OceanFirst Financial Corp. (OCFC) Holding Trimmed by Wedge Capital Management LLP NC

Quantum Capital Management LLC NJ acquired a new position in OceanFirst Financial Corp. during the third quarter worth approximately $201,000. AQR Capital Management LLC acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $205,000.

Wedge Capital Management L L P NC decreased its position in OceanFirst Financial Corp. (NASDAQ:OCFC) by 3.3% during the first quarter, Holdings Channel reports. The institutional investor owned 504,358 shares of the savings and loans company’s stock after selling 17,052 shares during the period. Wedge Capital Management L L P NC’s holdings in OceanFirst Financial Corp. were worth $14,210,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Quantum Capital Management LLC NJ acquired a new position in OceanFirst Financial Corp. during the third quarter worth approximately $201,000. AQR Capital Management LLC acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $205,000. First Republic Investment Management Inc. acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $300,000. Emerald Advisers Inc. PA acquired a new position in OceanFirst Financial Corp. during the third quarter worth approximately $337,000. Finally, Highbridge Capital Management LLC acquired a new position in OceanFirst Financial Corp. during the fourth quarter worth approximately $394,000. 55.62% of the stock is currently owned by institutional investors and hedge funds.

OceanFirst Financial Corp. (NASDAQ:OCFC) traded down 0.46% during trading on Friday, reaching $28.10. 83,367 shares of the company’s stock traded hands. The stock has a market cap of $896.39 million, a price-to-earnings ratio of 25.20 and a beta of 0.59. The company’s 50 day moving average is $27.79 and its 200-day moving average is $26.91. OceanFirst Financial Corp. has a 52-week low of $16.77 and a 52-week high of $30.70.

The business also recently declared a quarterly dividend, which will be paid on Friday, May 19th. Stockholders of record on Monday, May 8th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, May 4th. This is a boost from OceanFirst Financial Corp.’s previous quarterly dividend of $0.13. This represents a $0.60 annualized dividend and a dividend yield of 2.14%. OceanFirst Financial Corp.’s dividend payout ratio is currently 61.22%.

OCFC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $32.00 price target on shares of OceanFirst Financial Corp. in a research report on Wednesday. Zacks Investment Research lowered shares of OceanFirst Financial Corp. from a “strong-buy” rating to a “hold” rating in a report on Friday. Finally, Sandler O’Neill lowered shares of OceanFirst Financial Corp. from a “buy” rating to a “hold” rating in a report on Monday, January 30th.

In other news, Director Michael D. Devlin sold 4,801 shares of the company’s stock in a transaction dated Tuesday, February 14th. The stock was sold at an average price of $29.72, for a total transaction of $142,685.72. Following the sale, the director now directly owns 129,614 shares in the company, valued at $3,852,128.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director John R. Garbarino sold 3,000 shares of the company’s stock in a transaction dated Monday, February 13th. The shares were sold at an average price of $29.00, for a total value of $87,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 144,642 shares of company stock worth $4,222,224. Company insiders own 11.10% of the company’s stock.

OceanFirst Financial Corp. Company Profile

OceanFirst Financial Corp. is a holding company for OceanFirst Bank (the Bank). The Company is a savings and loan holding company. The Bank’s principal business is attracting retail and business deposits in the communities surrounding its branch offices and investing those deposits primarily in loans, consisting of single-family, owner-occupied residential mortgage loans, and commercial real estate and other commercial loans.

Want to see what other hedge funds are holding OCFC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OceanFirst Financial Corp. (NASDAQ:OCFC).

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Two Sigma Investments LP Acquires Shares of 29834 PJT Partners (PJT)

Two Sigma Investments LP acquired a new position in PJT Partners (NYSE:PJT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 29,834 shares of the financial services provider’s stock, valued at approximately $1,360,000. Two Sigma Investments LP owned …

PJT Partners logoTwo Sigma Investments LP acquired a new position in PJT Partners (NYSE:PJT) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 29,834 shares of the financial services provider’s stock, valued at approximately $1,360,000. Two Sigma Investments LP owned about 0.16% of PJT Partners as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of PJT. Maltese Capital Management LLC grew its position in shares of PJT Partners by 395.4% in the 3rd quarter. Maltese Capital Management LLC now owns 204,292 shares of the financial services provider’s stock worth $7,826,000 after buying an additional 163,056 shares during the last quarter. Eagle Asset Management Inc. purchased a new position in shares of PJT Partners in the 4th quarter valued at approximately $5,604,000. Dimensional Fund Advisors LP lifted its stake in shares of PJT Partners by 68.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 208,047 shares of the financial services provider’s stock valued at $7,970,000 after purchasing an additional 84,881 shares during the period. University of Notre Dame DU Lac lifted its stake in shares of PJT Partners by 46.9% in the 4th quarter. University of Notre Dame DU Lac now owns 181,949 shares of the financial services provider’s stock valued at $8,297,000 after purchasing an additional 58,091 shares during the period. Finally, Prudential Financial Inc. purchased a new position in shares of PJT Partners in the 3rd quarter valued at approximately $2,123,000. Hedge funds and other institutional investors own 59.03% of the company’s stock.

How to Become a New Pot Stock Millionaire

A number of research firms have recently commented on PJT. Sandler O’Neill cut PJT Partners from a “buy” rating to a “hold” rating and set a $57.00 target price for the company. in a research note on Thursday, April 12th. They noted that the move was a valuation call. Zacks Investment Research cut PJT Partners from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 11th. Bank of America raised their target price on PJT Partners from $55.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, April 12th. Finally, Buckingham Research began coverage on PJT Partners in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $51.00 target price for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $54.80.

In other PJT Partners news, General Counsel James W. Cuminale sold 2,816 shares of PJT Partners stock in a transaction on Tuesday, March 6th. The stock was sold at an average price of $48.05, for a total transaction of $135,308.80. Following the completion of the transaction, the general counsel now owns 49,502 shares in the company, valued at $2,378,571.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 8.01% of the stock is currently owned by insiders.

PJT opened at $54.40 on Friday. The company has a market capitalization of $1,022.20, a PE ratio of 35.32 and a beta of 0.36. PJT Partners has a 52 week low of $34.11 and a 52 week high of $55.13.

PJT Partners (NYSE:PJT) last announced its quarterly earnings data on Wednesday, February 7th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.12. The business had revenue of $190.55 million during the quarter. PJT Partners had a positive return on equity of 319.40% and a negative net margin of 6.52%. analysts expect that PJT Partners will post 2.58 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 21st. Shareholders of record on Wednesday, March 7th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date of this dividend was Tuesday, March 6th. PJT Partners’s payout ratio is 12.99%.

COPYRIGHT VIOLATION WARNING: This piece was published by StockNewsTimes and is owned by of StockNewsTimes. If you are viewing this piece on another website, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this piece can be accessed at https://stocknewstimes.com/2018/04/20/two-sigma-investments-lp-takes-position-in-pjt-partners-pjt.html.

PJT Partners Profile

PJT Partners Inc provides various strategic advisory, restructuring and special situations, and private fund advisory and placement services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers a range of financial advisory and transaction execution capability, including mergers and acquisitions, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance advisory, private placements, and distressed sales.

Institutional Ownership by Quarter for PJT Partners (NYSE:PJT)

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Two Sigma Investments LP Has $1.44 Million Holdings in National General Holdings (NGHC)

Two Sigma Investments LP lessened its position in shares of National General Holdings (NASDAQ:NGHC) by 55.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,096 shares of the insurance provider’s …

National General logoTwo Sigma Investments LP lessened its position in shares of National General Holdings (NASDAQ:NGHC) by 55.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,096 shares of the insurance provider’s stock after selling 89,623 shares during the period. Two Sigma Investments LP owned about 0.07% of National General worth $1,436,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in NGHC. Comerica Bank lifted its holdings in shares of National General by 49.2% in the 3rd quarter. Comerica Bank now owns 15,257 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 5,031 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of National General by 23.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 47,509 shares of the insurance provider’s stock worth $908,000 after purchasing an additional 9,006 shares during the last quarter. SG Americas Securities LLC acquired a new stake in National General in the 3rd quarter valued at approximately $134,000. American International Group Inc. increased its position in National General by 8.1% in the 3rd quarter. American International Group Inc. now owns 32,926 shares of the insurance provider’s stock valued at $629,000 after acquiring an additional 2,462 shares during the period. Finally, Legal & General Group Plc increased its position in National General by 34.6% in the 3rd quarter. Legal & General Group Plc now owns 22,746 shares of the insurance provider’s stock valued at $433,000 after acquiring an additional 5,849 shares during the period. 46.87% of the stock is currently owned by institutional investors.

How to Become a New Pot Stock Millionaire

In related news, COO Peter A. Rendall sold 6,637 shares of National General stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $24.31, for a total transaction of $161,345.47. Following the completion of the sale, the chief operating officer now owns 17 shares of the company’s stock, valued at $413.27. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Thomas Newgarden sold 5,084 shares of National General stock in a transaction on Monday, March 5th. The shares were sold at an average price of $24.26, for a total value of $123,337.84. Following the sale, the executive vice president now directly owns 4,766 shares of the company’s stock, valued at approximately $115,623.16. The disclosure for this sale can be found here. Company insiders own 3.40% of the company’s stock.

Several analysts recently commented on NGHC shares. Zacks Investment Research upgraded National General from a “sell” rating to a “hold” rating and set a $22.00 target price on the stock in a research report on Saturday, January 6th. Mizuho lifted their price target on National General from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, March 21st. B. Riley lifted their price target on National General from $29.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, March 21st. BidaskClub upgraded National General from a “strong sell” rating to a “sell” rating in a research report on Thursday, March 22nd. Finally, ValuEngine cut National General from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. National General presently has a consensus rating of “Hold” and a consensus price target of $27.50.

Shares of NASDAQ NGHC opened at $25.51 on Friday. The firm has a market capitalization of $2,645.47, a P/E ratio of 22.74 and a beta of 0.93. National General Holdings has a 52-week low of $16.21 and a 52-week high of $25.75.

National General (NASDAQ:NGHC) last issued its earnings results on Monday, February 26th. The insurance provider reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.07. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.01 billion. National General had a return on equity of 7.10% and a net margin of 1.67%. National General’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.30 earnings per share. analysts anticipate that National General Holdings will post 2.23 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 16th. Stockholders of record on Monday, April 2nd were given a $0.04 dividend. The ex-dividend date was Thursday, March 29th. This represents a $0.16 annualized dividend and a dividend yield of 0.63%. National General’s dividend payout ratio (DPR) is presently 14.68%.

COPYRIGHT VIOLATION WARNING: “Two Sigma Investments LP Has $1.44 Million Holdings in National General Holdings (NGHC)” was published by Week Herald and is the sole property of of Week Herald. If you are accessing this news story on another site, it was copied illegally and republished in violation of United States & international copyright law. The original version of this news story can be viewed at https://weekherald.com/2018/04/20/two-sigma-investments-lp-has-1-44-million-stake-in-national-general-holdings-corp-nghc.html.

About National General

National General Holdings Corp., a specialty personal lines insurance holding company, provides various insurance products and services in the United States. The company operates in two segments, Property and Casualty, and Accident and Health. The Property and Casualty segment offers standard, preferred, and nonstandard automobile insurance products; and recreational vehicle (RV) insurance products that carry RV-specific endorsements comprising automatic personal effects coverage, optional replacement cost coverage, RV storage coverage, and full-time liability coverage.

Institutional Ownership by Quarter for National General (NASDAQ:NGHC)

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Tokenised funds to reshape PE/VC fundraising

Silicon Valley venture capital firm 500 Startups has also entered the space with its 22X Fund, which is jointly operated with Securitize Capital LLC. This vehicle permits accredited investors who purchase 22X tokens to own up to 10 per cent equity in the 22nd batch of its portfolio companies. Companies …

Initial coin offers (ICOs) and the emergence of tokenised funds — represented by the issue of equity tokens — are set to reshape the dynamics of how private equity (PE) and venture capital (VC) fund managers raise capital, bringing greater transparency and democratisation to the fund management space.

Equity tokens, also known as security tokens, are tokenised securities which derive their value from an external, tradeable asset and are subject to securities regulations. In Singapore’s case — given its status as the largest centre for ICOs in Asia as at 2017— such securities products fall under the remit of the Securities & Futures Act (SFA).

The Monetary Authority of Singapore (MAS) currently notes that digital tokens can function in the role of a utility token that offers benefits in the form of goods or services, or an equity token that operates as an offer of shares, units in a collective investment scheme or a debenture; current regulations require issuers of security tokens to lodge a prospectus with the MAS, with online exchanges that facilitate their trading requiring approval.

How smart contracts work.

The use of equity tokens serves to disintermediate the use of private placement agents, who often serve as intermediaries between the various limited partners (LPs) — foundations, endowments, family offices, trusts, corporates, fund of Funds (FoFs), insurance firms, state funds, pension funds and other players — and the fund managers that look to engage them.

An additional layer of protection that the use of equity tokens in an ICOs could offer is the use of smart contracts, as exemplified by the Ethereum blockchain. Fundamentally, it offers a decentralised and more democratic tool for fund managers to raise capital.

How permissioned blockchains work in smart contracts. [Link]. Credit: Capgemini Consulting

Tokenised venture funds

In Singapore, the Based on Blockchain Fund (BB Fund), whose launch was announced by LifeSREDA.VC in May 2016, is planning to conduct an initial coin offer (ICO) in Singapore. This could make it the first fund based out of Southeast Asia to raise funds through a security token sale, which has emerged as a new financing option for startup ventures, as well as offering benefits to both LPs and fund managers in terms of transparency and democratisation.

Silicon Valley venture capital firm 500 Startups has also entered the space with its 22X Fund, which is jointly operated with Securitize Capital LLC. This vehicle permits accredited investors who purchase 22X tokens to own up to 10 per cent equity in the 22nd batch of its portfolio companies.

Companies that form this particular fund have collectively raised over $20 million, with financial backers including institutional investors such as 500 Startups, Accenture and Deutsche Bank. The 22X Fund aims to raise up to $35 million which will be deployed immediately and invested on a pro-rata basis in the equity of participating early-stage ventures.

Investors in this fund can purchase 22X tokens with Bitcoin, Ethereum, USD or other currencies, with the tokens enabling ownership of up to 10 per cent in each participating firm. Proceeds from the fund are distributed pro rata to participating companies capped at $1 million, with token holders able to trade tokens after a year and receive proceeds from liquidity events.

Meanwhile, two organisations in the Indo-Asia Pacific (IAPAC) which have engaged in ICOs to raise capital for their funds are Starta Accelerator, which raised $5 million, and Finshi Capital, which raised $21.4 million. Such developments come at a time when venture capitalists in the city-state are worried about its impact on their sector.

Investment process of BB Fund. Credit: Life.SREDA

The BB Fund — which has not issued tokens to date — is aiming to raise a corpus of $200 million, with its first close at $50 million. It plans to concentrate on enterprises operating in the blockchain and financial technology sector. It will target investments at the pre-ICO (pre-sale), ICO, as well as pre-seed, seed and Series A funding rounds, with an investment cycle of three years.

The BB Fund will be issuing the BB Token and has capped its supply at 1 million tokens priced at $200 and fixed in Ethereum (ETH), with investors able to trade tokens on the funds’ trading desk during the annual redemption period. According to the funds’ website, the BB Token represents the share of investor’s ownership in the BB Fund and is “collateralised by a portfolio of underlying tokens”.

In an email exchange with this portal, Igor Pesin, the CFO of BB Fund and LifeSREDA’s investment director, explains: “While we see several ICOs made by investment funds, most of them are not using equity token (meaning positioning it as a security) and do not follow the regulatory rules, related to securities. During such fundraisings even necessary KYC, risk assessment and compliance procedures (AML, CTF, PEP checks) are usually are not executed, and the source of funds and source of wealth assessment are never done, which are obligatory in dealing with securities.”

He adds, “Equity tokens are just starting to appear on the market and mainly introduced by already established and experienced players because this is much more complicated and demanding approach than fundraising via utility tokens.”

According to Pesin, the use of equity tokens raises legal complexities in terms of raising a fund in a jurisdictions like the US or Singapore, where ICOs can fall within the remit of the SFA if the ICO deals with a securities product, particularly with regard to due diligence elements such as KYC (know-your-client), AML (anti-money laundering), CTF (counter-terrorist financing) and PEP (politically exposed person) checks.

Raising a fund in Singapore also comes with regular internal and external audits, as well as additional requirements for information disclosure.

As for the liquidity options of LPs? Pesin elaborates: “Investors in those tokenized funds, which are structured in a proper and compliant way, get the same rights as in a classical limited partnership, meaning they own a share of underlying assets in the fund. Regarding the liquidity, they have several options for selling their equity or tokens to another accredited investor, they can redeem their stake or they can just wait for profit distribution after each successful exit.”

Venture capital funds raised via ICO as at October 2017. Credit: BB Fund

Fundraising dynamics

Goh Sze-Hui, a corporate partner in Eversheds Harry Elias,whose practice areas cover cross-border mergers and acquisitions, joint ventures, corporate finance and corporate restructuring, see’s the ICO phenomenon as a fluid and evolving space given its relative youth.

Asked for her take on issues surrounding the FundCoin ICO of the Dutch asset management firm Finles Capital — which would have been the first ICO by a private equity fund but was eventually suspended — Goh tells this portal that the matter highlights key points private equity players need to be aware of.

Structure of Lowestoft Private Equity Fund. Credit: Finles Capital

She explains: “Firstly, there is the question of choosing the jurisdiction for an ICO. As the article states, for example, many ICOs actively seek to exclude US investors, and for many ICOs this can be a reflection of (i) a lack of financial means to back an ICO in certain countries, and (ii) a lack of understanding of the relevant regulatory regime, and so a desire to exclude it.”

“Less common, however, as an option that should be seriously considered when performing an ICO, is whether to, instead of listing countries where an ICO is excluded, rather list the countries where the ICO is to be performed. This would allow the ICO provider to properly consider the framework where they are providing the ICO, and, since as a general rule of thumb marketing / financial promotion rules which apply are those in the country where the token is sold, makes it easier to be sure tokens are sold in compliance with all applicable regulation.”

“Secondly, and following on from the above, most countries will have a local regime for protecting investors. Therefore, just excluding investors from certain countries from investing does not equate to being able to do whatever you want in and ICO. Generally, all countries, for example, have rules against fraud and misrepresentation, which apply regardless of whether an activity is a so-called “regulated activity” or not.”

The growth of ICOs has also seen the emergence of platforms like Waves and CoinLaunch, which aim to simplify the ICO process and enable businesses to issue their own digital tokens and manage their ICOs.

Goh believes that such platforms are beneficial to both regulators, investors and entrepreneurs. She says, “These platforms can form a dual purpose. They can both facilitate the ICO process, as well as provide a validation mechanism (i.e. only ICOs of a certain quality may be accepted on a platform). As such, they are like to become increasingly popular as they form a framework beneficial to both the investor and the entity launching the ICO.”

“They also provide a natural hub of experts, who can then engage with regulators when developing the regulatory framework, as well as a mechanism for regulatory enforcement of that framework, as parties can be blocked from accessing the platform if they do not meet prescribed requirements. The exact end result if, of course, uncertain, given the nascent nature of these platforms, but there is definite potential form them to play a significant role ahead.”

Meanwhile, Robin Lee, the CEO of HelloGold — a startup which closed a $4 million venture investment and raised capital from an ICO — and former CFO of the World Gold Foundation, opines: “As long as you adhere to existing regulations, I think in many ways it can have a lot of benefits, the most obvious being safety and transparency as you can democratise fundraising.”

“Traditionally, LPs write cheques to the VCs, but equity token sales give a broader pool of people a chance to gain exposure to the venture capital asset class and for VCs to raise more capital. That’s the theory anyway. Realistically, VCs fund managers will have to follow securities regulations regarding fundraising in the jurisdictions they are based in, which remain unchanged.”

He adds, “While I’m not sure of the benefits it would bring to the table, theoretically because of its blockchain basis and smart contract governance, it’s more transparent. If you’re a new fund trying to raise money, it may be an easier approach.”

Lee observes that while tokens have enabled investors to enjoy more rapid liquidity, he also notes that its possible for people to purchase tokens that cannot be redeemed for up to five years.

“If VCs were to raise funds and then focus on a non-traditional space, that makes a lot of difference; it depends on the rules that fund managers establish on the smart contract. The liquidity option for VC funds can see them liquidate in a month but pay it out in five years. The security token for your fund could the funds you’re allocating being frozen for the next five years before being redeemed.”

Securities regulations for ICOs

Currently, the US uses the Howey Test to determine what a security product is and has applied this to ICOs.Asked if she saw regulations moving to align with targeted regulations by the likes of Japan’s Financial Services Agency (FSA) as the sector matures, or aligning with the approach taken by the SEC that some construe as regressive, Goh notes: “The MAS has recently published “A Guide to Digital Token Offerings”, which indicates that a functional approach to regulatory classification of ICOs will be taken.”

Credit: CB Insights

“This is a common approach taken by regulators in the US and the UK. Currently, there are around 1000 cryptocurrencies in existence, with a wide range of functionality and uses. As such, regulators will need to be careful that the regulatory regime put in place for cryptocurrencies is adaptable enough to cater for their wide range of possible uses.”

“Given this is the case, and given the need to ensure that cryptocurrencies do not become a way of mimicking existing structures without out proper regulation, currently, the functional approach suggested by the MAS is a sensible way forward.”

And at a time when ICOs are being launched from jurisdictions such as the US, Switzerland, Singapore, Canada and the UK, Goh see’s a consensus regarding ICO regulations being eventually achieved on an international basis as the ICO market matures.

She observes: “ICOs are a global phenomenon, and one of their advantages is that they can be used as a mechanism to attract global investment. However, legal systems are designed on a national level, which means that there can be national, and sometimes even regional, variation as regards which rules apply to any given scenario.”

“One way to counter this would be to obtain international agreement on a set of standards which would apply to ICOs which would then apply globally. However, this can be hard to achieve in practice, as different regulators are still forming their view on how favourably to treat ICOs.”

“ Even if a broad agreement were reached, countries may well still differ on the practical detail of what has been agreed, for example, most regulators would agree that if an investor is wronged the investor should be compensation, but there is no universal concept of what “compensation” actually means.”

While the city-state of Singapore has no intention to regulate cryptocurrencies at this time, it already requires virtual-currency intermediaries such as exchange operators to comply with requirements to combat money laundering and terrorist financing. In addition, it is considering placing ICOs in a regulatory sandbox.

Singapore’s brand strength also lies in its reputation as a relatively clean city with firm rules and as an established financial centre, with the city-state’s government prosecuting businesses that misbehave. Dr Finian Tan of Vickers Ventures, one of the largest and oldest venture capital (VC) firms in Southeast Asia, has argued for the need of caveat emptor to prevail when it comes to ICOs.

Asked if regulations could see utility tokens being open to all investor categories but equity tokens restricted to accredited and professional investors as a way to balance the interests of investors and ICO issuers, Goh opines: “The concept of caveat emptor is a curious one as, even in Roman times, it was based on the fact that there was information symmetry between buyer and seller, and so each could independently assess the asset being sold.”

“However, in respect to ICOs, very few investors, even those who are fully accredited and professional, can say that they understand all aspects of how ICOs work. The genesis of caveat emptor, namely that the buyer can check the product being bought for himself, does not apply here, as the buyer is unable to fully check the product, but rather must rely on others to assert its validity.”

She concludes: “In fact, our experience is that many of those launching ICOs are, in fact, keen not to take too restrictive an approach towards regulatory and legal compliance, because of the ability to confirm that an ICO meets certain regulatory and legal standards gives that ICO legitimacy, certainty and, hopefully, greater value.”

“Therefore, we do not see a world in which security tokens will necessary never be open to retail investors, as firms may well be happy to meet retail standards to be able to sell to retail. Conversely, having a utility coin does not guarantee simplicity and security, and so it may well be that sales of these tokens are restricted to only some types of investors in some circumstances. The overall picture, therefore, may well not neatly fall within the security token/utility token divide.”

See:

FundedHere to expand to growth markets of Indonesia & Malaysia, exploring Series A: Daniel Lin, FundedHere

Crypto-tokens & ICOs to be further integrated into financial ecosystem amid strengthening of PE/VC & securities market: Monetary Authority of Singapore

ASEAN sees deficits in Series B financing and risk pricing : Kelvin Lee, Fundnel

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United Continental Holdings (NYSE:UAL) Position Lowered by BRITISH COLUMBIA INVESTMENT …

Lodge Hill Capital LLC acquired a new stake in shares of United Continental in the 4th quarter valued at approximately $23,590,000. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of United Continental by 51.0% in the 4th quarter. Amundi Pioneer Asset Management Inc.

United Continental logoBRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in shares of United Continental Holdings (NYSE:UAL) by 17.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 24,645 shares of the transportation company’s stock after selling 5,083 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in United Continental were worth $1,661,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Brandywine Global Investment Management LLC boosted its holdings in shares of United Continental by 1,700.2% in the 4th quarter. Brandywine Global Investment Management LLC now owns 1,520,487 shares of the transportation company’s stock valued at $102,481,000 after buying an additional 1,436,026 shares during the last quarter. Cyrus Capital Partners L.P. boosted its holdings in shares of United Continental by 18.4% in the 4th quarter. Cyrus Capital Partners L.P. now owns 3,133,622 shares of the transportation company’s stock valued at $211,206,000 after buying an additional 487,000 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in shares of United Continental in the 3rd quarter valued at approximately $28,887,000. Lodge Hill Capital LLC acquired a new stake in shares of United Continental in the 4th quarter valued at approximately $23,590,000. Finally, Amundi Pioneer Asset Management Inc. boosted its holdings in shares of United Continental by 51.0% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 1,013,009 shares of the transportation company’s stock valued at $68,276,000 after buying an additional 341,989 shares during the last quarter. 95.27% of the stock is owned by hedge funds and other institutional investors.

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UAL stock opened at $70.23 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.49 and a debt-to-equity ratio of 1.44. The firm has a market cap of $19,171.73, a price-to-earnings ratio of 10.39 and a beta of 0.87. United Continental Holdings has a fifty-two week low of $56.51 and a fifty-two week high of $83.04.

United Continental (NYSE:UAL) last posted its quarterly earnings data on Tuesday, April 17th. The transportation company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.43. The firm had revenue of $9.03 billion for the quarter, compared to analysts’ expectations of $9.01 billion. United Continental had a return on equity of 23.27% and a net margin of 5.69%. The company’s quarterly revenue was up 7.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.31 EPS. equities analysts expect that United Continental Holdings will post 7.83 EPS for the current fiscal year.

Several equities research analysts have recently commented on the company. Bank of America increased their price objective on United Continental from $86.00 to $90.00 and gave the company a “buy” rating in a report on Thursday. Morgan Stanley increased their price objective on United Continental from $77.00 to $79.00 and gave the company an “equal weight” rating in a report on Thursday. Imperial Capital increased their price objective on United Continental from $74.00 to $77.00 and gave the company an “in-line” rating in a report on Thursday. Stephens set a $78.00 price objective on United Continental and gave the company a “hold” rating in a report on Tuesday. Finally, Zacks Investment Research downgraded United Continental from a “buy” rating to a “hold” rating in a report on Thursday, April 12th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $84.76.

In other news, Director Edward Shapiro acquired 25,000 shares of the stock in a transaction on Thursday, March 15th. The shares were purchased at an average price of $70.65 per share, for a total transaction of $1,766,250.00. Following the transaction, the director now directly owns 37,707 shares of the company’s stock, valued at $2,663,999.55. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.27% of the stock is owned by company insiders.

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About United Continental

United Continental Holdings, Inc, together with its subsidiaries, provides air transportation services in North America, the Asia-Pacific, Europe, the Middle East, Africa, and Latin America. It transports people and cargo through its mainline and regional operations. As of December 31, 2017, the company operated a fleet of 1,262 aircraft.

Institutional Ownership by Quarter for United Continental (NYSE:UAL)

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