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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ejf Investments Ltd | LSE:EJFI | London | Ordinary Share | JE00BF0D1M25 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 126.50 | 675 | 08:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 124.00 | 129.00 | 126.50 | 126.50 | 126.50 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -4.34M | -7.98M | -0.1306 | -9.69 | 77.35M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 14:24:43 | O | 675 | 128.499 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 14/1/2025 | 16:12 | UK RNS | EJF Investments Ltd Director/PDMR Shareholding |
| 24/12/2024 | 11:20 | UK RNS | EJF Investments Ltd Director/PDMR Shareholding |
| 20/12/2024 | 07:00 | UK RNS | EJF Investments Ltd Net Asset Value and Portfolio Update |
| 18/12/2024 | 07:00 | UK RNS | EJF Investments Ltd Result of EGM |
| 09/12/2024 | 16:25 | UK RNS | EJF Investments Ltd Manager Re-investment in EJFI Shares |
| 09/12/2024 | 16:24 | UK RNS | EJF Investments Ltd Notification of transactions by PDMR and PCA |
| 05/12/2024 | 07:00 | UK RNS | EJF Investments Ltd Proxy Form for Extraordinary General Meeting |
| 27/11/2024 | 07:00 | UK RNS | EJF Investments Ltd Liquidity Authority Introduction and Notice of EGM |
| 20/11/2024 | 07:00 | UK RNS | EJF Investments Ltd Net Asset Value and Portfolio Update |
| 04/11/2024 | 15:43 | ALNC |  EXECUTIVE CHANGES: Sanderson hires in UK and US; Oberon gets Penny |
Ejf Investments (EJFI) Share Charts1 Year Ejf Investments Chart |
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1 Month Ejf Investments Chart |
Intraday Ejf Investments Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 18/1/2025 | 11:28 | EJF Investments | 78 |
| 21/2/2018 | 10:44 | EJF Investments | 2 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 19/1/2025 08:20 by Ejf Investments Daily Update Ejf Investments Ltd is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker EJFI. The last closing price for Ejf Investments was 126.50p.Ejf Investments currently has 61,145,198 shares in issue. The market capitalisation of Ejf Investments is £77,348,675. Ejf Investments has a price to earnings ratio (PE ratio) of -9.69. This morning EJFI shares opened at 126.50p |
Posted at 18/1/2025 11:28 by fordtin Thanks again for sharing your thoughts.You may well be right, but as I bought the shares as part of a diversified income portfolio I hope they carry on for many more years. It's not been a great performer, but looking better now the share price has recovered to just above my 2021 purchase price. On the plus side I've received almost 30% return from dividends (higher if compounded). On the minus side we've had about 22.5% inflation since purchase. |
Posted at 15/1/2025 11:21 by cc2014 I suppose it was a rhetorical question really. I will give you my guess as I have time to write it up as there is not much going on today at the moment. It will be a long postFrom the 2023 accounts: "The 2023 AGM was held on 13 June 2023. All resolutions tabled were duly passed by Shareholders, including the re-election of all the Directors to the Board, although of total votes cast, 22.05% were received against the re-election of Joanna Dentskevich and 21.80% against the re-election of Nick Watkins and Neal J. Wilson. The votes against the re-election of the three Directors represented less than 10% of total issued shares, substantially all of which were cast by a single Shareholder. The UK Code notes that where a significant proportion of votes have been cast against a resolution at a general meeting, a company should explain what actions it has taken to understand the reasons behind the vote. For these purposes, the UK Code and the Investment Association consider 20% or more of votes cast against a board recommendation for a resolution as being ‘significant&# The Chair consulted with the relevant Shareholder to better understand their concerns, who indicated that the primary reason for the vote against the three Directors was the ongoing appointment of Neal J. Wilson as a Director of the Company due to his role as CEO and co-chief investment officer of the Manager and the potential for that to prejudice the independence of the Company from the Manager. As a result, the Management Engagement Committee undertook a formal review of the Board’s composition and best practice corporate governance, following which the Board determined that it would be in the best interests of the Company, its Shareholders and stakeholders for Neal J. Wilson to retire as a Director of the Company and in so doing, bring the Company into alignment with best practice corporate governance." The shareholder that voted against by reference to their shareholding was Premier Miton. Now, this is quite a surprise to me because I see Premier Miton as a fairly sleepy fund manager who make fairly average decisions. For them to be acting in this way something must really have got on their goat. I suspect they were right in that the Board were too close to the fund manager and decisions were being made for the benefit of the fund manager not shareholders. I support my view on this by the fact the fund manager wasn't promoting the company on InvestorMeet or SparkLive or any of the other mechanisms. Further no buyback despite the massive discount to NAV and the share price is floundering without a buyer in sight. For the last 9 months of 2023 the liquidity has collapsed, the share price is just over 100p and in general it was my feeling that there was a ready seller in the background should anyone actually want to buy any volume of shares. Indeed I suspect the large seller was Premier Miton as they sold down 600k shares in 2023. I bought a few. For info, in August 2023 Neil Wilson retired from the Board but was not replaced and there was no plan to replace, which seemed a little odd. In May 2024 Joanna Dentskevich, who at that time was Chair resigned and did not stand at the AGM. It seemed unplanned an surprising she was Chair given the vote against her by Premier Miton. This left only two directors to stand at the AGM. By now the share price was around 97p and I was still adding. In June 2024 the Board announce that that fund manager will buy back shares with up to 20% of their fee, but this is largely still a stitch up because the fund manager has put the fees up. Imho basically there's a bun fight going on over control of this fund, who is in control, governance and best interests of shareholders. In June 2024 Mr Kingston, a new Chair is announced. I suggest you read the RNS of 10th July 2024. The co-chief investment officer leaves to pursue other career opportunities and it has to be explained whether or not Mr Kingston is independent or not. Whatever one thinks someone doesn't like it and someone wants out but at least we are at the endgame in terms of the governance and management of EJFI. I buy a large quantity over a two week period at 96p. Based on shareholdings the seller down there was not Premier Miton. And from that point the share price takes off. Either the sellers are finally exhausted or I think more likely there's a whole load of buying by people who know far more than me or are loosely connected to those in the know. The way the share price moves is just wrong. I do accept this is when the shares get promoted on Citywire. so, why does Mr Kingston wait until December to buy his shares and why does Mr Watkins wait until January. Imho something is going on. Either it is to do with Trump and the NAV is going to fly or possibly EFJI have been told to get the share price close to NAV or the Board will act to wind it up. I strongly suspect there's a timeline on this because if you are going to wind it up, you would want to vote on that before the zero's are rolled in June What is apparent is that given the quick rise no-one is selling out on the way up. That's because those in the know, know. I don't know but I can read the pattern and I'm not selling. Frankly surely the best thing to do is wind it up and give me 160p now! Of course I am long and I have alot of shares but I an convinced there is something going on. |
Posted at 09/1/2025 18:17 by cc2014 It's a circular problem. The spread and liquidity puts people off so the share price struggles. The problem won't go away unless the manager can get the share price back to NAV where they can issue some more shares. That doesn't seem very likely.I guess it depends on how much you want to hold for the long term. My oldest trades are 4 years ago so I've had 43p dividends on those already |
Posted at 09/1/2025 17:58 by njb67 I held last year and the spread was an issue, so I am not convinced this is a new thing. It was also difficult to sell in size, the MM wanted a big discount on what was an already wide spread.I think EFJI is an interesting play. I do though prefer Trusts that I can enter/exit in size and at pace, without trashing the share price. Will keep an eye on this one. GL to those who hold. |
Posted at 08/1/2025 12:35 by cc2014 Novision,I think I you misunderstand or I could have explained better. EJFI does not pay out all it's income after fees as dividend. If the fund generates 9% in line with it's long term average that would be 14.6p. But it only pays out 10.7p so there's a likely share price appreciation every year of 3.9p plus the 10.7p dividend. As for the dividend rising the fund manager indicates in the video this is something they are likely to do. |
Posted at 03/1/2025 11:33 by cc2014 Remaining with the debt theme, I’m also slightly at a loss as to why EJF Investments (EJFI) remains so under-researched and, even more, under-owned. This small but very specialist fund invests in US bank debt, yields about 8.5% and saw its share price increase 31% last year, ahead of NAV returns of 9%. The share price has undoubtedly been helped by a smart, recent move by the board: it announced an annual 5% tender offer mechanism in each of the next five years. The annual exit will be capped at 5% of share capital, although shareholders can tender up to their entire holding.The fund is small – market cap under £75m – and trades at a 26% discount, which seems peculiar, especially when US president-elect Donald Trump is likely to go all-out for bank deregulation, specifically to help the smaller, local banks EJFI caters to. |
Posted at 09/9/2024 12:59 by njb67 I watched the presentation, a few observations.Positives Stable/increasing dividend over the last seven years Yield 10% (after recent share price rise) Management expertise Niche investment that may complement other holdings Low default rate over seven years (<1%) Questions - If this is such a good investment (high yield, low(er) risk), then why has interest in the trust been relatively low (£65m MCAP)? - To what extent will the stated investment case translate into shareholder value? a) The share price has risen by 10% (the yield has reduced from 11.1% to 10%) from the data that was in the presentation, suggesting that the 10% reduction in share price resulting from the fall out of regional bank failures has already reversed. b) The majority of the company's investments are rated by Moodys between Baa3 and Ba3 (slide 14). While Baa3 is at the lower end of what is classified as investment grade by Moodys, Ba3 is classified as non-investment grade/speculative. We do not know the break down between investment and non-investment grade holdings. c) The presenter argued that the underlying value of their holdings can increase when two separate issuers of debt merge. EJFI have only worked with 166 banks out of 4300 in the US, so how likely will consolidation impact the value of their holdings? It is an interesting fund, quite niche and could be a good long term holding. It will likely be tainted, rightly or wrongly, with the fall out from the US banking sector crisis 10 or so years ago. I have added a small position to my portfolio. |
Posted at 22/7/2024 08:48 by davebowler Panmure Liberum viewSome lingering concerns over the US banking sector have impacted EJFI's share price rating YTD. We think the shares provide very strong value at these levels, yielding 11.1%. Credit remains the primary risk to EJFI's strategy as a higher for longer interest rate environment would likely create more credit quality concerns. It is worth reflecting on the recent strength of the KWB regional banking index, which tracks the performance of publicly traded regional banks in the US. It is now close to the level before the collapse of SVB. Sentiment has in part reflected a belief that a potential victory for Donald Trump would create a favourable regulatory environment for bank M&A. All else equal, the more consolidation there is within US regional banks, the better it is for EJFI's return outlook. In our view, the share price discount more than covers specific risks that can emerge within the securitised investments, given the diversified pool of underlying collateral.On the recent capital relief deals, the manager has a strong track record in identifying opportunities with potential for high risk adjusted returns. This has most recently been illustrated by the mortgage servicing rights investments since the first investments were made in late 2020. |
Posted at 21/6/2024 08:10 by davebowler Liberum1.3% portfolio return in May Analyst: Shonil Chande Mkt Cap £62m | Share price 101.0p | Prem/(disc) -37.3% | Div yield 10.6% Event EJF Investments’ NAV per share of 161p, as at 31 May 2024, reflected a NAV total return of -0.2%. Valuation movements were minimal, with a portfolio return of 1.3% largely reflecting interest accruals from the CDO equity portfolio (+1.16% in the month). The impact of the dollar weakening was -1.2%. Investment activity In May, EJFI invested c.$1m through a cross trade with a fund managed by an affiliate in a capital relief transaction (CRT) bond. The bond bears an interest rate of SOFR plus 15.50%. It was issued by an SPV containing a pool of nursing home development loans originated by a small US bank with c.$16bn in assets. By issuing this bond, the bank significantly reduces its required regulatory capital on the pool of loans carried on its balance sheet. EJFI’s manager believes that future CRTs on strong loan pools from small US banks may present a growing and attractive opportunity. Market update Bank equities experienced a modest rally in May as interest rates declined following in-line inflation readings. M&A activity in the US banking sector also intensified. However, small and mid-sized banks with high commercial real estate (CRE) exposure remained out of favor. The manager’s view is that most traditional commercial real estate loans outside of CRE Office are likely to fare well this cycle as long as interest rates do not climb to much higher levels and stay at those higher levels for a long period of time. M&A in May On 20 May 2024, SouthState Corp announced the acquisition of Independent Bank Group in Texas in an all-stock transaction valued at approximately 1.48 times tangible book value. The combined entity will have nearly $65 billion in assets, with a significant presence in the southeast and southwest US. This was the second deal since the beginning of April where an acquirer has surpassed the $50bn asset threshold. EJFI’s manager believes the deal is likely to gain regulatory approval and was surprised at the low valuation IBTX accepted. There is a chance of a higher bid emerging, as similar franchises have sold for closer to twice tangible book value in the past. EJFI has exposure to IBTX through its CDO Equity investments and expects the acquisition to be value-accretive as the combined entity will be stronger. |
Posted at 23/5/2024 09:36 by davebowler Liberum-Banking sector M&A and Republic First and NYCB updates Analyst: Shonil Chande Mkt Cap £62m | Share price 101.0p | Prem/(disc) -38.4% | Div yield 10.6% Event EJF Investments’ NAV per share increased by 1.3% month-on-month in April 2024, to 126p. Valuation movements were minimal, with a portfolio return of 1.0% largely reflecting interest accruals from the CDO equity portfolio. The impact of the dollar strengthening was +0.5%. Republic First failure and EJFI exposure Republic First became the first US banking failure of 2024 in April. Its failure has been attributed largely to a mismanagement of interest rate risk. Higher interest rates increased unrealised losses in its available-for-sale securities portfolio, reducing buyer interest and tangible book value. Fulton Financial subsequently announced the acquisition of the majority of Republic First’s $6bn in assets, through the the FDIC resolution process. Fulton expects a 1.2-year earn-back on the deal. Assuming no recovery and considering the current over-collateralisati New York Community Bank (NYCB) out of crisis mode NYCB has been the key factor behind lower sentiment towards US regional banks over the past two months or so, reflected by the KBW bank index. In January 2024, NYCB reported unexpectedly low earnings, down by 50% and leading to a 70% dividend cut. NYCB’s earnings announcement also included an increase in credit provisions on account of commercial real estate office loans and rent-regulated multi-family exposures. EJFI’s factsheet notes that NYCB is out of crisis mode, following its Q1 results and a stabilisation in deposit levels. As at 31 January 2024, EJFI’s underlying exposure to NYCB was less than 2.5%. US banking sector M&A Three meaningful deals took place in April, summarised below: Liberum view Some lingering concerns over the US banking sector have impacted EJFI’s share price rating YTD, with first NYCB and more recently Republic First. In the manager’s view, there are unlikely to be many FDIC deals (like Republic First) this cycle as most banks with upside-down balance sheets should be able to be sold at a price with time. As long as banking issues remain idiosyncratic, we think a bigger takeaway is the recent vibrancy in M&A. If the manager’s assertion (in the factsheet) that the deals are the tip of the iceberg plays out, this will materially increase the return potential of the equity securitisation portfolio (69% of total investments). One of the acquired banks, Heartland Financial, was the 8th largest look-through portfolio exposure, as at 31 March 2024. From EJFI’s perspective, the regulatory aspect of the strategy centres on the consolidation of US banks. The number of banks consolidated from c. 16k in the 1980s to c. 8k following the GFC. Today, there are still over 4k banks. A unique characteristic is the ubiquity of community banks and it is these institutions that issue the bulk of the TruPS collateral pool. As the majority of the TruPS trade at a discount to par, prepayment speeds have a material impact on the returns to equity holders of the securitisations. When a larger bank acquires a smaller one, it can result in the acquired bank's TruPS being redeemed or called at par. This pull-to-par effect has historically allowed EJFI to realise gains on TruPS purchased at a discount within legacy CDO deals. Maintaining the c. 5% post-GFC consolidation rate over the next 10 years would result in c. 2.5k banks by 2033. A rate of between 2.5% and 5% is probably a fair working assumption, in our view. We are BUYers with a 137p TP. |
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