|Bid||26.17 x 800|
|Ask||26.20 x 2200|
|Day's range||26.04 - 26.20|
|52-week range||25.07 - 27.15|
|Beta (5Y monthly)||1.64|
|PE ratio (TTM)||3.40|
|Forward dividend & yield||1.59 (6.10%)|
|Ex-dividend date||28 May 2021|
|1y target est||N/A|
Julie Hyman breaks down Wednesday’s business headlines, including: the Biden administration suspending all oil and gas leases in Alaska’s Arctic National Wildlife Refuge, Leon Black being sued for defamation and sexual violence , and the White House saying the cyberattack on JBS ‘likely’ originated from Russia.
Private equity firms have spent nearly $40 billion buying U.S. insurance companies in recent years, promising to earn higher returns on the mountains of money that insurers set aside to pay policyholders years or decades from now. The firms are moving some of the money out of traditional low-yield investments such as government bonds into riskier, harder-to-sell assets such as private loans and equity. PE-insurance marriages can be joyous: Asset managers have skills and access to investments that insurers lack, and insurers provide cheap funding.
The reopening of the US economy from the pandemic is setting up a contest between the most powerful investment firms on Wall Street. Private capital groups including Blackstone, Apollo Global Management and Carlyle Group built up sharply different portfolios before and during the pandemic, putting billions of dollars to work even as the first wave of infections gathered pace last spring. While the US Federal Reserve’s injection of trillions of dollars of new money into the financial system lifted the value of almost all their bets last year, their fortunes may now take divergent paths.