Over the weekend, JPMorgan Chase (JPM) Chairman and CEO Jamie Dimon published his annual letter to shareholders. Mr. Dimon laid out the bank's response to the coronavirus pandemic and did his best to set expectations for the firm's future financial performance, including JPMorgan's dividend. First, Mr. Dimon said he expects a "bad recession" with financial stress [...]
On March 12, we downgraded Walt Disney's (DIS) Dividend Safety Score from Very Safe to Safe. We believed the coronavirus could threaten Disney's credit rating and increase pressure on management to pay down debt as cash flow slumped across Disney's theme parks and studio films. As we discussed, the coronavirus-related demand shock came at a less than ideal time as [...]
On March 20, we published a note on Magellan Midstream Partners (MMP) and maintained our Safe rating after concluding that the firm appeared "to have the balance sheet, distribution coverage, and commitment to its payout to wait out better times." Less than a week later on March 26, Magellan said it was indeed maintaining its distribution guidance for the year, which [...]
On April 2, Toronto-Dominion (TD) hosted its annual shareholder meeting (by webcast only). When asked about the safety of the bank's dividend, TD's CEO Bharat Masrani said there are no plans to change the dividend policy at this time: "We entered this period with considerable strength and strong capital position, and we are in a position, we [...]
Walgreens Boots Alliance (WBA) is one of the few retailers with a Safe Dividend Safety Score. The coronavirus pandemic has forced most businesses to temporarily close, but pharmacies are designated essential services and have therefore remained open, boosting demand for many of their products. On April 2, Walgreens reported earnings and said it was on track to meet its [...]
Suncor (SU) is an integrated energy company focused on developing Canada’s oil sands. Oil sand is a heavy mixture of bitumen, sand, fine clays, and water. Because it does not flow like conventional crude oil, it must be mined or heated underground before it can be processed. Oil sands production historically generated around 60% of [...]
The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of [...]
The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of [...]
The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of [...]
The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of [...]
The Canadian banking industry has had quite a run. Not a single bank has failed in over 20 years, and the largest banks have paid stable or higher dividends for more than a century: Royal Bank of Canada (RY): since 1870Canadian Imperial Bank of Commerce (CM): since 1868Toronto-Dominion Bank (TD): since 1857Scotiabank (BNS): since 1833Bank of [...]
America's banks have come a long ways since the 2007-09 financial crisis. They are generally much better capitalized and have sizable capital buffers to absorb losses from unexpected shocks. For example, the Fed's 2019 stress test on the nation's largest and most complex banks indicated that these institutions could maintain adequate capital levels, as well [...]
On March 24, Phillips 66 (PSX) announced its response to the challenging business environment caused by extreme volatility in energy markets and the coronavirus pandemic. Despite facing industry conditions that are worse than the last down cycle in 2016, the firm's dividend remains a priority: "We are taking action to maintain our financial strength to ensure security [...]
America's largest banks have come a long ways since the 2007-09 financial crisis. Based on data from the Federal Reserve, they are well capitalized and have sizable capital buffers to absorb losses from unexpected shocks. The Fed's 2019 stress test on the nation's largest banks such as JPMorgan Chase (JPM) indicated that these institutions could [...]
America's largest banks have come a long ways since the 2007-09 financial crisis. Based on data from the Federal Reserve, they are well capitalized and have sizable capital buffers to absorb losses from unexpected shocks. The Fed's 2019 stress test on the nation's largest banks such as Bank of America (BAC) indicated that these institutions [...]