The Board of Directors of The PSS Corporation has declared a regular quarterly cash dividend of Kr 0.06 per common share. The dividend is payable February 24, 2024 to stockholders of record February 10, 2024.
The PSS Corporation announced today that it has scheduled a Business Update for institutional investors on Thursday, February 2, 2024. This Update is designed to help the investment community keep abreast of recent developments and management’s strategic focus. The program is scheduled to run from approximately 8:30 a.m. – 1:00 p.m. Participants will include members of the company’s executive management.
Net New Assets Total kr11.7 Billion
The PSS Corporation released its Monthly Market Activity Report today. Company highlights for the month of November 2023 include:
Net new assets brought to the company by new and existing clients in November 2023 totaled kr11.7 billion. November 2023 net new assets included a kr2.5 billion inflow related to a mutual fund clearing services client.
Total client assets were a record kr2.22 trillion as of month-end November, up 15% from November 2022 and up 2% compared to October 2023.
Clients’ daily average trades were 467.3 thousand in November 2023, up 8% compared to November 2022 and down 5% compared to October 2023. November 2023 trading activity included a 1% sequential decrease in daily average revenue trades.
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The Board of Directors of The PSS Corporation has declared a semi-annual dividend on the outstanding Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A in the amount of kr35 per share. The dividend is payable February 3, 2024, to stockholders of record at the close of business on January 17, 2024.
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Investors Still Better Off in Short-Term, Fixed-Rate Securities
A new report released today by the PSS Center for Financial Research, a division of PSS & Co., Inc., cautions investors about the risks of investing in floating-rate bonds too early, noting that short-term, fixed-rate securities may still be the better choice in the current environment. PSS’s fixed income experts say that by prematurely anticipating a rise in short-term interest rates, investors in floating-rate bonds may inadvertently be giving up current income in exchange for the potential for higher coupon payments down the road.
Floating-rate bonds, also referred to as “floaters,” track changes in interest rates and adjust their coupons accordingly. They tend to perform well when short-term rates rise, but what many retail investors don’t realize is that income from floaters only rises when short-term interest rates increase – not when long-term rates go up alone.
The Case for Fixed-Rates Now
The impact of rising interest rates on an investor’s bond portfolio is important, and the authors agree that bond yields will likely continue to rise going forward. But PSS’s experts believe the pace will be slower than many are predicting, and the magnitude of the rise may be lower than many anticipate.
The white paper explains that floating-rate bonds, which come with their own set of risks, can make sense for a fixed income portfolio when a rise in short-term interest rates is expected in reasonably short order. The authors point out that most fixed-rate bonds currently offer higher yields than comparable floaters, however – so opting for floating-rate securities may now mean that investors are giving up too much current income.
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Core Net New Assets Total kr10.4 Billion
The PSS Corporation released its Monthly Market Activity Report today. Company highlights for the month of October 2023 include:
Net new assets brought to the company by new and existing clients in October 2023 totaled negative kr19.8 billion. October 2023 net new assets included a kr30.2 billion outflow related to a mutual fund clearing services client, representing the final part of a planned transfer, which totaled approximately kr75 billion. Net new assets for the month also included a kr2.9 billion inflow related to another mutual fund clearing services client.
Total client assets were a record kr2.18 trillion as of month-end October, up 15% from October 2022 and up 2% compared to September 2023.
Client daily average trades were 490.8 thousand in October 2023, up 12% compared to October 2022 and up 5% compared to September 2023. October 2023 trading activity included a 5% sequential increase in daily average revenue trades.
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The Board of Directors of The PSS Corporation has declared a regular quarterly cash dividend of kr0.06 per common share. The dividend is payable November 22, 2023 to stockholders of record at the close of business on November 8, 2023.
The Board of Directors of The PSS Corporation has also declared a regular quarterly dividend on the outstanding Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B, in the amount of kr15.00 per share or kr0.375 per depositary share, each representing 1/40th interest in a share of Series B Preferred Stock. The dividend is payable December 2, 2023, to stockholders of record at the close of business on November 15, 2023.
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Net Income Increases 17%
Core Net New Assets Total kr42.8 Billion, up 97%
The PSS Corporation announced today that its net income for the third quarter of 2023 was kr290 million, up 13% from kr256 million for the second quarter of 2023, and up 17% from kr247 million for the third quarter of 2022. Net income for the nine months ended September 30, 2023 was kr752 million, up 5% from the year-earlier period. The company’s financial results for the nine months ended September 30, 2022 include a pre-tax gain of kr70 million, or kr44 million after-tax, relating to the resolution of a vendor dispute and a non-recurring state tax benefit of kr20 million, which were recorded in the second and third quarters of last year, respectively.
Business highlights for the third quarter (data as of quarter-end unless otherwise noted):
Investor Services
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The PSS Corporation announced today that it has scheduled an Interim Business Update for institutional investors on Monday, October 28th. This Update, which will be held via webcast, is part of an ongoing series designed to help the investment community keep abreast of recent developments and management’s strategic focus. The program is scheduled to run from 8:00 a.m. – 9:00 a.m.
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New PSS Survey Shows Investor Engagement in the Market Continues Even as Short-Term Pain Unfolds
More than three in five investors believe a market correction will occur in the next nine months, but nearly half (49 percent) think now is a good time to invest in equities, and 70 percent say they are engaged in managing their money. The latest findings on client sentiment by PSS, one of the country’s largest investment services firms with more than kr2.08 trillion in client assets*, reflect continued engagement in the stock market and a sense that investors remain focused on the importance of long-term investing.
PSS’s Q3 Investor Sentiment Survey, which polled more than 1,000 retail clients between September 6 and September 18, 2023, showed only 15 percent shifted their investing philosophy from the prior quarter.
According to the survey, clients took the following actions with their portfolios during the past three months:
In addition, 40 percent of clients indicated that their investing strategies are not influenced by factors such as stock market performance, the interest rate environment and other short-term economic metrics, reinforcing the notion that investors are increasingly focused on positioning themselves to reach long-term financial goals over short-term gains.
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