Auto finance – IPDA Online http://ipdaonline.org/ Wed, 03 Aug 2022 03:06:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ipdaonline.org/wp-content/uploads/2021/08/icon-2021-08-02T225720.860.png Auto finance – IPDA Online http://ipdaonline.org/ 32 32 No, auto loan arrears and repos are not “exploding”: they have gone from record highs and are still historically low https://ipdaonline.org/no-auto-loan-arrears-and-repos-are-not-exploding-they-have-gone-from-record-highs-and-are-still-historically-low/ Wed, 03 Aug 2022 03:06:16 +0000 https://ipdaonline.org/no-auto-loan-arrears-and-repos-are-not-exploding-they-have-gone-from-record-highs-and-are-still-historically-low/ The outstanding loans and leases balance increased due to much higher vehicle prices but much lower sales volume. By Wolf Richter for WOLF STREET. In 2020 and 2021, consumers used their stimulus money and their extra unemployment benefits and their PPP loans and the money left over from not having to pay rent or mortgages […]]]>

The outstanding loans and leases balance increased due to much higher vehicle prices but much lower sales volume.

By Wolf Richter for WOLF STREET.

In 2020 and 2021, consumers used their stimulus money and their extra unemployment benefits and their PPP loans and the money left over from not having to pay rent or mortgages or whatever to catch up on their car loans. And the rate of auto loans past due for 30 days or more fell from historic low to historic low and finally bottomed out in Q4 2021 at 5.0%.

Since then, this delinquency rate has started to rise from the historical low. In the second quarter of 2022, the delinquency rate rose to 5.6% of total auto loan balances, according to data released today by the New York Fed. Household debt and credit report. It remains below the pre-pandemic low of 6.4%.

The delinquency rate is now normalizing, returning to the old normal, which hovered around 7% during the good times:

Note how the delinquency rate began to rise in late 2005, alongside the housing crisis, more than two years before the recession, as people in mortgage trouble also fell behind on their car loans. The delinquency rate continued to rise as the mortgage crisis triggered the financial crisis when Bear Stearns, Lehman, AIG, Fannie Mae, Freddie Mac and other financial companies collapsed (some were bailed out, others Nope). Delinquency rates peaked in 2009 at nearly 11% and then declined.

Crime rates during the Great Recession show what can happen when 10 million people find themselves unemployed at the peak.

Auto loan balances: soaring prices, falling sales.

Auto loan and lease balances rose 6.1% in the second quarter year-over-year to $1.5 trillion in the first quarter, driven by much higher vehicle prices and volume of much lower sales, which means fewer loans, but with higher balances.

The used-vehicle CPI rose 6.1% year-over-year in June, and the new-vehicle CPI rose 11.4%, according to the Bureau of Labor Statistics.

The average new-vehicle transaction price, which takes into account changes in the vehicle lineup in addition to price increases, jumped 14% year-over-year in June to nearly 46%. $000, according to JD Power data. And those more expensive vehicles had to be financed, and so loans went up.

But new vehicle sales, in terms of the number of vehicles sold, in the second quarter were down 21% year over year. And used-vehicle retail sales were down about 10% year-over-year.

Thus, auto loan balances increased by 6.1% in the second quarter due to this combination of higher prices and lower sales, resulting in fewer but larger loans:

“Car depots are exploding” No.

A few weeks ago, an article on a major financial news site proclaimed in the headline that “Car pensions are exploding”. The article was spread everywhere, and yet it was devoid of any real repos data, it had no repos chart, and was really just clickbait. Most people who spread this thing on the internet never read the article; they just read the clickbait title, and that was pretty good. The internet is a strange place.

But the whole auto industry and auto finance industry had a good laugh about it. Before there is a repo, the borrower must be delinquent on the loan. If the borrower is behind on the payments and cannot catch up and therefore cannot remedy the delinquency, the lender will repossess the vehicle and auction it off.

So, before the number of repos can climb, the 30+ day delinquency rate has to climb, because it comes first.

As we saw with the data from the New York Fed today, there is no “explosion” of delinquencies, and therefore no explosion of repos. Pensions remain low compared to historical levels. They have risen from last year’s record lows and are rising to more normal levels.

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abrdn plc sells 19,900 shares of CarMax, Inc. (NYSE: KMX) https://ipdaonline.org/abrdn-plc-sells-19900-shares-of-carmax-inc-nyse-kmx/ Mon, 01 Aug 2022 10:36:06 +0000 https://ipdaonline.org/abrdn-plc-sells-19900-shares-of-carmax-inc-nyse-kmx/ abrdn plc reduced its position in CarMax, Inc. (NYSE: KMX – Get a rating) by 33.1% in the first quarter, according to its most recent Form 13F filed with the Securities and Exchange Commission. The fund held 40,186 shares of the company after selling 19,900 shares during the period. abrn plc’s holdings in CarMax were […]]]>

abrdn plc reduced its position in CarMax, Inc. (NYSE: KMXGet a rating) by 33.1% in the first quarter, according to its most recent Form 13F filed with the Securities and Exchange Commission. The fund held 40,186 shares of the company after selling 19,900 shares during the period. abrn plc’s holdings in CarMax were worth $3,948,000 at the end of the most recent reporting period.

Other institutional investors have also recently changed their stake in the company. Cary Street Partners Investment Advisory LLC increased its holdings of CarMax shares by 0.9% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 9,990 shares of the company valued at $1,301,000 after buying 94 additional shares in the last quarter. Thompson Siegel & Walmsley LLC increased its holdings of CarMax shares 1.3% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 7,890 shares of the company valued at $1,028,000 after buying 105 additional shares last quarter. Roundview Capital LLC increased its holdings of CarMax shares by 1.6% in the fourth quarter. Roundview Capital LLC now owns 8,040 shares of the company valued at $1,047,000 after purchasing an additional 125 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its holdings of CarMax shares by 0.5% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 25,380 shares of the company valued at $3,305,000 after buying 138 additional shares last quarter. Finally, Tobam ​​increased its equity stake in CarMax by 25.9% in the first quarter. Tobam ​​now owns 699 shares of the company valued at $67,000 after purchasing an additional 144 shares in the last quarter. Institutional investors hold 96.10% of the company’s shares.

Insider trading at CarMax

In other news, EVP mohammad shamim sold 3,456 shares of the company in a transaction dated Monday, July 18. The shares were sold at an average price of $93.91, for a total transaction of $324,552.96. Following the transaction, the executive vice president now directly owns 8,769 shares of the company, valued at approximately $823,496.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Separately, Executive Vice President Diane L. Cafritz sold 15,555 shares of the company in a trade dated Thursday, July 21. The shares were sold at an average price of $94.75, for a total transaction of $1,473,836.25. Following the transaction, the executive vice president now directly owns 4,988 shares of the company, valued at approximately $472,613. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC website. Also, VPE mohammad shamim sold 3,456 shares of the company in a transaction dated Monday, July 18. The stock was sold at an average price of $93.91, for a total transaction of $324,552.96. Following the transaction, the executive vice president now owns 8,769 shares of the company, valued at $823,496.79. Disclosure of this sale can be found here. Insiders sold 37,103 shares of the company worth $3,445,847 in the past ninety days. Insiders own 1.65% of the shares of the company.

Analysts set new price targets

A number of analysts have weighed in on the stock recently. Needham & Company LLC began covering CarMax shares in a Monday, May 2 report. They issued a “holding” rating for the company. Oppenheimer lowered his price target on CarMax shares from $158.00 to $125.00 and set an “outperform” rating for the company in a Friday, April 8 report. Royal Bank of Canada raised its price target on CarMax shares from $104.00 to $108.00 and gave the stock an “outperform” rating in a Monday, June 27 research report. JPMorgan Chase & Co. cut its price target on CarMax shares from $110.00 to $105.00 in a Tuesday, June 7 research report. Finally, Wedbush raised its price target on CarMax shares from $90.00 to $105.00 and gave the stock a “neutral” rating in a Monday, June 27 research report. One equity research analyst gave the stock a sell rating, five gave the stock a hold rating and seven gave the stock a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $126.89.

CarMax trades up 1.6%

KMX opened at $99.54 on Monday. The stock has a market capitalization of $15.84 billion, a P/E ratio of 16.90, a P/E/G ratio of 1.02 and a beta of 1.40. CarMax, Inc. has a 12 month minimum of $84.37 and a 12 month maximum of $155.98. The company’s fifty-day simple moving average is $94.14 and its 200-day simple moving average is $98.62. The company has a current ratio of 2.72, a quick ratio of 0.63 and a debt ratio of 3.29.

CarMax (NYSE: KMXGet a rating) last released its quarterly results on Friday, June 24. The company reported EPS of $1.56 for the quarter, beating the consensus estimate of $1.51 by $0.05. CarMax had a net margin of 2.88% and a return on equity of 18.40%. The company posted revenue of $9.31 billion for the quarter, versus $9.38 billion expected by analysts. During the same period a year earlier, the company posted EPS of $2.63. As a group, research analysts expect CarMax, Inc. to post EPS of 5.79 for the current fiscal year.

CarMax company profile

(Get a rating)

CarMax, Inc, together with its subsidiaries, operates as a used vehicle retailer in the United States. The Company operates through two segments, CarMax Sales Operations and CarMax Auto Finance. It offers its customers a range of makes and models of used vehicles, including domestic, import and luxury vehicles, as well as hybrid and electric vehicles; and extended customer protection plans at the time of sale, as well as vehicles that are around 10 years old and have over 100,000 miles through wholesale auctions.

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Institutional ownership by quarter for CarMax (NYSE:KMX)



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Mutual of America Capital Management LLC buys 173 shares of CarMax, Inc. (NYSE:KMX) https://ipdaonline.org/mutual-of-america-capital-management-llc-buys-173-shares-of-carmax-inc-nysekmx/ Sat, 30 Jul 2022 09:04:25 +0000 https://ipdaonline.org/mutual-of-america-capital-management-llc-buys-173-shares-of-carmax-inc-nysekmx/ Mutual of America Capital Management LLC raised its position in CarMax, Inc. (NYSE: KMX – Get a rating) by 0.8% in Q1, according to the company in its latest 13F filing with the SEC. The institutional investor held 21,591 shares of the company after purchasing an additional 173 shares during the quarter. Mutual of America […]]]>

Mutual of America Capital Management LLC raised its position in CarMax, Inc. (NYSE: KMXGet a rating) by 0.8% in Q1, according to the company in its latest 13F filing with the SEC. The institutional investor held 21,591 shares of the company after purchasing an additional 173 shares during the quarter. Mutual of America Capital Management LLC’s holdings in CarMax were worth $2,083,000 when it last filed with the SEC.

Several other large investors also changed their positions in KMX. Capital Research Global Investors increased its equity stake in CarMax by 246.3% in the 4th quarter. Capital Research Global Investors now owns 5,916,243 shares of the company valued at $770,472,000 after purchasing an additional 4,207,817 shares last quarter. Caledonia Private Investments Pty Ltd increased its position in CarMax by 24.9% during the fourth quarter. Caledonia Private Investments Pty Ltd now owns 2,306,124 shares of the company worth $300,327,000 after purchasing an additional 460,010 shares during the period. Marshall Wace LLP increased its position in CarMax by 121.7% during the fourth quarter. Marshall Wace LLP now owns 511,359 shares of the company worth $66,594,000 after purchasing an additional 280,673 shares during the period. Kiltearn Partners LLP increased its position in CarMax by 74.8% during the first quarter. Kiltearn Partners LLP now owns 645,000 shares of the company worth $62,230,000 after purchasing an additional 276,000 shares during the period. Finally, Adage Capital Partners GP LLC purchased a new stake in CarMax during the fourth quarter worth approximately $29,002,000. Institutional investors hold 96.10% of the company’s shares.

Performance of CarMax shares

Shares of NYSE KMX opened at $99.54 on Friday. The company has a fifty-day simple moving average of $93.99 and a 200-day simple moving average of $98.90. The company has a current ratio of 2.72, a quick ratio of 0.63 and a debt ratio of 3.29. The company has a market capitalization of $15.84 billion, a price/earnings ratio of 16.90, a PEG ratio of 1.02 and a beta of 1.40. CarMax, Inc. has a one-year low of $84.37 and a one-year high of $155.98.

CarMax (NYSE: KMXGet a rating) last released its quarterly earnings data on Friday, June 24. The company reported earnings per share (EPS) of $1.56 for the quarter, beating the consensus estimate of $1.51 by $0.05. CarMax had a return on equity of 18.40% and a net margin of 2.88%. The company posted revenue of $9.31 billion in the quarter, versus analyst estimates of $9.38 billion. In the same period a year earlier, the company posted earnings per share of $2.63. Sell-side analysts expect CarMax, Inc. to post EPS of 5.79 for the current year.

Wall Street analysts predict growth

A number of equity research analysts have published KMX stock reports. TheStreet upgraded CarMax from a “b-” rating to a “c+” rating in a Tuesday, April 12 research report. JPMorgan Chase & Co. reduced its target price on CarMax from $110.00 to $105.00 in a Tuesday, June 7 research report. Robert W. Baird cut his price target on CarMax from $140.00 to $120.00 in a Wednesday, April 13 report. Oppenheimer cut his price target on CarMax from $158.00 to $125.00 and set an “outperform” rating for the company in a Friday, April 8 report. Finally, Needham & Company LLC began covering CarMax in a Monday, May 2 report. They set a “holding” rating for the company. One analyst rated the stock with a sell rating, five issued a hold rating and seven gave the stock a buy rating. According to MarketBeat.com, CarMax currently has an average rating of “Hold” and an average price target of $126.89.

Insiders place their bets

In other CarMax news, EVP mohammad shamim sold 3,456 shares in a trade on Monday, July 18. The stock was sold at an average price of $93.91, for a total transaction of $324,552.96. Following the completion of the transaction, the executive vice president now directly owns 8,769 shares of the company, valued at $823,496.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. In other CarMax news, EVP mohammad shamim sold 3,456 shares in a trade on Monday, July 18. The stock was sold at an average price of $93.91, for a total transaction of $324,552.96. Following the completion of the transaction, the executive vice president now directly owns 8,769 shares of the company, valued at $823,496.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Also, VPE Diane L. Cafritz sold 18,092 shares in a trade on Friday, July 1. The stock was sold at an average price of $91.06, for a total value of $1,647,457.52. Following the sale, the executive vice president now owns 4,988 shares of the company, valued at approximately $454,207.28. Disclosure of this sale can be found here. Insiders have sold 37,103 shares of the company worth $3,445,847 over the past three months. 1.65% of the shares are currently held by insiders.

CarMax profile

(Get a rating)

CarMax, Inc, together with its subsidiaries, operates as a used vehicle retailer in the United States. The Company operates through two segments, CarMax Sales Operations and CarMax Auto Finance. It offers its customers a range of makes and models of used vehicles, including domestic, import and luxury vehicles, as well as hybrid and electric vehicles; and extended customer protection plans at the time of sale, as well as vehicles that are around 10 years old and have over 100,000 miles through wholesale auctions.

Featured articles

Want to see what other hedge funds hold KMX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CarMax, Inc. (NYSE: KMXGet a rating).

Institutional ownership by quarter for CarMax (NYSE:KMX)



Get news and reviews for CarMax Daily – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings for CarMax and related companies with MarketBeat.com’s FREE daily newsletter.

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Americans worried about layoffs as recession fears rise – Forbes Advisor https://ipdaonline.org/americans-worried-about-layoffs-as-recession-fears-rise-forbes-advisor/ Thu, 28 Jul 2022 19:14:52 +0000 https://ipdaonline.org/americans-worried-about-layoffs-as-recession-fears-rise-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Are we in a recession right now? That’s what everyone wonders after the The Bureau of Economic Analysis announced that the gross domestic product (GDP) of the United States fell for the […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Are we in a recession right now?

That’s what everyone wonders after the The Bureau of Economic Analysis announced that the gross domestic product (GDP) of the United States fell for the second consecutive quarter. GDP, which measures the value of a country’s economy, fell 0.9% in the second quarter of 2022 after falling 1.6% in the first quarter of the year.

While two quarters of negative growth have traditionally signaled a recession, continued strength in the labor market may be enough to prevent the National Bureau of Economic Research from declaring the United States has entered a recession. The US economy added 372,000 jobs in June, according to the Bureau of Labor Statistics (BLS).

All of this could be cold comfort to Americans who are increasingly worried about their job security. The latest Forbes Advisor-Ipsos Consumer Confidence Biweekly Tracker reveals that more than 40% of respondents think they or someone they know will lose their job in the next six months.

The investigation, conducted by Ipsosmeasures consumer sentiment over time.

Two in five Americans think job losses are imminent

The latest survey reveals that consumer confidence remains stable, but Americans’ perception of their job security is increasingly fragile. The number of people who think they, a family member or a personal acquaintance will lose their job in the next six months due to economic hardship has increased by six percentage points over the past two weeks.

If this trend continues, consumer spending could decline. “If you think your revenue stream is in jeopardy, you’re going to rethink your spending,” says Christopher Maher, president and CEO of OceanFirst Bank, headquartered in New Jersey.

When broken down by age, people aged 18-34 are the most pessimistic about job prospects (56 points out of a possible 100 this week, down from 62 points two weeks ago), which gauges job confidence. respondents regarding job security, experience of job loss and overall job prospects. Those aged 35 to 54 are much more optimistic (66 points).

It’s no surprise that young adults are most wary of the job market, according to Bert Bean, CEO of recruiting solutions company Insight Global. “Who can blame them? he says. “That age has struggled.” Some lost jobs in the 2008 recession, only to find themselves laid off in 2020 due to the pandemic.

However, Bean says the labor market may not be as bad as they fear. “We are still seeing hiring; we’re still seeing growth,” he says, noting that Insight Global has seen about 1,000 new placements per week recently.

Nationally, the unemployment rate has stable at 3.6% over the last four months, according to the BLS. That compares to a rate of 5.9% a year ago. Among the main employment sectors, professional and business services experienced the strongest growth with the addition of 74,000 jobs in June.

During a July 28 press conference, Treasury Secretary Janet Yellen pointed to the unusual strength of the current job market, saying that for every unemployed American, there are two vacancies. She also noted that the economy is currently not showing the usual indicators of a recession, despite declining GDP data.

Could the latest interest rate hike shake consumer confidence?

While job confidence has declined, the consumer outlook has held steady in recent weeks and stands at 48.8 points on a 100-point scale.

“After two months of volatility, this week’s Ipsos-Forbes Consumer Confidence survey finds stability in consumer sentiment,” said James Diamond of Ipsos. “However, he remains below 50 points for the fourth consecutive reading, his longest streak since the summer of 2020.”

The survey predates a Fed rate hike that was announced on July 27 – the fourth hike of 2022 – so it does not reflect any change in consumer confidence that may have occurred following the hike.

Even if consumer confidence is shaken, that won’t necessarily translate into a slowdown in spending, according to Maher. “It’s a strange time,” he says. “People say they’re worried (about the economy), but it doesn’t show in their spending.”

On the contrary, Maher says OceanFirst Bank’s card data shows that spending in discretionary categories such as travel and dining remains strong, although there has been a shift towards cheaper alternatives for shopping. ‘grocery.

In an interview with Fortune, Visa Chief Financial Officer Vasant Prabhu noted that consumer spending is roughly on pace with levels seen in 2019. However, there has been a shift from buying goods to buying experiences. , such as travel and entertainment. This was also seen in the Deloitte Consumer Status Trackerwhich found that consumer spending on services increased for the 15th consecutive month in May 2022.

Consumers continue to feel uncomfortable making major purchases

Two-thirds of respondents in the Forbes-Ipsos survey say they are less comfortable making major purchases now, such as a house or car, than they were six months ago. Rising interest rates and inflation may contribute to this malaise.

“We find that home equity (loans) is an area where people are cautious,” Maher said. With interest rates rising, he says, people seem less inclined to take on real estate projects that they would normally finance with equity in their homes.

While Maher says he hasn’t seen a slowdown in auto sales, other data paints a different picture. According to MarkLineswhich provides data on the automotive industry, new car sales in the United States increased by 2.8% from May to June 2022, but overall sales fell by 12%.

The future of consumer confidence and spending could be tied to job security, and Bean has some good news to share on that front.

“We’re having a good year in terms of getting people to work,” he says. “It’s nothing like 2009 or 2020.”

Survey methodology: Ipsos, which polled 941 respondents online on July 25-26, 2022, provided the results exclusively to Forbes Advisor. The survey is conducted weekly to track consumer sentiment over time, using a series of 11 questions to determine whether consumers have a positive or negative view of the current state of the economy and the future. .

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Student loan servicers told not to send billing notices https://ipdaonline.org/student-loan-servicers-told-not-to-send-billing-notices/ Tue, 26 Jul 2022 16:47:32 +0000 https://ipdaonline.org/student-loan-servicers-told-not-to-send-billing-notices/ Paul Bradbury | Pictures Ojo | Getty Images Federal Student Loans Services has been told not to send payment reminders to borrowers, according to two sources familiar with the matter. The development suggests the Biden administration may consider extending the pandemic-era payment pause on federal student loans again. The policy, which has been in place […]]]>

Paul Bradbury | Pictures Ojo | Getty Images

Federal Student Loans Services has been told not to send payment reminders to borrowers, according to two sources familiar with the matter.

The development suggests the Biden administration may consider extending the pandemic-era payment pause on federal student loans again. The policy, which has been in place since March 2020, allows people to waive student debt payments without accruing interest.

Almost all borrowers have taken advantage of the relief opportunity.

Learn more about personal finance:
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Why tax increases may be a sticking point in Social Security reform

Payments are expected to resume after August 31, but the pause could be extended until 2023, sources say.

A spokesperson for the US Department of Education said it continues to assess the impact of the coronavirus pandemic and the economy on student borrowers. The Education Department will communicate directly with loan holders about the end of the payment pause when a decision is made, they added.

More than 40 million Americans are in college debt, owing a total of $1.7 trillion, a balance that far exceeds credit card or car debt. A quarter – or more than 10 million people – were overdue or defaulted on this debt before the pandemic. These grim numbers have led to comparisons to the 2008 mortgage crisis.

The Biden administration is currently deciding how to proceed with student loan cancellation, and it may make its announcement on debt cancellation at the same time as the payment pause extension, according to reports. sources.

Forgoing billions of dollars in debt could take time, and starting bills again before the relief process is complete would likely be a mess for lenders and borrowers.

More recently, the White House reportedly waned $10,000 in student debt for most borrowers, but it’s come under increasing pressure to go further. Politicians such as Senate Majority Leader Chuck Schumer, DN.Y., and groups such as the NAACP have repeatedly pushed the president to wipe out at least $50,000 for all.

Wisdom Cole, national director of the NAACP’s youth and college division, said turning down just $10,000 would be “a slap in the face” for black borrowers, who often have to borrow more than their white peers because of the wealth gap. racial.

Yet the sweeping cancellation of student loans will also likely anger many Americans, including those who have never borrowed for education or gone to college. Some Republicans said they would try to block an effort by President Biden to cancel the debt. Rep. Kevin Brady, R-Texas, a high-ranking member of the House Ways and Means Committee, recently called student loan forgiveness “a gift for highly qualified college graduates.”

Overall, however, majority of voters (62%) support canceling student loans, poll shows by Morning Consult.

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Total assets of Saudi financial companies grow 26% to $17.8 billion in 2021 (SAMA) https://ipdaonline.org/total-assets-of-saudi-financial-companies-grow-26-to-17-8-billion-in-2021-sama/ Sun, 24 Jul 2022 20:00:35 +0000 https://ipdaonline.org/total-assets-of-saudi-financial-companies-grow-26-to-17-8-billion-in-2021-sama/ According to a report by the Central Bank of Saudi Arabia, also known as SAMA, Saudi financial companies have shown outstanding performance, with their total assets reaching SR67 billion ($17.85 billion) in 2021, an increase 26% compared to 2020. Aggregate capital jumped 37% to SR19.6 billion in 2021 from SR14.3 billion in 2020. Net profits […]]]>

According to a report by the Central Bank of Saudi Arabia, also known as SAMA, Saudi financial companies have shown outstanding performance, with their total assets reaching SR67 billion ($17.85 billion) in 2021, an increase 26% compared to 2020.

Aggregate capital jumped 37% to SR19.6 billion in 2021 from SR14.3 billion in 2020.

Net profits also skyrocketed by 114% in 2021, reaching SR 1.9 billion, according to the report.

The credit portfolio stood at SR68.1 billion at the end of 2021, an increase of 26% from its value in 2020.

New financing granted in 2021 amounted to SR 25.4 billion, an increase of 47% compared to 2020.

Equity increased by 30% to SR25.5 billion in 2021 from SR19.6 billion in 2020, the report added.

Regarding the distribution of net profit by type of financial company, non-real estate companies recorded SR 1.4 billion while real estate finance companies received a net profit of SR 0.4 billion in 2021.

Furthermore, the share of non-real estate finance companies in the total loan portfolio was 62% against 38% for real estate finance companies.

The breakdown of the credit portfolio by customer segment is 75% for individuals, 22% for micro, small and medium-sized enterprises and 3% for businesses.

In the case of the credit portfolio by primary sectors, residential real estate accounted for 32%, followed by self-financing loans at 27% and personal credit at 21%.

Assessing the distribution of the credit portfolio by economic activity, the three main sectors with the highest shares were trade at 21%, construction at 20%, services at 14% and transport and telecommunications at 9%.

Another 22% of loan facilities were spent on other services not mentioned in detail.

As for non-performing loans, their share in the total loan portfolio of housing finance companies stood at 4.9% in 2021, while the figure of non-housing finance companies was double at 10.1%. The overall share of such loans for all finance companies was 8.6% in 2021.

In terms of non-performing loans by type of business financed, loans made to finance equipment had the highest share of total loans made to that particular business at 28.9%, followed by auto finance 12%, other activities and commercial real estate 8%. each, consumer credit at 7%.

The share of non-performing loans to residential real estate stood at 4.1% and credit card loans at 1.4%, respectively.

As for the distribution of non-performing loans by type of client, the share of such loans was highest in the corporate segment at 21%, followed by MSMEs at 10.8% and individuals at 6.8%.—AN

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Park Avenue Securities LLC increases its equity holding in CarMax, Inc. (NYSE:KMX) https://ipdaonline.org/park-avenue-securities-llc-increases-its-equity-holding-in-carmax-inc-nysekmx/ Sat, 23 Jul 2022 10:12:10 +0000 https://ipdaonline.org/park-avenue-securities-llc-increases-its-equity-holding-in-carmax-inc-nysekmx/ Park Avenue Securities LLC increased its stake in CarMax, Inc. (NYSE: KMX – Get a rating) by 9.5% during the first quarter, HoldingsChannel reports. The company held 7,771 shares of the company after acquiring an additional 672 shares during the period. Park Avenue Securities LLC’s holdings in CarMax were worth $750,000 at the end of […]]]>

Park Avenue Securities LLC increased its stake in CarMax, Inc. (NYSE: KMXGet a rating) by 9.5% during the first quarter, HoldingsChannel reports. The company held 7,771 shares of the company after acquiring an additional 672 shares during the period. Park Avenue Securities LLC’s holdings in CarMax were worth $750,000 at the end of the most recent reporting period.

Other institutional investors also bought and sold shares of the company. AE Wealth Management LLC acquired a new equity stake in CarMax during Q4 valued at approximately $208,000. Nordea Investment Management AB increased its equity stake in CarMax by 6.3% during the 4th quarter. Nordea Investment Management AB now owns 9,286 shares of the company worth $1,195,000 after purchasing an additional 554 shares in the last quarter. Russell Investments Group Ltd. increased its holdings of CarMax shares by 1.9% during the 4th quarter. Russell Investments Group Ltd. now owns 76,659 shares of the company worth $9,932,000 after purchasing an additional 1,409 shares in the last quarter. Strs Ohio increased its holdings of CarMax shares by 1.9% during the 4th quarter. Strs Ohio now owns 14,436 shares of the company worth $1,880,000 after buying 269 additional shares in the last quarter. Finally, National Bank of Canada FI acquired a new equity stake in CarMax during the 4th quarter with a value of approximately $403,000. 96.10% of the shares are held by hedge funds and other institutional investors.

A Wall Street analyst gives his opinion

A number of analysts have recently released reports on KMX shares. Morgan Stanley cut its price target on CarMax shares from $140.00 to $124.00 and set an “overweight” rating for the company in a report Thursday, July 14. Wedbush raised its price target on CarMax shares from $90.00 to $105.00 and gave the company a “neutral” rating in a Monday, June 27 report. Royal Bank of Canada raised its price target on CarMax shares from $104.00 to $108.00 and gave the stock an “outperform” rating in a Monday, June 27 research note. Robert W. Baird cut his price target on CarMax shares from $140.00 to $120.00 in a Wednesday, April 13 research report. Finally, Bank of America cut CarMax shares from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $195.00 to $165.00 in a research report Wednesday, April 6. One analyst rated the stock with a sell rating, five assigned a hold rating and seven assigned the company a buy rating. According to MarketBeat, CarMax has a consensus rating of “Hold” and a consensus price target of $126.89.

Insider activity at CarMax

In related news, EVP mohammad shamim sold 3,456 shares of the company in a transaction that took place on Monday, July 18. The shares were sold at an average price of $93.91, for a total transaction of $324,552.96. Following the transaction, the executive vice president now owns 8,769 shares of the company, valued at $823,496.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. In related news, EVP mohammad shamim sold 3,456 shares of the company in a transaction that took place on Monday, July 18. The shares were sold at an average price of $93.91, for a total transaction of $324,552.96. Following the transaction, the executive vice president now owns 8,769 shares of the company, valued at $823,496.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Also, VPE Diane L. Cafritz sold 15,555 shares of the company in a transaction that took place on Thursday, July 21. The shares were sold at an average price of $94.75, for a total transaction of $1,473,836.25. Following the transaction, the executive vice president now directly owns 4,988 shares of the company, valued at approximately $472,613. Disclosure of this sale can be found here. In the past 90 days, insiders have sold 37,103 shares of the company valued at $3,445,847. Insiders of the company own 1.65% of the shares of the company.

CarMax stock down 1.7%

Shares of NYSE KMX opened at $94.35 on Friday. CarMax, Inc. has a 12-month low of $84.37 and a 12-month high of $155.98. The company has a market capitalization of $15.02 billion, a PE ratio of 16.02, a growth price-earnings ratio of 1.08 and a beta of 1.40. The company has a debt ratio of 3.29, a current ratio of 2.72 and a quick ratio of 0.63. The company’s 50-day moving average is $93.82 and its two-hundred-day moving average is $99.58.

CarMax (NYSE: KMXGet a rating) last announced its quarterly results on Friday, June 24. The company reported earnings per share (EPS) of $1.56 for the quarter, beating the consensus estimate of $1.51 by $0.05. CarMax had a net margin of 2.88% and a return on equity of 18.40%. The company posted revenue of $9.31 billion for the quarter, versus a consensus estimate of $9.38 billion. In the same quarter of the previous year, the company had earned earnings per share of $2.63. Equity analysts expect CarMax, Inc. to post an EPS of 5.79 for the current fiscal year.

CarMax Profile

(Get a rating)

CarMax, Inc, together with its subsidiaries, operates as a used vehicle retailer in the United States. The Company operates through two segments, CarMax Sales Operations and CarMax Auto Finance. It offers its customers a range of makes and models of used vehicles, including domestic, import and luxury vehicles, as well as hybrid and electric vehicles; and extended customer protection plans at the time of sale, as well as vehicles that are around 10 years old and have over 100,000 miles through wholesale auctions.

Further reading

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Institutional ownership by quarter for CarMax (NYSE:KMX)



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NADA challenges FTC dealer rules as unwarranted and sloppy https://ipdaonline.org/nada-challenges-ftc-dealer-rules-as-unwarranted-and-sloppy/ Mon, 18 Jul 2022 04:00:01 +0000 https://ipdaonline.org/nada-challenges-ftc-dealer-rules-as-unwarranted-and-sloppy/ Execution of the FTC’s proposal was botched, according to Metrey. He said agencies don’t typically jump straight to a rulemaking notice like the FTC did in this case. Nor has the industry received notice from the FTC Semi-Annual Regulatory Schedulewhich outlines actions the agency plans to take in the near future, according to Metrey. “It […]]]>

Execution of the FTC’s proposal was botched, according to Metrey. He said agencies don’t typically jump straight to a rulemaking notice like the FTC did in this case.

Nor has the industry received notice from the FTC Semi-Annual Regulatory Schedulewhich outlines actions the agency plans to take in the near future, according to Metrey.

“It was so rushed they didn’t even list it,” he said. The topic was also not discussed at a NADA-FTC meeting in March, Metrey said.

NADA plans to examine the costs the regulations would impose on dealers, a figure the FTC has estimated industry-wide at $1.36 billion to $1.57 billion over a decade.

Andrew Koblenz, NADA’s executive vice president of legal and regulatory affairs, last week criticized the FTC’s estimate of the corresponding benefits to the company during this period.

The agency predicts gains of $31.08 billion to $36.34 billion for consumers needing three fewer hours to purchase a vehicle, with one hour valued at $22.20.

How did the agency determine that the client would save three hours? asked Koblenz. “It’s a word,” he said. The FTC “assumes,” he said, quoting the proposal.

The FTC cites the Cox Automotive Car Buyer Journey 2020 Study determination that customers spend 15 hours researching, shopping and buying a car. But Koblenz said Friday, July 15, the agency did not cite Cox as a source for its three-hour showing. All he wrote was that “3 hours is 20% of an average consumer’s time spent on such activities” – an arbitrary figure, Koblenz suggested.

Additionally, the FTC’s questions for public comment suggest a misunderstanding of the problem it’s trying to regulate, Metrey said.

Metrey said the FTC has not studied the effectiveness of the proposed solutions. He cited previous examples of such research by the Federal Reserve Board and the FTC, which found that the disclosures confused the consumers the agencies sought to help.

The rules also fail to cover the entire industry, according to Metrey. They apply only to franchised and independent dealerships over which the FTC has jurisdiction, and not to other independent dealerships regulated by the Consumer Financial Protection Bureau, he said. The FTC acted unilaterally instead of proceeding with joint rulemaking with the CFPB, he said.

“So you have some market players covered and some not,” he said.

The FTC said law enforcement and research support its proposal.

“The FTC’s proposal cites law enforcement, studies and research, and other documents that point to deceptive and unfair practices by unscrupulous marketers – the bait and switch tactics and unwanted charges,” FTC spokesman Jay Mayfield said Friday, July 15, in a statement. respond to NADA’s criticisms. “We invite the public to comment on how to curb these practices in order to protect consumers and promote a level playing field for law-abiding dealers. We look forward to feedback from all interested parties.”

NADA will request an extension of the window to public comment on the rulewhich opened on Wednesday, July 13, with a deadline of September 12. The FTC came up with something it couldn’t defend, said Stanton, who “effectively set us to work” to prove him wrong.

“Regulators need to take the right approach to this – a data-driven approach,” he said. “It’s a sledgehammer of an approach, in our opinion.”

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Robeco Institutional Asset Management BV buys 2,887 shares of CarMax, Inc. (NYSE: KMX) https://ipdaonline.org/robeco-institutional-asset-management-bv-buys-2887-shares-of-carmax-inc-nyse-kmx/ Sat, 16 Jul 2022 10:43:14 +0000 https://ipdaonline.org/robeco-institutional-asset-management-bv-buys-2887-shares-of-carmax-inc-nyse-kmx/ Robeco Institutional Asset Management BV increased its position in shares of CarMax, Inc. (NYSE: KMX – Get a rating) by 164.0% in the first quarter, according to its most recent SEC filing. The company held 4,647 shares of the company after purchasing an additional 2,887 shares during the quarter. Robeco Institutional Asset Management BV’s holdings […]]]>

Robeco Institutional Asset Management BV increased its position in shares of CarMax, Inc. (NYSE: KMXGet a rating) by 164.0% in the first quarter, according to its most recent SEC filing. The company held 4,647 shares of the company after purchasing an additional 2,887 shares during the quarter. Robeco Institutional Asset Management BV’s holdings in CarMax were worth $448,000 at the end of the last quarter.

Several other hedge funds have also recently increased or reduced their holdings in KMX. BlackRock Inc. increased its stake in CarMax by 1.7% in the fourth quarter. BlackRock Inc. now owns 10,200,300 shares of the company worth $1,328,384,000 after purchasing an additional 169,902 shares last quarter. Principal Financial Group Inc. increased its stake in CarMax shares by 1.3% in Q4. Principal Financial Group Inc. now owns 9,015,899 shares of the company valued at $1,173,267,000 after acquiring an additional 114,563 shares last quarter. State Street Corp increased its position in CarMax shares by 3.1% during the fourth quarter. State Street Corp now owns 6,556,838 shares of the company valued at $853,897,000 after acquiring an additional 196,926 shares during the period. Capital Research Global Investors increased its stake in CarMax by 246.3% in the fourth quarter. Capital Research Global Investors now owns 5,916,243 shares of the company worth $770,472,000 after purchasing an additional 4,207,817 shares during the period. Finally, Geode Capital Management LLC increased its stake in CarMax by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 2,923,446 shares of the company worth $379,663,000 after purchasing an additional 78,967 shares during the period. Institutional investors hold 96.10% of the company’s shares.

Wall Street analysts predict growth

KMX has been the subject of a number of research analyst reports. TheStreet reduced CarMax shares from a “b-” to a “c+” rating in a Tuesday, April 12 research report. Morgan Stanley lowered its price target on CarMax from $140.00 to $124.00 and set an “overweight” rating for the company in a report released Thursday. Royal Bank of Canada raised its target price on CarMax from $104.00 to $108.00 and gave the stock an “outperform” rating in a Monday, June 27 report. Oppenheimer cut his price target on CarMax shares from $158.00 to $125.00 and set an “outperform” rating for the company in a Friday, April 8 research note. Finally, JPMorgan Chase & Co. lowered its price target on CarMax shares from $110.00 to $105.00 in a Tuesday, June 7 research note. One analyst rated the stock with a sell rating, five issued a hold rating and seven gave the stock a buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $126.89.

Performance of CarMax shares

Shares of KMX Stock opened at $91.55 on Friday. The company has a debt ratio of 3.29, a current ratio of 2.72 and a quick ratio of 0.63. The company has a 50-day moving average of $93.46 and a 200-day moving average of $100.70. CarMax, Inc. has a one-year low of $84.37 and a one-year high of $155.98. The company has a market capitalization of $14.57 billion, a P/E ratio of 15.54, a P/E/G ratio of 1.02 and a beta of 1.40.

CarMax (NYSE: KMXGet a rating) last released its quarterly earnings data on Friday, June 24. The company reported EPS of $1.56 for the quarter, beating the consensus estimate of $1.51 by $0.05. CarMax had a net margin of 2.88% and a return on equity of 18.40%. The company posted revenue of $9.31 billion in the quarter, versus analyst estimates of $9.38 billion. In the same quarter last year, the company posted EPS of $2.63. Equity research analysts expect CarMax, Inc. to post EPS of 5.78 for the current fiscal year.

Insider activity

In related news, EVP Diane L. Cafritz sold 18,092 CarMax shares in a trade on Friday, July 1. The stock was sold at an average price of $91.06, for a total transaction of $1,647,457.52. Following the sale, the executive vice president now directly owns 4,988 shares of the company, valued at $454,207.28. The sale was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. 1.65% of the shares are currently held by insiders.

About CarMax

(Get a rating)

CarMax, Inc, together with its subsidiaries, operates as a used vehicle retailer in the United States. The Company operates through two segments, CarMax Sales Operations and CarMax Auto Finance. It offers its customers a range of makes and models of used vehicles, including domestic, import and luxury vehicles, as well as hybrid and electric vehicles; and extended customer protection plans at the time of sale, as well as vehicles that are around 10 years old and have over 100,000 miles through wholesale auctions.

Featured articles

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Institutional ownership by quarter for CarMax (NYSE:KMX)



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A New Achievement of Chinese Automobile Brands in Overseas Market, GWM’s Overseas Sales Hit 1 Million Units https://ipdaonline.org/a-new-achievement-of-chinese-automobile-brands-in-overseas-market-gwms-overseas-sales-hit-1-million-units/ Thu, 14 Jul 2022 09:36:00 +0000 https://ipdaonline.org/a-new-achievement-of-chinese-automobile-brands-in-overseas-market-gwms-overseas-sales-hit-1-million-units/ BAODING, China, July 14, 2022 /PRNewswire/ — About July 3GWM officially announced to the world at the Saudi Arabia TANK brand launch event that the cumulative overseas sales have reached one million units, marking another milestone in the company’s globalization journey. company. A New Achievement of Chinese Automobile Brands in Overseas Market, GWM’s Overseas Sales […]]]>

BAODING, China, July 14, 2022 /PRNewswire/ — About July 3GWM officially announced to the world at the Saudi Arabia TANK brand launch event that the cumulative overseas sales have reached one million units, marking another milestone in the company’s globalization journey. company.

A New Achievement of Chinese Automobile Brands in Overseas Market, GWM’s Overseas Sales Hit 1 Million Units

“This exact vehicle (GWM TANK300) is the millionth exported by the GWM Group, so it is an incredible achievement,” Mr. Gautam ArunProduct Director of GWM in the Middle East region, during the conference.

According to the latest sales data released by GWM, the company sold a total of 518,525 new vehicles in the first half of 2022, of which 62,823 vehicles were sold overseas, or 12%.

In this, South African markets have maintained a leading position in sales. A report released by the National Automobile Manufacturers Association of South Africa (NAAMSA) showing that in the first two months of this year, the 3rd generation HAVAL H6 took 15% market share in the compact SUV segment market.

GWM’s excellent overseas sales achievement is mainly due to three aspects in terms of high quality products, wide range of markets and localized operations.

High-quality products, such as GWM POER, TANK300, HAVAL H6 HEV and ORA GOODCAT, provide buyers around the world with an intelligent, youthful and environmentally friendly driving experience. Then GWM’s three technology brands, including LEMON intelligence, TANK and COFFEE, also provide the core technology for product renewal and upgrading.

Currently, GWM’s products have been exported to many countries, showing the strength of its brand and the charm of China cars all over the world.

GWM has set up its world’s first supercharger station with photovoltaic power generation, energy storage and charging in the Thailand market last year. In addition, the company opened its German subsidiary in Munich and set up the European headquarters to serve as a hub for the development of the continental European market.

In the process of globalization, GWM has boosted hot sales of high quality products through localized manufacturing and marketing strategies.

In January 2022the company officially took over the Iracemápolis factory in Brazil and invested 11.5 billion yuan deepen the network of the local industrial sector. By sponsoring influential events such as triathlons and WSL surfing in the Australian market, GWM is also actively creating localized marketing IP to deeply reach local culture and life to enhance brand and product awareness among consumers. clients.

GWM has adhered to the disposition and strategy of conquering foreign markets for 25 consecutive years and achieved excellent results. The company’s overseas sales reached 142,793 units last year, up 103.7 percent year on year.

Company executives told the overseas distributors online conference that GWM expects to reach global annual sales of 4 million units by 2025 and about 80% of them are new, smarter energy products.

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SOURCEGWM

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