Power Corporation's CEO Demonstrates Faith in Company with Share Acquisition
Power Corporation of Canada (POW:CN), established in 1925, is a global management and holding firm specializing in financial services across North America, Europe, and Asia. It boasts leading positions in insurance, retirement, wealth management, and investment sectors, alongside a diverse portfolio of alternative asset investment platforms.
CEO's Bold Move
On March 22, 2024, President & CEO Robert Jeffrey Orr demonstrated confidence in the firm by acquiring 25,000 shares at a share price of CAD 38.71, with a total value of CAD 967,975 ($712,085). This marks the first insider purchase of the year 2024.
Robert Jeffrey Orr, known for his astute leadership and strategic acumen has been a pivotal figure in guiding numerous public companies to success, including his current role as Chairman of Denova, Inc.
Major Investors' Confidence
In the latter half of 2023, institutional investors showed significant confidence in the firm. First Eagle Investment Management LLC increased its holdings by 22.04 million shares, and BlackRock Fund Advisors increased its stakes by 18.64 million shares.
Regarding mutual funds ownership, RBC Canadian Dividend Fund increased its position by 364,100 shares, while Vanguard Total International Stock Index Fund expanded its ownership by 7.27 million shares.
Strong Financial Performance
Power Corporation reported strong financial results for the fourth quarter and full-year 2023, with net earnings from continuing operations reaching $409 million or $0.63 per share in Q4, compared to $106 million or $0.16 per share in 2022.
Adjusted net earnings rose to $579 million or $0.89 per share, reflecting substantial growth. The company's adjusted net asset value per share increased by 27.7% to $53.53, and contributions to net earnings from publicly traded operating companies notably increased to $588 million in Q4. The company's robust financial performance, coupled with CEO Robert Jeffrey Orr's significant insider purchase, underscores strong confidence in the company's future growth trajectory.
Latest Stories
Concentrix Corp's Insider Trades, Financial Results, Rebranding and Strategic Vision
Navigating Challenges, Building Confidence: Neogen's Insider Trades
Cardinal Energy Takes Flight With Director’s Investment
Apple's Big Sell-Off: Insiders Cash Out Nearly $91M in Stock
Are SP Group A/S CEO's Actions Hinting at a Promising Growth Trajectory?