Philadelphia Bank Loans – OHCD Phila http://ohcdphila.org/ Fri, 14 Jan 2022 19:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ohcdphila.org/wp-content/uploads/2021/06/icon-5-150x150.png Philadelphia Bank Loans – OHCD Phila http://ohcdphila.org/ 32 32 Wilmington Trust Expands Wealth Management Team; New Advisors Expand Reach in Delaware Region https://ohcdphila.org/wilmington-trust-expands-wealth-management-team-new-advisors-expand-reach-in-delaware-region/ Fri, 14 Jan 2022 19:00:00 +0000 https://ohcdphila.org/wilmington-trust-expands-wealth-management-team-new-advisors-expand-reach-in-delaware-region/ WILMINGTON, Del., January 14, 2022 /PRNewswire/ — Wilmington Trust today announced it has expanded its Delaware wealth management team with the hiring of Senior Investment Advisor Albert (AJ) McCrery IV and Senior Trust Advisor Claire Schisler. These hires are two of many that Wilmington Trust recently announced across its business units. The firm is committed […]]]>

WILMINGTON, Del., January 14, 2022 /PRNewswire/ — Wilmington Trust today announced it has expanded its Delaware wealth management team with the hiring of Senior Investment Advisor Albert (AJ) McCrery IV and Senior Trust Advisor Claire Schisler.

These hires are two of many that Wilmington Trust recently announced across its business units. The firm is committed to adding a significant number of new professionals, broadening its expertise, and will double the number of its client-facing colleagues over the next two years.

“Welcoming AJ and Claire to the team contributes significantly to the overall growth plan across our footprint,” said Meg Rafali, Head of Family Wealth for Wilmington Trust. “Both bring to the table the experience and leadership that will benefit our clients along their journey to wealth.”

These hires underscore Wilmington Trust’s continued momentum across its regional business footprint and beyond, beginning with the October 2020 the expansion of an enhanced, client-centric operating model across its wealth management business, which has brought decision-making and resources closer to clients and has driven growth by placing greater emphasis on client and advisor focus.

The new hires will focus on the company’s comprehensive wealth management services for high net worth individuals and families, entrepreneurs, business owners, family offices and foundations and foundations. They will work closely with clients and their advisors to develop financial, tax and estate planning strategies to achieve their personal goals.

Albert (AJ) McCrery IV

McCrery is responsible for developing personalized investment portfolios for its clients based on their unique parameters of risk, return and liquidity, among other factors. He continuously monitors and, if necessary, rebalances his clients’ portfolios taking into account their asset allocation strategies and suggests new investment opportunities tailored to their needs.

McCrery has nearly two decades of experience in the wealth management industry, specializing in managing high net worth portfolios for business owners, executives and multi-generational families. He previously worked at Wilmington Trust from 2010 to 2016 before becoming a portfolio manager at Glenmede Trust in 2016. He started his career in 2004 as an equity analyst and portfolio manager at Knott Capital, which managed an equity strategy at large capitalization.

McCrery holds a bachelor’s degree in history and economics from Yale University. He is a CFA charterholder and member of the CFA Society Philadelphia, as well as the Estate Planning Council of Delaware.

Claire Schisler

Schissler is responsible for managing the ongoing fiduciary needs of key personal fiduciary clients throughout United States. She helps to ensure that each trust is administered in accordance with its specific provisions and that the terms of the trust are executed with the utmost fiduciary oversight.

Prior to joining Wilmington Trust, Schissler held various senior positions in the trust industry, including at Bank of the West, City National Bank and Wells Fargo. She has significant expertise with high net worth and ultra high net worth clients. Schissler enjoys building strong relationships with clients and mentoring junior administrators to help them grow in their careers.

Schissler holds a JD from Santa Clara University law school and holds a bachelor’s degree in business administration and management from San Jose State University Lucas College and Graduate School of Business. In addition to being licensed to practice law in California, she earned the Certified Trust and Financial Advisor (CTFA) and Certified IRA Services Professional (CISP) designations from the Institute of Certified Bankers. She is an active member of the Estate Planning Council of Northern New Jersey.

ON WILMINGTON CONFIDENCE

Wilmington Trust Wealth Management offers a wide range of personal trust, planning, trust, asset management, private banking and family office services designed to help wealthy individuals and families develop, preserve and transfer their assets. Wilmington Trust focuses on serving families with whom it can build long-term relationships, many of which span generations.

Wilmington Trust also provides corporate and institutional services for clients around the world.

Wilmington Trust has clients in all 50 states and many countries, with offices everywhere United States and internationally in London, Dublin, Paris, and Frankfurt. For more information, visit www.wilmingtontrust.com.

MEDIA CONTACT: Pat Fitzgibbons, Senior Director of Public Relations, Wilmington Trust ([email protected])

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation, including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, NA (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC) and Wilmington Trust Investment Management, LLC (WTIM). These services include trustee, custody, agency, investment management and other services. International corporate and institutional services are offered through international subsidiaries of M&T Bank Corporation. Personal and business loans, credit cards, deposits, and other business and personal banking services and products are offered by M&T Bank, Member FDIC.

This publication is provided for informational purposes only and does not constitute an offer or solicitation for the sale of any financial product. Investors should seek financial advice regarding the suitability of investment strategies for their objectives, financial situation and particular needs.

Wilmington Trust is not authorized to and does not provide legal, accounting or tax advice.

All investments involve risk, including possible loss of principal. There can be no assurance that any investment strategy will be successful.

CFA® Institute marks are registered trademarks owned by the Chartered Financial Analyst® Institute.

Private Banking is the trading name for an offering of deposit and lending products and services from M&T Bank.

Investments: • ARE NOT FDIC insured • DO NOT have a bank guarantee • May lose value

©2022 M&T Bank Corporation and its affiliates. All rights reserved.

SOURCEWilmington Trust

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US abandons ‘war on drugs’ https://ohcdphila.org/us-abandons-war-on-drugs/ Tue, 11 Jan 2022 05:00:32 +0000 https://ohcdphila.org/us-abandons-war-on-drugs/ This is an audio transcript of the FT press briefing podcast episode: US abandons ‘war on drugs’ Marc FilippinoHello from the Financial Times. Today is Tuesday January 11th, and this is your FT News Briefing. [MUSIC PLAYING] The Federal Reserve’s second in command has resigned. Companies started the new year with a frenzy of bond […]]]>

This is an audio transcript of the FT press briefing podcast episode: US abandons ‘war on drugs’

Marc Filippino
Hello from the Financial Times. Today is Tuesday January 11th, and this is your FT News Briefing.

[MUSIC PLAYING]

The Federal Reserve’s second in command has resigned. Companies started the new year with a frenzy of bond issuance. And US banks are about to report, yes, more record profits. Plus, the United States has fought a war on drugs for five decades, now it’s shifting to a softer approach.

Jamie smyth
I think what has driven this shift, this pivot of US state-level and federal-level policy toward harm reduction, is really the extent of the crisis here.

Marc Filippino
I’m Marc Filippino, and here is the news you need to start your day.

[MUSIC PLAYING]

Fed Vice Chairman Richard Clarida is stepping down as his boss Jay Powell is due to appear before U.S. lawmakers. Clarida’s departure comes after recent disclosures show he was more active in financial markets at the start of the pandemic than he previously disclosed. Clarida is the third senior Fed official to resign in recent months. They have all come under scrutiny for the personal transactions they made as the central bank actively eased monetary policy in 2020. Clarida will leave the Fed on Friday, weeks away from the official end of her term. four years. Jay Powell is scheduled to appear before Congress today for his appointment as head of the US central bank.

[MUSIC PLAYING]

Businesses are eager to raise funds before central banks raise interest rates. In the first week of this year, they raised over $ 100 billion in global bond markets. It’s not a record though, it’s still lagging behind last year’s successful start-up, but US deals have reached an all-time high. Most have been foreign banks and financial institutions issuing in the United States, but bonds are also issued by blue chip names like MetLife and heavy machinery maker Caterpillar. In the lower-rated junk bond market, cruise line Royal Caribbean launched one of the first deals this year with a $ 1 billion bond.

[MUSIC PLAYING]

US banks are starting to report profits, and we’ll likely see more of the stellar performance we’ve seen throughout the pandemic. Profits for 2021 are expected to reach record highs thanks to higher investment banking fees. Banks have also released the financial cushions they set aside at the start of the pandemic in the event of massive default. This money also boosted profits. Our US banking editor, Josh Franklin, said earnings should slow down a bit this year, but Wall Street remains bullish.

Joshua Franklin
And the main reason for that is the rising interest rate environment that we anticipate for 2022. So that really means that banks will be able to lend at higher rates than they have been able to. And it is certainly something that banks are eagerly awaiting. During the pandemic, because there was all this kind of stimulus rush from the Fed and the government, bank deposits really swelled during the pandemic. I think over the past two years JPMorgan, which is America’s largest bank, has seen its deposit count increase by over 50% to almost $ 2.5 billion by the end of 2021. So banks really like, you know, using those deposits to make loans, but they haven’t been able to do it almost to the extent and at the rates that they would have liked. They are therefore really geared towards the possibility of granting loans in an environment of rising interest rates.

Marc Filippino
So Josh, what else are you looking for as US banks start reporting this week?

Joshua Franklin
Two areas I would point out, one is just on loan application. So, because companies were able to borrow and raise so much money during the pandemic, because the markets were so accommodating, they didn’t need to take so much loans from banks in 2021. But we expect until it improves in 2022, so business lending will pick up. So what the banks saw in Q4 and what they expect to see in 2022 is going to be interesting there. And then also just on the offsetting, you know, it was really a banner year for investment banking fees, and a lot of that money is going to go into the pockets of investment bankers, so they’ll expect to receive big bonuses this year. So it would be interesting to see how the increase in compensation tracks the overall increase in investment banking fees.

Marc Filippino
Josh Franklin is the US banking editor of the FT.

[MUSIC PLAYING]

The US government has waged a war on drugs for five decades. Meanwhile, overdose deaths have skyrocketed. Last year they hit a record 100,000. The war was about enforcement and imprisonment. But the United States is moving away from that. We are seeing states legalize marijuana and adopt other strategies. A new effort has become particularly controversial. FT US Pharmaceutical Correspondent Jamie Smyth joins me now in speaking more. Hi, Jamie. Welcome to the show.

Jamie smyth
Salvation.

Marc Filippino
So Jamie, you wrote about something called supervised injection sites. Can you tell us a little more about this?

Jamie smyth
Yes. Supervised injection sites are therefore really a key part of this harm reduction strategy. And what they do is they provide a safe place for drug addicts to go, they can bring their stash of a generally illegal drug, they can get it tested to see what’s in it. , and they can use these drugs in a supervised environment often with medical professionals or people present who are able to step in and reverse the overdoses if they, you know, do occur. In Canada, for example, they say since they started introducing these sites several years ago, they’ve stepped in and saved thousands of lives, you know, by reversing those overdoses. So this is a very important new policy that the United States is seeking to introduce.

Marc Filippino
Jamie, what’s the economics of harm reduction strategies versus something like law enforcement, you know, police arrests, incarceration and things like that.

Jamie smyth
I think what the last 50 years have proven is that huge sums of money that are spent on policing and especially in terms of incarcerating people in prisons don’t have it all. just didn’t work. So I think what we are seeing is that state and federal authorities are starting to see that a high level of prevention, education, and harm reduction can reduce costs. And there have been studies that show that for every dollar spent at supervised injection sites, it’s more than two dollars in return. As far as the fact that you don’t have to spend that much money on health, you know, these interventions, the emergency interventions to save people from overdoses, the chronic health problems they have. develop if they have an episode or overdose. So I think it’s kinda obvious in terms of education and prevention and even harm reduction that it’s actually going to save money.

Marc Filippino
So why is this strategy politically controversial?

Jamie smyth
Yes. What has happened is that some Republican politicians have targeted these sites and said they are in fact promoting drug use. This came to a head a few years ago when, under the Trump administration, the Pennsylvania attorney general filed a lawsuit against a Safe House Philadelphia project, which planned to set up the first legally sanctioned supervised injection site in the states. -United. This trial was successful. So that really delayed any prospect of introducing these supervised injection sites into the United States. However, what we saw is that in New York, they opened two supervised injection sites, which city officials supported. They work, and they say they’ve already reversed over 50 overdoses. These sites are therefore currently functioning. However, they operate in a gray area as they are in fact against federal law to prohibit it. It is therefore a great battle that is brewing.

Marc Filippino
What about the White House, Jamie? Where is all this?

Jamie smyth
This puts the Biden administration in a bit of a sticky situation as the Biden administration has truly embraced harm reduction strategies, and it has begun to consider whether supervised injection sites should be funded and introduced nationwide. , but that hasn’t made a decision about it yet. And really, what we’re looking to see is will the Biden administration adopt these supervised injection sites or is it too much of a political risk to do so, as he’s likely to face a very strong reaction from the conservative Republican elements.

Marc Filippino
Jamie Smyth is the US pharmaceutical correspondent for the FT. Thanks, Jamie.

Jamie smyth
Thank you.

[MUSIC PLAYING]

Marc Filippino
You can read more about all of these stories at FT.com. This has been your daily FT News briefing. Make sure to come back tomorrow for the latest business news.

This transcript was generated automatically. If by any chance there is an error, please send the details for correction to: typo@ft.com. We will do our best to make the change as soon as possible.

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Wilmington Trust Adds Mark Maggioncalda as Senior Wealth Management Advisor to Radnor’s Office https://ohcdphila.org/wilmington-trust-adds-mark-maggioncalda-as-senior-wealth-management-advisor-to-radnors-office/ Fri, 07 Jan 2022 16:20:34 +0000 https://ohcdphila.org/wilmington-trust-adds-mark-maggioncalda-as-senior-wealth-management-advisor-to-radnors-office/ WILMINGTON, Delaware, Jan. 7, 2022 / PRNewswire / – Wilmington Trust, a leader in wealth management and business and institutional services, today announced that Mark Maggioncalda has been hired as a senior wealth advisor in its Radnor, PA office. In her new role, Maggioncalda will be responsible for providing comprehensive wealth management advice to high […]]]>

WILMINGTON, Delaware, Jan. 7, 2022 / PRNewswire / – Wilmington Trust, a leader in wealth management and business and institutional services, today announced that Mark Maggioncalda has been hired as a senior wealth advisor in its Radnor, PA office.

In her new role, Maggioncalda will be responsible for providing comprehensive wealth management advice to high net worth individuals and families, entrepreneurs, business owners and foundations and endowments in the Central Atlantic region. He will work closely with clients and their advisors to develop financial strategies to help them meet their current needs and long-term goals. Maggioncalda will also coordinate the various unique services its clients require, including investment management, planning, trust, private banking and family office services.

The hiring of Maggioncalda is one of several that Wilmington Trust has recently announced in its business units. The firm is also committed to adding a significant number of new professionals, to broadening its expertise, and will double the number of its colleagues in contact with clients over the next two years.

“It is exciting to welcome Mark to our growing team. Her industry and regional experience will provide valuable insight to our clients, ”said Colleen Marsh, Regional Director of Wealth Management for Wilmington Trust. “Mark’s knowledge of topics ranging from investment management to family governance and business succession planning will help clients grow their portfolios and plan for the future. “

Maggioncalda has over 28 years of experience in the financial services industry. Prior to joining Wilmington Trust, he spent 16 years with BNY Mellon Wealth Management, where he held various positions involving business development and relationship management. Earlier in his career, he was Vice President of Investments for Wachovia Securities.

“I am delighted to join this growing team in the Philadelphia area and provide my regional expertise to help clients overcome the obstacles of today and tomorrow,” said Maggioncalda. “Wilmington Trust has a rich history of serving clients for generations, and this is a unique opportunity to provide information to these clients from a holistic perspective. “

Maggioncalda holds a BA from Franklin & Marshall College in Lancaster, Pennsylvania. Active in his community, he is involved in Legatus of Bucks County, the Guest Chef Program for the Philadelphia Ronald McDonald House, Northwoods Association, Inspira Foundation, Bucks County Estate Planning Council, Philadelphia Estate Planning Council and Catholic Business Leaders.

ABOUT WILMINGTON TRUST

Wilmington Trust Wealth Management offers a wide range of personal trust, planning, fiduciary, asset management, private banking and family office services designed to help high net worth individuals and families develop, preserve and transfer their heritage. Wilmington Trust is focused on serving families with whom it can build long-term relationships, many of which span generations.

Wilmington Trust also provides corporate and institutional services to clients around the world.

Wilmington Trust has clients in all 50 states and many countries, with offices in the United States and overseas in London, Dublin, Paris and Frankfurt. For more information, visit www.wilmingtontrust.com.

MEDIA CONTACT: Pat Fitzgibbons, Senior Director of Public Relations, Wilmington Trust, Pfitzgibbons@mtb.com

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, NA (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC) and Wilmington Trust Investment Management, LLC (WTIM). These services include trustee, custody, agency, investment management and other services. International business and institutional services are offered by international subsidiaries of M&T Bank Corporation. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member of the FDIC.

This publication is provided for informational purposes only and is not intended as an offer or a solicitation for the sale of any financial product. Investors should seek financial advice regarding the suitability of investment strategies according to their objectives, financial situation and particular needs.

Investments: • ARE NOT FDIC insured • HAVE NO bank guarantees • May lose value

© 2022 M&T Bank Corporation and its subsidiaries. All rights reserved.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/wilmington-trust-adds-mark-maggioncalda-as-senior-wealth-advisor-to-radnor-office-301456316.html

SOURCE Wilmington Trust


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Wilmington Trust Adds Mark Maggioncalda as Senior Wealth Advisor to Radnor’s Office https://ohcdphila.org/wilmington-trust-adds-mark-maggioncalda-as-senior-wealth-advisor-to-radnors-office/ Fri, 07 Jan 2022 16:15:00 +0000 https://ohcdphila.org/wilmington-trust-adds-mark-maggioncalda-as-senior-wealth-advisor-to-radnors-office/ WILMINGTON, Del., January 7, 2022 / PRNewswire / – Wilmington Trust, a leader in wealth management and business and institutional services, said today that Marc Maggioncalda was hired as a Senior Wealth Advisor in his Radnor, Pennsylvania, Office. In her new role, Maggioncalda will be responsible for providing comprehensive wealth management advice to high net […]]]>

WILMINGTON, Del., January 7, 2022 / PRNewswire / – Wilmington Trust, a leader in wealth management and business and institutional services, said today that Marc Maggioncalda was hired as a Senior Wealth Advisor in his Radnor, Pennsylvania, Office.

In her new role, Maggioncalda will be responsible for providing comprehensive wealth management advice to high net worth individuals and families, entrepreneurs, business owners and foundations and endowments in the Central Atlantic region. He will work closely with clients and their advisors to develop financial strategies to help them meet their current needs and long-term goals. Maggioncalda will also coordinate the various unique services its clients require, including investment management, planning, trust, private banking and family office services.

The hiring of Maggioncalda is one of several that Wilmington Trust has recently announced in its business units. The firm is also committed to adding a significant number of new professionals, to broadening its expertise, and will double the number of its colleagues in contact with clients over the next two years.

“It is exciting to welcome Mark to our growing team. Its sectoral and regional experience will provide valuable information to our clients, ”said Colleen Marais, Regional Director of Wealth Management for Wilmington Trust. “Mark’s knowledge of topics ranging from investment management to family governance and business succession planning will help clients grow their portfolios and plan for the future. “

Maggioncalda has over 28 years of experience in the financial services industry. Prior to joining Wilmington Trust, he spent 16 years with BNY Mellon Wealth Management, where he held various positions involving business development and relationship management. Earlier in his career, he was Vice President of Investments for Wachovia Securities.

“I am delighted to join this growing team in the Philadelphia cream domain and provide my regional expertise to help clients overcome the hurdles of today and tomorrow, ”said Maggioncalda. “Wilmington Trust has a rich history of serving clients for generations, and this is a unique opportunity to provide information to these clients from a holistic perspective.”

Maggioncalda holds a license from Franklin and Marshall College in Lancaster, PA. Active in his community, he is involved with Legatus of Bucks County, the guest chef program for the Ronald McDonald House of Philadelphia, the Northwoods Association, the Inspira Foundation, the Bucks County Estate Planning Council, the Philadelphia Estate Planning Council, and Catholic business leaders.

ON WILMINGTON CONFIDENCE

Wilmington Trust Wealth Management offers a wide range of personal trust, planning, fiduciary, asset management, private banking and family office services designed to help high net worth individuals and families develop, preserve and transfer their heritage. Wilmington Trust is focused on serving families with whom it can build long-term relationships, many of which span generations.

Wilmington Trust also provides corporate and institutional services to clients around the world.

Wilmington Trust has clients in all 50 states and many countries, with offices throughout United States and internationally in London, Dublin, Paris, and Frankfurt. For more information, visit www.wilmingtontrust.com.

CONTACT WITH THE MEDIA: Pat fitzgibbons, Senior Director of Public Relations, Wilmington Trust, [email protected]

Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, NA (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC) and Wilmington Trust Investment Management, LLC (WTIM). These services include trustee, custody, agency, investment management and other services. International business and institutional services are offered by international subsidiaries of M&T Bank Corporation. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member of the FDIC.

This publication is provided for informational purposes only and is not intended as an offer or a solicitation for the sale of any financial product. Investors should seek financial advice regarding the suitability of investment strategies according to their objectives, financial situation and particular needs.

Investments: • ARE NOT FDIC insured • HAVE NO bank guarantees • May lose value

© 2022 M&T Bank Corporation and its subsidiaries. All rights reserved.

SOURCE Wilmington Trust


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Zacks Investment Research Retrograde Bancorp (NASDAQ: TBBK) To Hold https://ohcdphila.org/zacks-investment-research-retrograde-bancorp-nasdaq-tbbk-to-hold/ Sat, 01 Jan 2022 11:32:04 +0000 https://ohcdphila.org/zacks-investment-research-retrograde-bancorp-nasdaq-tbbk-to-hold/ Bancorp (NASDAQ: TBBK) was downgraded by Zacks Investment Research from a “buy” rating to a “keep” rating in a research report released Saturday, Zacks.com reports. According to Zacks, “Bancorp Bank is a federally insured, Delaware chartered commercial bank that focuses on serving small and medium-sized businesses and their executives in the Philadelphia-Wilmington market area, and […]]]>

Bancorp (NASDAQ: TBBK) was downgraded by Zacks Investment Research from a “buy” rating to a “keep” rating in a research report released Saturday, Zacks.com reports.

According to Zacks, “Bancorp Bank is a federally insured, Delaware chartered commercial bank that focuses on serving small and medium-sized businesses and their executives in the Philadelphia-Wilmington market area, and on programs private label affinity groups, including merchant card service. “

Separately, Raymond James raised his target price on Bancorp shares from $ 30.00 to $ 38.00 and gave the company a “strong buy” rating in a report released on Monday, November 1.

TBBK shares opened at $ 25.31 on Friday. The stock has a market cap of $ 1.44 billion, a price-to-earnings ratio of 13.83 and a beta of 1.47. The company has a quick ratio of 0.64, a current ratio of 0.92 and a debt ratio of 0.24. Bancorp has a 12 month low of $ 13.26 and a 12 month high of $ 33.36. The company has a 50-day moving average price of $ 28.42 and a two-hundred-day moving average price of $ 25.77.

Bancorp (NASDAQ: TBBK) last released its quarterly earnings data on Wednesday, October 27. The bank reported earnings of $ 0.48 per share for the quarter, beating the consensus estimate of $ 0.43 by $ 0.05 by Thomson Reuters. The company posted revenue of $ 77.48 million in the quarter, compared to analysts’ estimates of $ 79.41 million. Bancorp had a net margin of 33.47% and a return on equity of 17.65%. In the same quarter of last year, the company posted earnings per share of $ 0.40. Equity research analysts predict Bancorp will post 1.86 EPS for the current fiscal year.

(A d)

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Separately, insider Erika R. Caesar sold 4,000 Bancorp shares in a trade on Tuesday, November 9. The shares were sold at an average price of $ 32.20, for a total trade of $ 128,800.00. The sale was disclosed in a legal file with the SEC, which is available through this link. Company insiders own 4.50% of the company’s shares.

Several hedge funds and other institutional investors have recently changed their positions in the company. Mutual of America Capital Management LLC increased its position in Bancorp by 5.0% in the 3rd quarter. Mutual of America Capital Management LLC now owns 7,604 shares of the bank valued at $ 194,000 after acquiring 361 additional shares in the last quarter. Captrust Financial Advisors increased its position in Bancorp by 43.4% in the 3rd quarter. Captrust Financial Advisors now owns 1,382 shares of the bank valued at $ 35,000 after acquiring an additional 418 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Bancorp by 1.7% in the second quarter. The Manufacturers Life Insurance Company now owns 29,937 shares of the bank valued at $ 689,000 after acquiring 488 additional shares in the last quarter. Deutsche Bank AG increased its position in Bancorp by 0.5% in the 3rd quarter. Deutsche Bank AG now owns 115,994 shares of the bank valued at $ 2,952,000 after acquiring an additional 626 shares in the last quarter. Finally, Elgethun Capital Management increased its position in Bancorp by 0.5% in the 2nd quarter. Elgethun Capital Management now owns 190,190 shares of the bank valued at $ 4,376,000 after acquiring 954 additional shares in the last quarter. 90.63% of the shares are currently held by institutional investors.

About Bancorp

The Bancorp, Inc. operates as a financial holding company. The company provides private label banking and financial services through the Bank. It operates through the following segments: Specialized Financing, Payments and Corporates. The Finance specialty consists of sales and securitizations of commercial mortgages, loans for the administration of small businesses; direct leasing; and lines of credit and deposits guaranteed by guarantees and insurance generated by the business lines.

See also: dividend yield calculator

Get a Free Copy of Zacks’ Research Report on Bancorp (TBBK)

For more information on Zacks Investment Research’s research offerings, visit Zacks.com

This instant news alert was powered by storytelling technology and financial data from MarketBeat to provide readers with the fastest, most accurate reports. This story was reviewed by the MarketBeat editorial team before publication. Please send any questions or comments about this story to [email protected]

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NJ’s first bank protecting more seniors and funds Crimestoppers program https://ohcdphila.org/njs-first-bank-protecting-more-seniors-and-funds-crimestoppers-program/ Fri, 31 Dec 2021 00:56:14 +0000 https://ohcdphila.org/njs-first-bank-protecting-more-seniors-and-funds-crimestoppers-program/ Community submitted content and photo First Bank announced its partnership with the Senior Housing Crime Prevention Foundation, which provides protection and a better quality of life for vulnerable residents of senior housing. As part of the Senior Crimestoppers program, First Bank’s donation of approximately $ 20,000 will directly help residents of Medford Care Center in […]]]>

Community submitted content and photo

First Bank announced its partnership with the Senior Housing Crime Prevention Foundation, which provides protection and a better quality of life for vulnerable residents of senior housing.

As part of the Senior Crimestoppers program, First Bank’s donation of approximately $ 20,000 will directly help residents of Medford Care Center in Medford, New Jersey, and Trinity House in Berwyn, Pa., Have a more living environment. safe and more secure.

“First Bank is truly proud to support the Senior Crimestoppers program in their quest to create a safe and secure housing environment for those who truly need it,” said First Bank President and CEO Patrick L. Ryan. “Fraud is more prevalent today than ever before, and it’s important that we teach people to protect themselves and others. As a community bank, we are heavily invested in the safety and well-being of our customers and members of our communities, especially those who are more vulnerable to criminal activity.

“Senior Crimestoppers is a way for an administrator to further improve the lives of the residents they serve,” said Terry Rooker, President of Senior Crimestoppers. “They all work very hard to provide safe, secure and comfortable living environments, and their desire to implement the program is just one more example. Implementing this program does not mean that the facility currently has a crime problem, but that the administrator is proactively finding a way to prevent problems from reoccurring in the future.

Crime against the elderly in our society is a long-standing and constant battle that can be reduced and avoided by running the Senior Crimestoppers program in nursing homes and assisted living facilities.

Senior Crimestoppers is a coordinated set of components that work together to create a platform of zero tolerance for crime in senior residences.

Components include cash rewards of up to $ 1,000 paid anonymously for information on wrongdoing of any kind, personal safes for residents, as well as effective and ongoing education and training for members of the staff and residents.

Senior Crimestoppers reduced all aspects of crime by 95% at participating institutions.

CRA Partners, powered by the Senior Housing Crime Prevention Foundation, is a national organization that provides federally mandated CRA credit to banks through the operation of the Senior Crimestoppers turnkey program providing safe and secure living environments for people. low to moderate income seniors in our country.

Through flexible funding options such as community development loans, investments, or ARC qualified grants, banks offer the program in senior residences, HUD communities, and veterans homes across the country. ‘Condition while gaining positive public relations exposure in their communities.

To learn more about First Bank, visit firstbanknj.com or firstbankpa.com.

About First Bank

First Bank (firstbanknj.com) is a New Jersey State chartered bank with 18 full-service New Jersey branches in Burlington, Gloucester, Hunterdon, Mercer, Middlesex, Somerset and Morris counties, as well as in Bucks and Chester counties in Pennsylvania.

With $ 2.44 billion in assets as of September 30, 2021, First Bank offers a traditional line of personal and business deposit and lending products throughout the New York City to Philadelphia corridor.

The common shares of First Bank are listed on the Nasdaq Global Market under the symbol “FRBA”. FDIC and EHL member.

About Senior Crime Stoppers

SHCPF’s mission is to provide protection and improved quality of life to vulnerable residents of senior housing through meaningful turnkey compliance from ARC for community-based banks.

Funded exclusively by the banking industry and endorsed by the ICBA and over 30 state banking associations, the Foundation has developed a low-risk, cost-effective solution – CRA Partners – for banks of all asset sizes and types. charter – in order to fulfill their community mission mandated by the federal government. The requirements of the Reinvestment Act (ARC) in the form of qualifying loans, investments or grants through the nationally acclaimed Senior Crimestoppers program.

For more information on Senior Crimestoppers, visit SeniorCrimestoppers.org or call 800-529-9096.


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Millennial Money: Now is the time to build your credit | Taiwan News https://ohcdphila.org/millennial-money-now-is-the-time-to-build-your-credit-taiwan-news/ Tue, 21 Dec 2021 13:21:16 +0000 https://ohcdphila.org/millennial-money-now-is-the-time-to-build-your-credit-taiwan-news/ Sooner than you think, your credit score will start to count. A good credit score can be the difference between qualifying for or missing out on a low-interest apartment or car loan. So, to get credit ready when you need it, now is the time to start building a good, long credit history. There is […]]]>

Sooner than you think, your credit score will start to count.

A good credit score can be the difference between qualifying for or missing out on a low-interest apartment or car loan. So, to get credit ready when you need it, now is the time to start building a good, long credit history.

There is more than one way to get credit, and it can be as simple as reporting your current bill payments to the major credit bureaus. But keep in mind: building credit takes diligence, especially since missing payments can hurt your score for years to come.

WHAT IS CREDIT AND WHY IS IT IMPORTANT?

Your credit score is a number that typically ranges from 300 to 850 and is calculated based on how reliably you have paid off your past debts, such as credit card bills. Lenders use your credit score to predict the likelihood of you paying off your debt.

Your credit score helps determine what loans you can receive, what interest you will be charged, what credit cards you can qualify for, and what properties you can rent. An employer can even check your credit history. Having a good credit rating can save you money down the road, mainly through lower interest rates when you get a loan.

If you are starting out with no credit history, you are not alone. In the United States, nearly 40% of people aged 20 to 24 have little or no credit history to generate a score, according to the Consumer Finance and Protection Bureau. Unfortunately, the same is true for around 20% of the population.

Building up your credit can seem overwhelming if you haven’t thought about it before, but there are plenty of strategies you can employ even if you’re just getting started. Start by establishing good debt management habits, such as not taking on more debt than you can afford, says Brittany Mollica, a certified financial planner based in Chapel Hill, North Carolina. Missed payments will damage your score and can become a burden when you need to borrow money in the future.

“It’s really important to have good habits to always pay your bills,” says Mollica. “You don’t want to have to come out of a hole with all kinds of credit card debt you’ve racked up, especially by starting early.”

CREDIT CARDS –– AND ALTERNATIVE CARDS

Credit cards can be a great tool for building credit, but they can also hurt your score if you take on more debt than you can handle.

If a parent or other trusted person in your life has a high credit limit and a long history of timely payments, you could become an authorized user on their account and benefit from their good credit. It’s one of the easiest ways to lengthen your credit history, says Blaine Thiederman, a certified financial planner in Arvada, Colorado.

Becoming an authorized user will also affect your credit utilization rate, or the amount of money you owe lenders divided by the total credit you have, which can improve your credit score.

If you have your own income, you can apply for a credit card at the age of 18; otherwise, you have to wait until you are 21. A secured credit card is usually the best credit card to start with. A cash deposit secures these cards, and because the credit card company may accept this deposit if you miss payments, people with short or poor credit histories may be eligible.

The deposit you need to make for a secured credit card could be a burden, and if so, another card could be better for you. These cards use income and bank account information to determine your creditworthiness rather than your credit score.

MONTHLY INVOICES

If you live independently, payments for rent, utilities, and phone bills can all be reported to the credit bureaus. So paying those bills can boost your credit if they’re on time and you’ve reported them.

Unlike credit card payments, these payments are not automatically flagged and may require a third-party service, such as Experian Boost or UltraFICO, to notify the credit bureaus of your payments.

Keep in mind that these services sometimes require a fee and reporting your bill payments may not always affect your credit score; instead, they may just show up on your credit report.

LOANS

Making regular loan payments can also help build your credit. And even if you don’t have a credit history, some loans are available.

Loans to credit builders rely on income rather than credit for approval. If you are approved, the loan is in a bank account and becomes available after you have paid it off. Your monthly payments are reported to the major credit bureaus.

Student loans are another loan that you can use to build your credit when you are starting out. Federal student loans do not require credit to qualify, unlike most private student loans. Paying off your loans will help boost your credit history, and you can get started while you’re still in school by making interest-only payments.

_________________________

This column was provided to The Associated Press by the NerdWallet personal finance website. Colin Beresford is a writer at NerdWallet. Email: cberesford@nerdwallet.com. Twitter: @Colin_beresford.

RELATED LINKS:

Data point: Invisible credits https://files.consumerfinance.gov/f/201505_cfpb_data-point-credit-invisibles.pdf

NerdWallet: Does Paying Bills Increase Your Credit? https://bit.ly/nerdwallet-will-paying-bills-help-build-credit


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OceanFirst Financial Corp. hosts earnings conference call | News https://ohcdphila.org/oceanfirst-financial-corp-hosts-earnings-conference-call-news/ Mon, 20 Dec 2021 21:15:00 +0000 https://ohcdphila.org/oceanfirst-financial-corp-hosts-earnings-conference-call-news/ RED BANK, NJ, December 20, 2021 (GLOBE NEWSWIRE) – OceanFirst Financial Corp. (NASDAQ: OCFC), the holding company of OceanFirst Bank, today announced that it will release its results for the quarter ended December 31, 2021 on Thursday, January 27, 2022 after market close. Management will then hold a conference call at 11:00 a.m. Eastern Time […]]]>

RED BANK, NJ, December 20, 2021 (GLOBE NEWSWIRE) – OceanFirst Financial Corp. (NASDAQ: OCFC), the holding company of OceanFirst Bank, today announced that it will release its results for the quarter ended December 31, 2021 on Thursday, January 27, 2022 after market close. Management will then hold a conference call at 11:00 a.m. Eastern Time on Friday, January 28, 2022, to discuss the Company’s fourth quarter operating performance highlights.

The direct dial number for the call is 1-844-200-6205, toll-free, using the access code 733688. For those who cannot participate in the conference call, a replay will be available. To access the replay, dial 1-866-813-9403, access code 549028, from one hour after the end of the call until April 28, 2022.

The conference call will also be available (listen-only) via the Internet by accessing the Company’s web address: www.oceanfirst.com – Investor Relations. Internet users must visit the site at least fifteen minutes before the call to register, download and install any necessary audio software. The webcast will be available for 90 days.

OceanFirst Financial Corp. subsidiary, OceanFirst Bank NA, founded in 1902, is an $ 11.8 billion regional bank that provides financial services throughout New Jersey and the major metropolitan markets of Philadelphia, New York, Baltimore , Washington DC and Boston. OceanFirst Bank provides commercial and residential finance, cash management, trust and asset management and deposit services. It is one of the largest and oldest community financial institutions headquartered in New Jersey.

OceanFirst Financial Corp. press releases are available at http://www.oceanfirst.com.

Forward-looking statements

In addition to historical information, this press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe the future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by the use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “plan”, “will”, “should”. , “Could”, “” view “,” opportunity “,” potential “or similar expressions or expressions of confidence. The Company’s ability to predict the results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the loan industry, the Bank, the market values ​​of real estate in credit zones, future natural disasters and increases in flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative / regulatory changes, US government monetary and fiscal policies, including policies of the US Treasury and Federal Reserve System Board of Governors, quality or composition of loan or investment portfolios, demand loan products, deposit flows, competition, demand for financial services in the Company’s market sector é and accounting principles and guidelines. These risks and uncertainties are discussed in more detail in the Company’s annual report on Form 10-K for the year ended December 31, 2020 and subsequent securities filings and should be taken into account in evaluating forward-looking statements and these statements should not be trusted unduly. The Company does not undertake, and specifically disclaims any obligation, to publish the result of any revision that may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of events. anticipated or unforeseen. events.

Copyright 2021 GlobeNewswire, Inc.


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Friends from Wharton sell Young Alfred, online insurance agent, to Fox’s Credible https://ohcdphila.org/friends-from-wharton-sell-young-alfred-online-insurance-agent-to-foxs-credible/ Mon, 20 Dec 2021 13:55:52 +0000 https://ohcdphila.org/friends-from-wharton-sell-young-alfred-online-insurance-agent-to-foxs-credible/ Credible, a San Francisco online lending site owned by parent company Fox News, has acquired Young Alfred, a Philadelphia digital startup created by two Wharton MBA students to compete with your neighborhood insurance agent. The company’s name, Young Alfred – its informal slogan is “At Your Service” – is reminiscent of the fictional butlers called […]]]>

Credible, a San Francisco online lending site owned by parent company Fox News, has acquired Young Alfred, a Philadelphia digital startup created by two Wharton MBA students to compete with your neighborhood insurance agent.

The company’s name, Young Alfred – its informal slogan is “At Your Service” – is reminiscent of the fictional butlers called “Alfred” from the Batman franchise to the 1991 slapstick movie. Hudson falcon. The company is the brainchild of investment banker David Stasie and engineer-turned-investment trader Jason Christiansen, who met in 2015 at Penn Business School, where their program included inventing a startup with potential to make money in digital America.

“We have thought of drone insurance. But drones were too new, ”and there wasn’t a lot of data to estimate risk, the foundation of insurance, Christiansen recalled. “So we looked at home insurance, then home insurance. We were amazed, excited, dismayed at the scale of the opportunity and how it still worked thanks to all these local agents.

“We thought surely someone had already invested in a way to do it online. But no, no one did it really well. We thought, why can’t we build it? We were green. And concentrated. And stubborn.

Businesses won’t say what Credible paid for. But this is the latest in a series of deals in what has been a “scorching sellers’ market” for private companies in general, and software companies in particular, according to GF Data Resources, a Conshohocken company that tracks sales of private companies.

Overall, the typical sale of businesses worth less than $ 250 million was valued at 7.6 times profit – the highest since the company started tracking in 2005 – as corporations Cash-rich and private equity firms are fueling a buying frenzy.

Financial firms were concerned in the mid-2000s that young Americans were not buying homes (were they held back by student debt, or were they just forming families late?). But Christiansen figured that by the time they had hired enough engineers to offer policies suitable for people accustomed to online convenience, “Gen Z would be buying homes and expecting a buying experience. top-notch online insurance, and we’d have the tips ready.

They raised seed money from Pear Ventures, ERA and Newfund Capital. Then they applied for insurance licenses in every state and put staff to work inputting the 50 state home and auto owner rules into Young Alfred apps designed for easy use. At the end of 2019, they raised $ 10 million from investors such as Google’s Gradient Ventures. They have improved the software to make it more attractive to online brokers and have established an in-house broker team to answer customer questions.

The hardest part was convincing insurers to use a new online service. “You might think, ‘two young guys promising to work hard, why don’t they name our company? But a lot of them saw us as two bright, new finance guys, why risk their careers on us? Said Christiansen.

After a year and a half of refusal, one of the first to try Young Alfred was the country’s oldest insurer, the Philadelphia Contributionship (known as the “Hand in Hand” for its distinctive four-handed marker on insured houses. ), founded by Benjamin Franklin and his partners in 1752. “A Wharton alumnus connected us,” Christiansen remembers.

The Contributionship and two other early adopters “were just enough to get started.”

The partners claimed to offer not only convenience, but also precision.

“Insurance agents know a lot. They are well trained, ”said Christiansen. But especially for home insurance, “the questions that companies ask applicants are very detailed, and sometimes [agents] forget one. “What breed of dog do you have? ” [Risks vary with size and type.] “Is there a screen around the porch?” Companies told us they found agents had errors in about 30% of requests. “

Young Alfred’s automated application failed if it was not complete and verified.

As policies started to flow in, more and more insurers took out. The service currently offers 46 insurance companies and a waiting list as staff deal more.

Haven’t online registrations caused the decline of established agencies? Christiansen says carriers tell them they’re not moving Neighborhood Officers, but reaching new customers – from young people buying their first home or car, to digitally savvy retirees moving to areas of the city. resort. “We are now in all 50 states,” Christiansen said. “The seniors in Florida are very happy with us. We welcome clients who want to forge their own path.

Over the past four years, Young Alfred has sold $ 6 billion in home and auto insurance to major local insurers.

If that sounds like a lot, it’s still a tiny fraction of the $ 40 trillion US home insurance market, and that’s not counting cars.

Credible won’t say how much he’s paying for young Alfred. This company’s online “loan market” offers mortgages from a range of banks and student loans from Citizens Bank, Wilmington Avenue College, online lender SoFi, and others.

“We are eager to add insurance products,” Credible founder Stephen Dash said in a statement.

Will Credible use Young Alfred to take over the agency’s activity? “There are so many of these” insurance software start-ups in recent years, noted Paul Melchiorre, a veteran Philadelphia tech executive who is a former president of iPipeline, a life insurance software company in Philadelphia. line based in Exton.

Melchiorre noted that San Francisco-based Lemonade, which went public two years ago, has attracted a horde of initial investors – its IPO debuted at $ 69 per share higher than expected, then went on to more than doubled in a few months. But it fell sharply below its initial trading price this year, after a series of quarterly reports showing expenses were nearly triple the company’s annual sales and profits were not on the horizon.

“I think the real insurance disruption is yet to come,” Melchiorre concluded. “Companies like Tesla and Amazon are likely to take over insurance over time because they have all of this customer data. They know your risks, your credit scores, the last time you went to the bathroom. They know when your wife gets pregnant before she does. Big data companies could take over the entire insurance process.

Even before its sale, Young Alfred had become less visible in Philadelphia. Stasie moved to Arizona as the pandemic shut down cities on the east coast and hired a group of staff for the company there. Christiansen is raising her family in Connecticut.

Also in Philadelphia are Young Alfred’s attorneys at Cozen O’Conner, although the acquiring company has its own attorney. Additionally, the founders’ alma mater at University City, where students brainstorm more digital business plans.


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Fed to tighten credit faster, plans 3 rate hikes in 2022 – GV Wire https://ohcdphila.org/fed-to-tighten-credit-faster-plans-3-rate-hikes-in-2022-gv-wire/ Wed, 15 Dec 2021 20:26:15 +0000 https://ohcdphila.org/fed-to-tighten-credit-faster-plans-3-rate-hikes-in-2022-gv-wire/ The Federal Reserve will step up the pace at which it withdraws support from the economy as inflation rises, and it plans to hike interest rates three times next year. In a sharp policy shift, the Fed said on Wednesday it would cut its monthly bond purchases twice as fast as it previously announced, likely […]]]>

The Federal Reserve will step up the pace at which it withdraws support from the economy as inflation rises, and it plans to hike interest rates three times next year.

In a sharp policy shift, the Fed said on Wednesday it would cut its monthly bond purchases twice as fast as it previously announced, likely ending it in March. The accelerated schedule puts the Fed on track to start raising rates in the first half of next year.

Borrowing costs may start to rise soon

The Fed’s new forecast that it will hike its short-term benchmark rate three times next year is up from a single rate hike it forecast in September. The Fed’s key rate, now close to zero, influences many consumer and business loans, including mortgages, credit cards and auto loans.

These borrowing costs could start to rise in the coming months, although the Fed’s actions do not always immediately affect other lending rates. And even if the central bank hiked rates three times next year, it would still leave its benchmark rate at a historically low level, below 1%.

In a statement released after its last meeting, the Fed said that even with inflation well above its 2% target, it is unlikely to start raising rates until it hits its target of. ” maximum employment “. The Fed has not clearly defined when this target will be reached.

The policy change announced by the Fed on Wednesday was pointed out in testimony President Jerome Powell gave to Congress two weeks ago discussing the extraordinary support the Fed has given to the economy following the year’s pandemic. last.

Rising inflationary pressures

The change reflects Powell’s recognition that with increasing inflationary pressures, the Fed needed to start tightening consumer and business credit faster than it had expected a few weeks earlier. The Fed had previously characterized the spike in inflation as primarily a “transitional” problem that would subside as supply bottlenecks caused by the pandemic were resolved.

The rise in prices persisted longer than the Fed expected, and spilled over from goods like food, energy and automobiles to services like apartment rents, restaurant meals and rooms. hotel. It took a heavy toll on consumers, especially low-income households and especially for daily necessities, and canceled the higher wages many workers received.

In response, the Fed is turning its attention away from reducing unemployment, which has fallen rapidly to 4.2%, from 4.8% at its last meeting, and to containing rising prices. Consumer prices rose 6.8% in November from a year earlier, the government said last week, the fastest pace in nearly four decades.

Policy change carries risks

The Fed’s new policy change comes with risks. Rising borrowing costs too quickly could stifle consumer and business spending. This, in turn, would weaken the economy and likely increase unemployment.

Yet if the Fed waits too long to raise rates, inflation could get out of hand. He may then have to act aggressively to tighten credit and potentially trigger another recession.

Fed officials have said they expect inflation to slow down by the second half of next year. Gas prices are already out of their peaks. Supply chain bottlenecks in some regions are gradually easing. And the government’s stimulus payments, which helped spur higher spending that boosted inflation, are not expected to return.

Still, many economists expect high prices to persist. That likelihood was bolstered this week by a government report that found wholesale inflation jumped 9.6% for the 12 months ending in November, the fastest year-over-year pace on the records dating from 2010.

Housing costs, including apartment rents and the cost of ownership, which account for about a third of the consumer price index, have increased at an annual rate of 5% in recent months, calculated Goldman Sachs economists. Restaurant prices jumped 5.8% in November from a year ago, a high of nearly four decades, partly reflecting rising labor costs. Such increases will likely keep inflation well above the Fed’s 2% annual target next year.

The Fed’s monthly bond purchases were meant to hold long-term rates to help the economy, but with unemployment falling and inflation to a nearly 40-year high, they are no longer needed.


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