The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc 21-Jun-2023 / 12:31 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the t...
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: Civitas Social Housing plc 08-Jun-2023 / 13:00 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the t...
The Vanguard Group, Inc. ( ) Form 8.3 -Civitas Social Housing plc 10-May-2023 / 12:41 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and bene...
A director at Civitas Social Housing maiden bought 31,937 shares at 63p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...
Civitas Social Housing (CSH) has suffered a sustained fall in its share price which sees it now trade on a discount of 44.4%. This seems wholly unjustified given the strong market fundamentals in the social housing sector and the group’s proven, secure government-backed income. CSH’s inflation-linked leases (which benefit from annual rental uplifts in line with CPI or CPI+1%) more than compensated for a higher discount rate used to value its portfolio (following market volatility caused by high...
Civitas Social Housing (CSH) has suffered a sustained fall in its share price which sees it now trade on a discount of 44.4%. CSH’s inflation-linked leases (which benefit from annual rental uplifts in line with CPI or CPI+1%) more than compensated for a higher discount rate used to value its portfolio (following market volatility caused by higher interest rates) and resulted in CSH reporting an uplift in NAV in September 2022 – one of the only REITs to do so in the period. Its NAV fell by 3.4% i...
Chrysalis Investments - Value accretive investment in Starling BankForesight Solar - NAV mostly flat as power price assumptions are offset by inflation increasesHydrogenOne Capital Growth - Modest Q4 NAV return increases discount to 21%Civitas Social Housing - Valuation holding up relatively wellCustodian REIT - -11% NAV TR in Q4 2022 and -8% for the calendar year
A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
Civitas Social Housing’s (CSH’s) discount has yet to recover from an activist short seller attack last year, with its share price almost as low as it has ever been in over five years since it launched. Although CSH’s manager made a strong rebuttal to the allegations made by the short seller, regulatory concerns around the financial strength of some of its tenants has persisted throughout its existence. To aid regulatory compliance, CSH plans to add a new clause to leases that would enable greate...
Civitas Social Housing’s (CSH’s) discount to net asset value (NAV) has yet to recover from an activist short seller attack last year, with its share price almost as low as it has ever been in over five years since it launched. Although CSH’s manager made a strong rebuttal to the allegations made by the short seller, regulatory concerns around the financial strength of some of its housing association tenants has persisted throughout its existence. To aid regulatory compliance, CSH plans to add a ...
Civitas Social Housing REIT’s consistently robust financial and operational performance continued through Q422, with an increase in the FY23 DPS target to at least 5.70p. We view positively initiatives that have been launched to promote greater regulatory alignment and address perceived sector lease risk. We will update our forecasts when the full FY22 results are published in June, but reflect the key unaudited Q422 NAV below.
CIVITAS SOCIAL HOUSING (GB), a company active in the Asset Managers industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date March 11, 2022, the closing price was GBp 86.90 and its potential was esti...
Strong demand for care-based social housing underpins continuing positive accounting returns for Civitas Social Housing. The investment-grade credit rating has been reconfirmed and, alongside accretive share repurchases by the company, ‘insider’ share purchases demonstrate the confidence of the board and key members of the investment adviser team. This is not reflected in the share price, which offers an attractive 6.3% yield and c 19% discount to NAV.
Strong demand for care-based social housing underpins continuing positive accounting returns for Civitas Social Housing. The investment-grade credit rating has been reconfirmed and, alongside accretive share repurchases by the company, ‘insider’ share purchases demonstrate the confidence of the board and key members of the investment adviser team. This is not reflected in the share price, which offers an attractive 6.3% yield and c 19% discount to NAV.
An unwarranted attack by an activist short seller on the fabric of Civitas Social Housing (CSH), coinciding with it falling out of the FTSE 250 index, has driven down CSH’s share price in recent months. CSH has published a strong rebuttal (details of the claims and CSH’s response are on page 5) saying these claims are baseless. The short seller may have made a quick profit, however CSH has had to put a planned capital raise to grow its portfolio on ice and it has impacted the wider sector to the...
Polar Capital Global Financials Trust (PCFT) has been having a great run of performance and we are delighted to see it re-expanding, with over 148m shares issued since 31 October 2020.The bounce in the financials sector began with last year’s good news on vaccines. Restrictions on dividends and share buy backs are being lifted and, as defaults on loans have remained low, banks’ balance sheets are looking overcapitalised. There is also a growing expectation of higher margins for banks as interest...
Civitas Social Housing REIT’s Q122 accounting total return of 1.4% builds on its record of consistently positive quarterly returns while generating strong, externally assessed social value. The shares have begun to recover from the effects of short selling since the board’s detailed response and confirmation of its confidence in the investment manager and company performance. We make no changes to forecasts and expect Civitas to meet its FY22 DPS target (a yield of 6.0%).
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