Dennisb68
12 years ago
HARTFORD, Conn.--(BUSINESS WIRE)--
The Phoenix Companies, Inc. (NYSE: PNX - News) today announced it will hold a conference call with the investment community on Thursday, February 16, 2012, at 11 a.m., EST. The call will cover Phoenix's fourth quarter 2011 financial results, scheduled to be announced before the market opens on February 16, 2012, and other matters. Copies of the news release and financial supplement will be available on Phoenix’s Web site in the Investor Relations section immediately following the announcement.
The conference call will be broadcast live over the Internet at www.phoenixwm.com in the Investor Relations section. The call can also be accessed by telephone at 773-799-3641 (Passcode: PHOENIX). A replay of the call will be available through March 1, 2012 by telephone at 203-369-3694 and on Phoenix’s Web site.
Stock
12 years ago
Phoenix: A Stock Set To Rise From The Ashes
8 comments | by: Joe Eifrid October 20, 2011 | about: PNX
I have been watching this stock since the 2008 financial crisis. I have been mostly invested in their exchange traded senior debt until recently. Now, I think it is time to seriously look at buying the common shares.
Phoenix Companies (PNX) provides life insurance and annuity products in the United States. In addition, the company provides a hybrid insurance/investment product, which adds a lifetime income guarantee to an investor’s managed account assets; and manages fixed income investments for retail and institutional clients, including mutual funds, pension plans, and endowments. The Phoenix Companies, Inc. offers its products through third-party distributors, wholesalers, and financial planning specialists. The company was founded in 1851 and is headquartered in Hartford, Connecticut.
Now you need to put on your contrarian thinking cap here. PNX is not a company without issues. PNX almost imploded during the last financial crisis, and lost two of their biggest distributors of their products. The stock price has been reduced to ashes! PNX is working through these challenges and I think we are starting to see concrete signals of their efforts working.
On their most recent conference call in August they made these key points;
“Core earnings of $15 million are much improved from a year ago and we produced net income for the first time in a year. This trend of steady progress has brought us to a point where many of our key metrics are now at or approaching historic norms.”
“impairments this quarter were at their lowest level since the first quarter of 2007.”
“Annuity net flows remain positive for the third consecutive quarter and annuity funds under management grew 20% year-over-year to $4.4 billion at June 30.”
“A little over a year ago, we were just getting started and developed 90% of our total sales from a core group of 11 independent marketing organizations (IMOs) and about 50 agents. Today our sales are much larger and we are more broadly represented with 90% of our total sales from 23 IMOs and about 700 agents.”
“Total Life’s surrenders were at an annualized rate of 6.1% this quarter and the close block was at 5.6%. To put these numbers in perspective, the usual surrender rate for the close block, before the 2008 financial crisis was in the 5 to 6% range. The return of these metrics to historical levels, clearly demonstrates the increasing market acceptance of Phoenix and that The Phoenix franchise is re-emerging.”
They have also been steadily eliminating debt and cutting costs as part of their strategy.
The company is re-emerging but it is still down and dirty cheap and represents an uncommon value. PNX has a book value of $10.00 per share. Wednesday, shares were selling at $1.10, or just 11% of book value. The price to sales ratio is a low … very low .07. It has trailing twelve month revenues of $1.98 billion, with a market cap of just $128 million. It has a tiny market cap for a company with $21.4 billion in assets, and net tangible shareholder equity of $1.16 billion.
In addition, in August a director made an insider purchase of 40,000 shares at $1.76 per share, and 57% of the shares are held by institutions.
A full company second quarter earnings presentation can be found here.
Not interested in the common shares? You might want to look at the exchange traded debt (ETD). PNX has an ETD that trades under the symbol of PFX. This ETD has an interest rate of 7.45% and currently yields 9.4% as of Wednesday’s close. This is unsecured and unsubordinated senior debt that ranks equally with any existing and future debt securities of the same. The total issue was $301 million and currently represents about 70% of PNX’s long term debt. Not a bad return for the risk, in my opinion.
PNX is projected to earn 35 cents per share next year for a price to earnings ratio of 3.1. Low P/E stock, that can be bought for 11% of book value, in an undervalued industry catches my eye. Of course there is an element of speculation and risk with this trade, but it certainly looks intriguing and thought you may find it interesting too. Let’s see if THIS Phoenix has wings.
Disclosure: I am long both PNX and PFX
http://seekingalpha.com/article/300954-phoenix-a-stock-set-to-rise-from-the-ashes
Stock
12 years ago
TABLE: Confirmed Earnings Expected Wednesday, Nov 2
Thursday , October 27, 2011 07:00ET
The following companies are scheduled to report their quarterly earnings on Wednesday, November 2, 2011 according to a previous announcement:
SYMBOL COMPANY PERIOD WHEN EST/REVENUE EST/EPS
------ ------- ------ ---- ----------- -------
PNX Phoenix Companies The, Incorporated Q3 BMO $259.70M 0.07
Stock
12 years ago
The Phoenix Companies, Inc. Announces Third Quarter 2011 Earnings Conference Call
4:52p ET October 24, 2011 (Business Wire)
The Phoenix Companies, Inc. (NYSE: PNX) today announced it will hold a conference call with the investment community on Wednesday, November 2, 2011, at 11 a.m., EDT. The call will cover Phoenix's third quarter 2011 financial results, scheduled to be announced before the market opens on November 2, 2011, and other matters. Copies of the news release and financial supplement will be available on Phoenix's Web site in the Investor Relations section immediately following the announcement.
The conference call will be broadcast live over the Internet at www.phoenixwm.com in the Investor Relations section. The call can also be accessed by telephone at 773-799-3641 (Passcode: PHOENIX). A replay of the call will be available through November 16, 2011 by telephone at 203-369-1008 and on Phoenix's Web site.
ABOUT PHOENIX
Dating to 1851, The Phoenix Companies, Inc. (NYSE:PNX) provides financial solutions using life insurance and annuities. Phoenix is headquartered in Hartford, Connecticut.
SOURCE: The Phoenix Companies, Inc.
The Phoenix Companies, Inc.
Alice S. Ericson, 860-403-5946
Media Relations
alice.ericson@phoenixwm.com
or
Naomi Baline Kleinman, 860-403-7100
Investor Relations
pnx.ir@phoenixwm.com
Stock
13 years ago
the internet says:
Can I ask a question, how do you value PNX?
Answer:
To keep it simple, I disagree with you that the run-off value of the stock is zero. Even if it were, it would take so long to run-off the book that at some point on a short squeeze or some sort of run-up of the stock, I would be able to exit at a profit. I have been able to average into the stock when it heads toward $2 and averaging out as it gets to about $2.70. Always keeping some.
They aren't selling any insurance so what does it matter what the financials are. What good is it predicting how much RBC or earnings will be next quarter?
Answer: They arent writing any new business but they have very high persistency on the "in-force" business so they still have a strong revenue stream. They are managing expenses and not incurring much in the way of sales costs because they are aware that they cant sell any business. Predicting the RBC is a good thing because maybe they will catch an upgrade which would could move the stock up. It also is a better way to value the stock. If they get their RBC up to 350 that should be more that enough to catch an upgrade.
How will your investment earn any money if this company is in runoff? The only way to recuperate is to have this thing sold. But that isn't happening. Sales will never pick up, sure they have annuity sales of 200 million, but that amounts to about 1 million of profit.
Lets change the term from investing to wagering. I have been able to make money wagering on the short term movements in this stock without it going anywhere by trading the fact it is more volatile than the stock market. I do think the run-off value of the company is greater than zero. A potential offset to your thesis that life contracts are going to drain the capital is underwriting expenses are going to be a lot lower than you anticipated. If you seperate the stock from the company you can seeing it more clearly. If suddenly things turn up for the life insurance world, money will find its way into this stock. if things go bad for life insurers or other insurers or even banks, money will leave the stock. It is a piece of paper that loosely represents this company. TGIC, a insurance company that went "bankrupt" in 2008, continues to be publicly traded, continues to have idiots talking about it coming back from the dead. RamRe, a stock that went into run-off in 2008, just announced they are going to start writing business again. Their run-off was not much different than PNX's situation.
So how can you call PNX undervalued. Simple question.
Answer: Technically, PNX is right where it should be. Since they have to have very low near term prospects, the stock should trade at a discount to its industry. The life insurance industry is definitely in a down cycle so the industry too is probably undervalued which is how PNX came to be so cheap on a price to cash flow basis and price to statutory capital basis. Personally, I think the stock should be at $4. The company is undervalued because it is priced for death so anything that symbolizes what I believe, which is they are definitely not going out of business, not even close, will make the stock go up.
Stock
13 years ago
PHOENIX OFFERS INVESTORS THE BEST VALUE IN THE LIFE & HEALTH INSURANCE INDUSTRY
Print Share
Mar 16, 2011 (SmarTrend(R) News Watch via COMTEX) -- Below are the top five companies in the Life & Health Insurance industry as measured by the price to book ratio. Often companies with the lowest ratio present the greatest value to investors.
Phoenix (NYSE:PNX) has a price to book ratio of 0.2x based on a current price of $2.29 and a book value per share of $9.95.
Presidential Life () has a price to book ratio of 0.4x based on a current price of $8.92 and a book value per share of $24.57.
CNO Financial () has a price to book ratio of 0.4x based on a current price of $6.92 and a book value per share of $17.23.
American Independence () has a price to book ratio of 0.4x based on a current price of $4.9 and a book value per share of $11.
National Western Life Insurance (NASDAQ:NWLI) has a price to book ratio of 0.5x based on a current price of $158.46 and a book value per share of $334.84.
SmarTrend currently has shares of CNO Financial in an Uptrend and issued the Uptrend alert on November 04, 2010 at $5.91. The stock has risen 17.1% since the Uptrend alert was issued.
Write to Chip Brian at cbrian@tradethetrend.com
---------------------------------------------------------------------------------------------
SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.mysmartrend.com
Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at: http://www.mysmartrend.com/signup
Copyright, Comtex News Network, Inc. 2011
http://www.zacks.com/research/get_news.php?id=075l5301
bull-rider
14 years ago
( PI ) 04/13 08:34PM DOW JONES PIR PROFILE Phoenix Companies (N: PNX )
Provides wealth management products and services. Through a variety of
advisors and financial services firms, it helps affluent and high net worth
individuals accumulate, preserve and transfer their wealth with a portfolio
of life insurance, annuity and asset management products and services. IPO
6/01. Internet site: http://www.phoenixwm.com
HQ: Hartford, CT IR Phone: 860-403-7100
Analysts 4Q Ern ($12.50M) n.a. YH 4.60 10/12/09
Cons Rec 2.4 (5a) TTM Ern ($195.70M ... YL 1.20 07/08/09
2Q EPS est 0.19 (3a) Dec 31 C 3.20
1Q EPS est 0.19 (5a) Assets $24.58B -4.6% Annual Dividend None
4Q Op EPS (0.29) Loan $2.32B -8.3% Dividend Yield n.a.
11 EPS est 0.76 (3a) Industry Avg 3.80%
10 EPS est 0.79 (5a) 3-Yr Div Growth n.a.
09 Op EPS (1.22) P/E Ratio ... Ex Div Date 06/11/08
5-Yr EPS Growth n.a. Industry Avg 11.34
Industry Avg 9.9% Projected P/E 4.04 Split n.a.
Fiscal Yr End 12/31 Shrs Outstanding 115.9M 1-Yr Total Rtrn 77.78%
Book Value 9.78 Float 113.5M Industry Avg 35.05%
LT Debt/Equity n.a. Market Cap $371.1M 3-Yr Total Rtrn (75.32%)
Short Interest 8.5M Avg Daily Vol 1.09M Industry Avg (34.46%)
Current Ratio n.a. 5-Yr Total Rtrn (69.76%)
Inst Hldgs 59.7% Industry Avg (3.02%)
DJ Industry Code 8570 # Institutions 136
Insider Hldgs 1.8%
Net Insider Trans Last 3 Mos 83900
TTM 2009 2008 2007 2006
Assets $24.58B $24.58B $25.77B $30.22B $29.03B
Ern ($195.70M) ($195.70M) ($174.40M) $127.40M $99.90M
Op EPS (2.74) (2.74) (6.35) 1.07 0.88
Div n.a. n.a. 0.16 0.16 0.16
Shares 115.7M 115.7M 114.4M 114.3M 113.7M
High/Low 4.60/1.20 4.60/0.20 13.98/1.07 16.88/11.44 17.44/12.92
PE Range n.a. 0.00/0.00 0.00/0.00 15.80/10.70 19.80/14.70
Loans $2.32B $2.32B $2.54B $2.38B $2.39B
(Updated 4/13 Data provided by Morningstar, Inc., FactSet)
(END) Dow Jones Newswires
04-13-10 2034ET
Copyright (c) 2010 Dow Jones & Company, Inc.
PNX US71902E1091 I/INL I/INS I/XDJGI I/XNYA I/XRUS N/PIR N/CNW N/DJWI N/FCTV N/NPL M/FCL M/NND M/TPX P/ASU R/CT R/NME R/US R/USE
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