Nuveen Select Maturities Municipal Fund (NIM)

First Financial delivered strong Q2 results, with EPS beating estimates and an improved net interest margin, driven by lower funding costs and higher yields. Organic growth remains challenging, but loan portfolio quality is solid, with low nonperforming loans and adequate reserves supporting stable credit costs. Capital position is robust, supporting a secure 3.7% dividend yield; reinvestment tailwinds should lift EPS to at least $6 over the next year.

First BanCorp offers an attractive entry point, with near-term NIM tailwinds and stable asset quality supporting a buy rating, despite geographic concentration risks. Recent results show strong NII growth, improved efficiency ratio, and deposit resilience, offsetting modest loan book contraction and a one-off NPA increase. Ongoing asset repricing should drive further NIM expansion and higher ROE, enhancing profitability as efficiency initiatives take hold.

MTB sees Q2 NII and NIM rising on modest loan growth, stronger deposits, and stronger fee income across segments.

The Fed raises the inflation target and cuts growth projections due to Trump's tariffs, dimming the outlook for banks like JPM, BAC, C, CMA and KEY.

Most tax-advantaged and tax-exempt funds are not appealing to us due to low yields or high leverage. Nuveen Select Maturity Municipal Fund focuses on tax-exempt income and capital preservation, investing at least 80% in municipal securities exempt from federal tax. The fund's lack of leverage is rare in municipal CEFs, making it suitable for our conservative investment community.

We review the CEF market valuation and performance through the second week of February and highlight recent market action. Most CEF sectors rose, driven by tighter credit spreads and higher stocks, with EM Equity and Preferreds leading month-to-date gains. Virtus Total Return Fund's tender offer resulted in a high 31% pro-ration factor, generating a 6% annualized alpha, highlighting its generous buy-back terms.

We discuss key Muni themes, including tariffs, federal funding freeze, tax exemption, and more. Muni valuations remain attractive, particularly the value of the tax exemption. We highlight the four Muni buckets where we see value.

PB is well-poised for growth given strategic buyouts, improving deposit mix and decent loan demand. Yet, contracting NIM and weak mortgage income are woes.

NEW YORK--(BUSINESS WIRE)--Today, the Nuveen Select Maturities Municipal Fund (NYSE: NIM) has declared an additional cash distribution with the record, ex-dividend and payable date outlined below. The following dates apply to today's distribution declaration for the following municipal closed-end fund: Record Date   December 13, 2024 Ex-Dividend Date   December 13, 2024 Payable Date   December 31, 2024 Taxable Per Share Distribution Amount Short-Term Long-Term Ticker Exchange Fund Name Capital.

Lloyds Banking Group plc recently released Q3 2024 earnings, beating consensus on both the top and bottom lines. Return on tangible equity was a healthy ~15%. The bank's net interest margin expanded on a sequential basis, a better performance than expected, thanks to structural hedge income. With Lloyds generating healthy levels of capital, dividends and buybacks offer investors an attractive total payout yield, while the implied price-earnings multiple remains comfortably below 10x.

Mortgage REITs (mREITs) are becoming more attractive due to reduced RMBS spreads, alleviated negative convexity, lower cost of capital, and a positive carry from an uninverted yield curve. The macro environment shift suggests strong 3Q24 earnings for mREITs, making common shares potentially opportunistic and bolstering preferred dividend payments. Despite historical weaknesses, mREITs like AGNC could be worth considering at moderate discounts, with potential trading opportunities around earnings releases.

Fifth Third Bancorp has gained over 75% in the past year but saw a 2% drop after mixed Q3 results. Despite stable deposits and improved net interest income, credit trends were slightly disappointing, with increased provisions for credit losses. FITB's capital position remains strong, with a CET1 ratio of 10.75% and ongoing share repurchases and dividends provide solid capital return yields.

Bank of America stock has been fairly lackluster over the past two years or so, trailing close peer JPMorgan significantly in that time. The bank's net interest margin hasn't quite seen the same degree of upside from higher interest rates, but that should change over the full course of the cycle. Upside to NIM can drive profitability closer to management's goal. At 11x forward EPS estimates, the stock looks like a reasonable value for long-term investors.

Southern bank Cadence has outperformed over the past 12 months, as its net interest margin has perked up after being hurt following the steep rise in industry-wide funding costs. CADE had a slightly weaker loan and earning-asset beta over the hiking cycle, though with room to bring funding costs down, that can help it now that rates are falling. EPS is seen growing nicely next year. With these shares trading for under 12x consensus 2024 EPS, near-term returns potential looks attractive.

Blue Owl Capital Corporation offers an attractive dividend yield of over 11% with strong dividend coverage, but caution is advised due to high PIK income and declining NIM. The portfolio quality remains robust, with over 81% of investments in Grade 2 and a reduction in higher-risk investments, signaling stable credit quality. OBDC's dividend is well-covered by net investment income, boasting a coverage ratio of nearly 130%, providing reassurance despite a slight decline in NIM.

Vancouver, British Columbia--(Newsfile Corp. - August 30, 2024) - Nicola Mining Inc. (TSXV: NIM) (OTCQB: HUSIF) (FSE: HLIA) (the "Company" or "Nicola") is pleased to provide updates on operations and exploration at its Merritt Mill, New Craigmont Copper Project and Treasure Mountain Mine. Merritt Mill The Company continues to produce gold concentrate with mill feed from Talisker Resources Ltd.