Civitas Social Housing Dividends - CSH

Civitas Social Housing Dividends - CSH

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Stock Name Stock Symbol Market Stock Type
Civitas Social Housing Plc CSH London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-2.70 -2.99% 87.50 16:35:00
Open Price Low Price High Price Close Price Previous Close
89.80 87.00 89.80 87.50 90.20
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Industry Sector

Civitas Social Housing CSH Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

pdt: Added a few today. Rent collection 99%, NAV 108p, trading at a 20% discount, Yield 6%, inflation protected leases. Feels oversold. I can see the business reason for selling off the Opco and as long as Civitas is achieving their business model return on leasing the property I am not too concerned. There is strong demand for this type of accommodation, good asset backing, perhaps leases will be more flexible in future if the Regulator gets involved. Perhaps local authorities will not pay as much but public sector provision seems even more expensive than private provision. Future growth may be less attractive - happy to sit back and collect dividend and see some capital growth over time to eliminate some of the current discount. I don't usually "catch a falling knife" but comfortable for a small punt in the circumstances. Time will tell as always!
davebowler: Liberum; Civitas Social Housing Response to Shadowfall letter Mkt Cap £593m | Share price 95.4p | Prem/(disc) -11.9% | Div yield 5.8% Event Civitas Social Housing has published a response to yesterday's open letter from Shadowfall Capital. Shadowfall has a 0.8% short position in CSH. Shadowfall's letter focused on three main areas: Transparency on transactions with entities where the directors of the investment manager have an interest The funding framework for rental income Viability of rental income The board has stated that it believes the letter is inaccurate and erroneous. A more detailed response will be published following a review of the claims in the lengthy letter. The company has reiterated its confidence in the portfolio and business model and reports robust operational performance. Liberum view We would expect a thorough response to the claims in the letter in the near term, particularly in relation to the queries on the funding framework. We note the company has continued to buy back shares, demonstrating confidence in the underlying business model. The questions raised regarding conflicting lease terms should be relatively straight forward for the company to respond to. In relation to the transaction with the entities where the directors have an economic interest, Civitas undertook a number of transactions where it acquired operating care businesses with property assets. The transactions were structured in this way in order to facilitate the acquisition of the properties. CSH cannot hold the care businesses and these were sold on as part of a back-to-back transaction with the Envivo Group (an entity in which the directors of the investment manager each hold a 10% stake in). The transactions were not disclosed publicly at the time as CSH did not want to highlight the transaction structure to competitors. We believe the figures referred to in the Sunday Times article do not give an accurate representation of the acquisition multiple. From Companies House, the TLC Care Home business was acquired for £5.4m (£4.3m to Civitas and £1.1m to pay off some of the liabilities of the acquired entities and other costs). The multiple was approximately 3x on the following year’s operating profit. The letter from Shadowfall essentially claims that the true underlying occupancy of the properties is lower and rent is being funded through payments from care providers and developers. The company has consistently stated that service level agreements between the care providers and registered providers include provisions to cover voids. It is the care provider and local authority who decide on the fill rate based on clinical decisions and there are several reasons why a planned void may occur. Developers also agree to cover voids for a period of time when a new property is being brought into the sector and occupation will be staged for clinical reasons. In terms of void payments that are being met by the registered providers, the company previously guided to sub-5% and typically within a range of 1-3%.
cwa1: FWIW I decided to ditch first thing this morning. I had hoped that CSH would have issued a strong defence first thing and the fact we haven't heard a peep disconcerts me a little. Thought I was getting mugged at 98ish pence, and probably have been, but at that price it was a modest loss to take as I foresee a lot of volatility ahead here. Good fortune to those that remain
apollocreed1: I bought back in at 101.2 on Thursday, but the above post made me check "ShortTracker" and you can see that 2 hedge funds have gone short starting on the 20th and 24th of August. One of them increased the short position on Thursday 2 September. I have been watching the Short Tracker website for a few years and most of the hedge funds seem to get it wrong so I am happy holding CSH for the long-term. Fund % short change Date changed Anson Advisors Inc. and Anson Funds Management LP 0.64% 0.0% 20 Aug 2021 ShadowFall Capital & Research LLP 0.80% 0.06% 2 Sep 2021
speedsgh: Pretty brutal sell off. Not far off the initial Covid sell-off in Q1/Q2 20. Has rapidly moved from a 11% premium to an 8% discount to 108.42p NAV as at 30/6/21 and a 5.6% dividend yield. But is still in 'falling knife' mode so am inclined to keep a safe distance until it settles.
aspringo: I've got over 30 in triple, so still watching this, but will probably do 20 in this and that will be me done in this sector.Triple got sold down to 102 only to be 112 a few weeks later.So maybe the same here.I'm old and boring so the dividend at reasonable risk is my objective.Good luck to others and their reasons.
lozzer69: This from Citywire today ..........Civitas Social Housing (CSH) has moved back to trade at net asset value (NAV), closing on Tuesday in line with the value of its portfolio versus a 7.7% average premium over the last three months. It represents a rare chance to invest at par in the 5.1%-yielding real estate investment trust, which derives its income from government-backed rents.Growth in the sector has been knocked by regulatory concerns about the lease-based model operated by social housing property trusts, including Auckland Home Solutions being deemed non-compliant on some governance standards. Auckland accounts for about 17% of CSH's rent roll, though this has reduced since March.Numis took a bearish view on the sector in a recent note, though other analysts are more sanguine.
chucko1: The two shorts together account for 7.9mn shares. Daily average vol. of 1.65mn. Those two shorts likely account for the entirety of the cause of the net 10.76% drop. (dividend adjusted).
speedsgh: Net Asset Value, Trading and Market Update - HTTPS:// c.99% Rental Income Received, 100% EPRA Run-Rate Dividend Cover, Raised Dividend Target 5.55 pence per Ordinary Share...
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