories will lose.

https://www.politico.eu/europe-poll-of-polls/united-kingdom/

lti
"He is not the only one either - is he HU?"
Correct, you are as well! Proven by me on numerous occasions but everyone else knows that anyway evidenced by my post on Sunday 10th April at 15:12 suggesting you were a pathological liar which received 10 recommends. I will leave it at that now knowing you will now throw another wobbler and revert into your "Norman "psycho" Bates" mode and bombard this board over the next 2 or 3 hours with another 20 or 30 vitriolic posts twisting, manipulating and distorting what people say to try and claim victory. You really are a sad person indeed, go and slither back under your rock!

Brixton,
Wot's appened to Nigel then?

Theosus
I agree that now is not a good time for a leadership contest. But having watched what happened with Brexit the opposition in Parliament are going to focus on this to try and force the Tories instead of focusing on the real issues we face in the world at present. And I can only see public outrage growing with possible mass demonstrations as the public vent their anger, which the Labour/Lib-Dems/SNP and all other minority parties will further stoke to gain political advantage.

Justice Minister first to resign after several high ranking government officials issued with fixed notice penalties for breaches of lock down laws. IMO this is only the start. This will start a domino effect as public opinion turns to anger and mass protests IMO. How can Boris blag his way out of this now? Especially as he has received more than 1 of the fixed notice penalties for breaches of the laws he introduced! Boris your days are numbered!

https://uk.sports.yahoo.com/news/boris-johnson-braced-more-fines-230108001.html

The sad reality is that Institutional Investors own 84% of the Lloyds shares, so they are a big majority of the voting rights. By comparison, private retail investors(Joe public.....us) only own 15% of the shares. The BOD have said that Institutional Investors expressed a preference for share buybacks instead of special dividend as the vehicle to return excess cash to share holders. As they hold a large majority of the voting rights the BOD are always going to cosy up to them.

https://simplywall.st/stocks/gb/banks/lse-lloy/lloyds-banking-group-shares/news/with-84-ownership-lloyds-banking-group-plc-lonlloy-boasts-of

Bronco
The die hard's who support it say it reduces numbered of registered shares thereby increasing EPS which should lead to increase in dividends. They also say it raises share price by 2.8p per share when complete. Even if SP is lower at the end of the buyback than when it started they will say the SP at that point would be 2.8p higher than if there had been no buyback, impossible to prove IMO.

After 34 trading days, buyback complete to date:
Total shares to date..................................................1,401,188,436
Total Cost to date... ................................................ £648,608,616.96
Average price paid to date.......................................46.29p
Percentage of £2 billion buyback completed........32.43%

Brixton
Just back from my walk. I don't get any brownie points for having dinner ready on the table when she gets home from work, just hen pecked to death if its not! lol. Interesting to see what happens the other side of the pond today when JP Morgan 1st quarter results released today. The other US Banks follow this week. Grandkids coming over later today for a couple of nights so that will keep me on me toes!

JPMorgan earnings preview: Bank expected to report lackluster Q1 results.

JPMorgan Chase & Co. (JPM), the largest U.S. bank by assets, is the first among a line up of mega banks set to unveil first quarter results this week as earnings season kicks off.

The company has been a strong outperformer in the banking sector, which lagged the broader market meaningfully this year amid concerns over U.S. bank ties to Russia and worries of an economic slowdown. Still, shares of JPMorgan are down 15.8% year to date.

https://finance.yahoo.com/news/jpmorgan-earnings-q1-2022-205901729.html

Banks will kick off earnings season this week, with first-quarter results due out from a lineup of industry heavyweights led by JPMorgan Chase on Wednesday.

The latest quarterly figures are expected to preface a lackluster year for bank profits despite the lift anticipated from higher interest rates. According to projections compiled by S&P Global Market Intelligence, U.S. bank earnings will fall by more than 8% in 2022 from last year, namely as the financial boost from releasing reserves that padded profits in 2021 winds down.
“Earnings last year were driven so heavily by reserve releases — we saw earnings almost double year-over-year,” S&P Global Market Intelligence lead banking analyst Nathan Stovall told Yahoo Finance.

https://finance.yahoo.com/news/bank-earnings-expected-to-decline-despite-profitability-boost-from-fed-rate-hikes-105817079.html

lti
As ever you have to have the last word. You sit there and think because you are not in the same room as the rest of us you are safe to verbally abuse everyone who has a different opinion. I am really having to bite my fecking lip hard now and hold back by having consideration for the other members of the board.

After 33 trading days, buyback complete to date:
Total shares to date..................................................1,350,502,742
Total Cost to date... ................................................ £626,362,665.86
Average price paid to date.......................................46.38p
Percentage of £2 billion buyback completed........31.32%

In yesterdays update I carried on with dividend saved to date and included an estimate for Interim Dividend as well when it goes ex-dividend in August based on estimated interim dividend up 0.03p from last year to 0.7p which has upset nobby no mates who threw all his toy's out of the pram again......well I don't need to mention a name. So as not to get a repeat I will leave this out of updates now. I will wait until half year update when interim dividend amount is confirmed and provide a figure then for amount actual of Interim Dividend saved at that time.........if anyone is interested.

CSDI1962
"Any chance you can change the effin' record ?
You two have done this to death - on soooo many different threads - now give us all a break."

In case you didn't notice I did say in my last post at 16:16 it would be my last on the matter!

lti
It is you who is having a serious mental block. My total cost figure represents the total cost so far to date of the £2 billion that has been spent, to monitor the progress of the buyback. That is all my updates are for, to give other members an indication of the progress of the buyback. If you cannot understand that then there is not much hope for you. For the sake of other members of the board this is my last on this so no response required.

lti
"btw the email from customer relations simply confirmed what I had already established and told you - the daily average price did not include stamp duty, so you didn't learn anything over what i have already informed you"
There you go again reverting to type by twisting, manipulating and distorting what was said to try and put your spin to the argument. What you said to me was not what I found out by my email correspondence. My question in the email to Lloyds Investors asked nothing about daily average price, and their answer said nothing about daily average price. I asked if the £2 billion figure was the total spend with or without tax, and they confirmed it was without tax, that was separate. There you go giving more "misinformation"! lol. You're not going to spin your way out of this. lol. Both emails copied below.
My email:
"I am a private retail investor and have a sizable holding of Lloyds shares in my portfolio. I have been following all of the daily issued RNS Transaction in Own Shares. I noticed at the bottom of the one issued last night for yesterday's buyback, there was an extra line at the bottom detailing total shares bought and total consideration since the start of the buyback started. The figure given for total consideration so far was £481,153,662.32, which I believe is not inclusive of 0.5% Stamp Duty. Can you please advise on the following. The buyback announced was a total of £2 billion; will this total amount be used to buy shares exclusive of stamp duty, with stamp duty taking the total to £2.01 billion ? Or is £2 billion figure inclusive of stamp duty as well? Can you also advise, what are Morgan Stanley fees for conducting the buyback programme, and are they extra or inclusive of the £2 billion?
Kind regards,"

and the reply from Lloyds Investor Relations:
"Good afternoon, and thank you for your email.
We are repurchasing ordinary shares up to a maximum consideration of £2bn and any costs or applicable taxes related to the buyback are separate to that figure.
There are no fees paid to Morgan Stanley for administering the buyback programme. A broker will be able to attain a benefit for themselves by trading below the weighted average share price and making a small margin. This is for Morgan Stanley to manage on their own behalf and, regardless of their success in this endeavour, there are no fees paid to them.
I hope that this is helpful."

lti
For monitoring the progress of a buyback of £2 billion by providing a daily update as to the Total amount of the £2 billion that has been spent to date, it is not relevant. And you did not at any stage say the figure used should either be before tax or the total cost. You said the figure HAD to be inclusive of tax.
lti, 19th March
"hu, where was my thanks from you informing you that you had to add stamp duty to buyback figures to be accurate and pointing out you had the spend figure wrong.?"
lti, 19th March
"hu, Are you glad that I gave you the correct figure (twice) so that you could investigate where you went wrong and to inform you that tax needed to be added to get an accurate figure?"