Dollar Value of Purchases Discussed in this Post:
Bonds & T Bills $30,000 in principal amount
Sample of Small Ball Common Stock/Stock Fund Purchases: +$1,465.01
I am buying small amounts of dividend paying stocks, spending between $1,000 to $2,000 per week. All of those purchases are sourced from cash generated by interest payments.
My stock allocation remains within 7%-8% of total assets held in 4 brokerage accounts. I will generally own between 200 and 250 individual common stocks. I also have exposure to some stock funds.
I primarily invest in bonds (corporate & municipal), T Bills, T Notes and CDs to a far lesser extent, with the goal of generating enough interest income to pay all expenses, including extraordinary items, after taxes. I started to make the transition more than a decade ago from a stock investor only. I purchased my first bonds in 2007 as I significantly reduce my stock allocation.
Stock Style Box (one or both): Contrarian Value and/or Dividend Stocks with yields over 4%
No stock/stock fund sales for the W/E 4/25/25
Corporate Bonds: $15,000 in principal amount
Tennessee Municipal Bond: $5,000 in principal amount
Treasury Bills Purchased at Auction: $10,000 in principal amount
I may consider reducing some stock and stock fund positions when the VIX returns to below 20 movement. My SeekingAlpha Post Discussing the Vix Asset Allocation Model - Originally Published on 10/17/2014
The most likely stock fund pare would be 100 shares of the T Rowe Price Capital Appreciation Fund | MarketWatch. I sold 150 shares earlier this year. I sold 100 shares at $34.98 on 2/27/25 as I became more concerned about the stock market bringing the 2025 realized gain up to $2,342.04. Item # 1.A. Monthly Update: 3/18/25)(2025 total profit snapshot included). The close today 4/25 was at $34.52, so the fund has held up well during the most recent market turmoil.
Another 50 shares were sold on 1/29/25 at $35.66. Item # 1 Sold 50 out of 1,003+ PRWCX at $35.66 (2/5/25 Post)(profit snapshot = $803.25) Last November I sold 50 shares.
PRWCX Stock Dividend History & Date
+++++
Consumer sentiment plunges 8% | CNN Business (4/25/25) (“While this month’s deterioration was particularly strong for middle-income families, expectations worsened for vast swaths of the population across age, education, income, and political affiliation. Consumers perceived risks to multiple aspects of the economy, in large part due to ongoing uncertainty around trade policy and the potential for a resurgence of inflation looming ahead." Joanne Hsu, the survey’s director, said in a release.)
Shortages from China trade war will hit shelves in stages
China asserted that Trump was spreading Fake News when he claimed there were ongoing trade negotiations. 'Fake news': China fires back, denies claims of ongoing trade talks - YouTube
‘There will be no deal between US and China’: Strategist - YouTube
State of U.S. Tariffs: April 15, 2025 | The Budget Lab at Yale Real GDP is estimated to be 1.1 points lower in 2025 due to the republican tariff taxes and will be persistently smaller by .6% or about $180B annually in 2024 dollars. This analysis assumes no additional tariffs and includes a continuation of the carve out (e.g. semiconductors and phones)
Economy is 'jumping' into a recession, says Renaissance Macro's Neil Dutta - YouTube
The Fire Hose of Chaos: Wait, The Recession Is Already Here? - YouTube
Fed Chair Powell not looking to bail out 'stupid' trade policy, says Bleakley's Peter Boockvar - YouTube I personally do not believe the FED should lower rates if a recession is accompanied by a persistent rise in inflation. A return of problematic inflation will do more long term damage than a rise in unemployment to 6%-7%.
I believe that the FED will probably cut the FF rate when and if the economy slows into stall speed even if inflation is moving higher.
Foreign Investors Shifting Money Out of US Markets: Franklin CEO - YouTube
Want evidence Trump’s tariffs are upending the global economy? Here it is | CNN Business
Canadian small businesses are taking Trump's tariffs personally
Trump administration announces fees on Chinese ships docking at U.S. ports
Jeffrey Sachs Goes Off, Roasts Donald Trump’s Trade Talk, Says 'Mickey Mouse Is Smarter Than Him' - YouTube; Jeffrey Sachs - Wikipedia
Donald Trump’s Tariffs & Trade War Will Be Devastating To America | Chuck Todd - YouTube
Inflation is coming in the US, whatever the growth rate - YouTube
Amazon sellers hike prices of goods after Trump's China tariffs
Local Labor Market Effects of the 2002 Bush Steel Tariffs - Cato Institute.pdf The steel tariffs imposed by President Bush did not increase employment among steel manufacturers but did have a "large negative short-term on local steel-consuming employment" and the "negative effects on steel-consuming employment are highly persistent".
Fareed’s Take: Trump’s tariffs upended a booming economy - YouTube
Tariff-hit small businesses fear getting crushed by corporate rivals
Trump’s tariffs will harm the US and global economy, Lawrence H. Summers says - YouTube Summers is correct in noting Trump's similarities to Juan Peron.
Trade Historian Douglas Irwin on Trump's Unprecedented Tariff Shock - YouTube Irwin is an expert on the historical impacts of tariffs. (e.g. Peddling Protectionism: Smoot-Hawley and the Great Depression)
The economist Torsten Slok correctly notes that small businesses do not have the capital available to pay the dramatic increases in tariffs. He also noted that it had historically taken 18 months to negotiate a trade deal and that is with one country. The Daily Spark-Apollo Academy Trump is trying to negotiate over 100 trade treaties in 90 days and keeps telling investors that the most difficult one will soon be finalized. Trump predicts trade deals with China, EU amid tariff dispute With no change soon in Trump's approach, Slok estimates that the probability of a recession this year is at 90%.
I suspect that Trump and Bessent will be announcing "trade deals" that will, for the most part, be an outline of general principles subject to further negotiation rather than binding agreements. According to representations made by Bessent, negotiations with South Korea and India appear to be furthest along among major countries.
The Fire Hose of Chaos: Don't Expect Many Trade Deals - YouTube
Trump tariffs will hurt lower income Americans more than the rich: study The effect on the top 1% will be minimal. The Impact of Trump’s Tariffs-ITEP ("For the middle fifth of Americans, who will have incomes between $55,000 and $94,000 in 2026, the tariffs will impose a tax increase equal to 5.0 percent of their income.") The republican tariffs will be the largest tax increases imposed on the bottom 3 quintiles in household income in U.S. history.
+++
Trump takes action targeting ActBlue, the main Democratic fundraising platform This is just another of the fascist actions by our Dear Leader which are occurring almost daily now.
Yet, look at what he is doing. Trump's meme coin, which had fizzled in value, surges after offer of dinner with the president - CBS News The Trump meme coin is just another grift. Trump has created a leadership board of the top 220 owners of his meme coin, and those individuals will be invited to a have dinner with Trump. The top 25 owners get a bonus of "an Exclusive Reception before Dinner with YOUR FAVORITE PRESIDENT!". One major owner, a Chinese national, recently had civil fraud charges dropped against him. A crypto mogul who invested millions into Trump coins is getting a reprieve on civil fraud charges
Trump is a Grifter. Trumpstore.com | The Official Retail Website of the Trump Organization; The Official Trump Meme | GetTrumpMemes; CollectTrumpCards | Donald Trump Digital Trading Card NFTs
Trump has now formalized the U.S. acceptance of Putin's peace plan for Ukraine. Trump peace plan requires Ukraine to accept Russia occupation In exchange for Ukraine accepting Russian occupation of its territory, Trump says that Putin must make a major "concession" by promising again to respect the territorial integrity of that part of Ukraine that is not absorbed into the Russian federation. Trump says Russia made 'big concession' by not seizing all of Ukraine | Euronews; Trump: Russia not taking all of Ukraine is a 'big concession' - YouTube Putin previously broke the same promise made in the Budapest Memorandum when Russia committed to respect the territorial integrity of Ukraine as it existed in 1994.
Trump also said that it was "bad timing" for Putin to launch massive missile attacks against civilian targets in Kiev. Massive Russian strike on Ukraine's capital kills several people, injures dozens, as peace talks apparently stall - CBS News
With Trump as President, the U.S. has switched sides in that conflict.
Just another juvenile, immature and deeply disturbed Easter Day Message from our Dear Leader which I am not going to reproduce here: Trump takes aim at Biden, "Radical Left Lunatics" and the courts in Easter Sunday message - CBS News; Trump Skips Church and Goes on Unhinged Easter Posting Spree Instead It is not possible to read his daily rants and believe that he is sane IMO or has a maturity level higher than a 5 year old disturbed brat. Trump's social media posts will define who and what he is for subsequent generations.
Welcome to Trump’s Mafia State - YouTube
Can Rural Health Care Survive DOGE? - The Atlantic
FDA head falsely claims no scientists laid off, as agency shutters food safety labs - CBS News
Why With Trump “Evil and Incompetence Are Hard to Disentangle” - YouTube
'Profound conflict of interest: Trump dismantles laws put in place to prevent fraud - YouTube
Hegseth shared detailed military plans in second Signal chat that included his wife and brother Only Trump could have appointed someone so obviously unqualified as Hegseth to be Secretary of Defense. Almost every republican senator voted to confirm him, notwithstanding the obvious disqualifications. They are mere servile minions in Trump's America. According to the Extremely Stable and Competent Genius, self-proclaimed thousands of times in case you did not believe the first claim, he has appointed only extremely competent people to important positions in his administration. Hegseth reportedly had unsecured internet line in office for Signal
The Fiasco at the National Security Council - The Atlantic Laura Loomer, a key Trump advisor, and a guy who spread the Fake News conspiracy theory about Democrats operating a pedophile ring out of Pizza restaurant, have reported successfully caused our Dear Leader to fire professionals on the National Security Council. National Security Council staffers fired after Trump met with far-right activist Laura Loomer: Sources - ABC News
My videos: Trump's Personality - YouTube; Trump's Fascist Rhetoric - YouTube; Trump's Use of "Fake News" and "Enemy of the People" to Manipulate Voters - YouTube; Trump Similarities to Buzz Windrip in the Sinclair Lewis Novel "It Can't Happen Here" - YouTube
Trump has proven that making false and misleading statements all of the time about almost everything, and shamelessly repeating them over and over and over again, is unfortunately a path to political power in the U.S.
This strategy has been successful for Trump since tens of millions are willfully ignorant and avoid exposure to accurate information.
In a long process that started with Nixon, the republican party has successfully turned their voters away from accurate sources of information, and consequently no longer even bother to defend their reality creations with accurate information. It is only necessary for them now to say accurate information is Fake News or that the purveyor of accurate information is suffering from Trump Derangement Syndrome. The reality is that those who believe Trump are the ones who have an incurable TDS.
George Santos sentenced to 87 months in federal fraud case
++
1. Sample of Small Ball Common Stock Purchases:
A. Restarted BRKL - Bought 10 at $9.77 - Schwab Account:
Quote: Brookline Bancorp Inc. (BRKL)
Cost: $97.7
"Brookline Bancorp, Inc., a Delaware corporation, is the holding company for Brookline Bank and its subsidiaries, BankRI and its subsidiaries, PCSB Bank and its subsidiaries, and Clarendon Private. Brookline Bank, headquartered in Boston, Massachusetts, has three wholly-owned subsidiaries, Longwood Securities Corp., First Ipswich Insurance Agency, and Eastern Funding, and operates 27 full-service banking offices and three lending offices in the Greater Boston metropolitan area. BankRI, headquartered in Providence, Rhode Island, has three direct subsidiaries, Acorn Insurance Agency, BRI Realty Corp., and BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., and operates 22 full-service banking offices in the Greater Providence, Rhode Island, area. PCSB Bank, headquartered in Yorktown Heights, New York, has one wholly-owned subsidiary, UpCounty Realty Corp., and operates 14 banking offices throughout the Lower Hudson Valley of New York. . . Through Clarendon Private, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals." SEC Filed 2024 Annual Report at pages 1-2
Brookline is in the process of being acquired by Berkshire Hills Bancorp Inc. (BHLB). When and if consummated, the BRKL shareholders will receive .42 shares of BHLB. Berkshire Hills Bancorp, Inc. and Brookline Bancorp, Inc. announce a Merger of Equals to create a Premier Northeast Banking Franchise (12/16/24). As noted in that release, the BHLB stock price closed at $30.2 on 12/16/24, valuing BKRL at $12.68. Based on the BHLB closing price on 4/21/25, the date of my purchase, the value has declined to $23.25 which values BRKL at $9.81, near my purchase price. In effect, I am betting that the Berkshire Hills stock price will rise before the merger closes. And, if it fails to close, the BRKL will not be impacted that much based on its earnings, dividend yield and valuation as a stand alone entity.
Investment Category: Regional Bank Basket Strategy
Last Elimination: Item # 3.C. Eliminated BRKL - Sold 23 at $12.45 (2/5/25 Post)(profit snapshot = $95.39) I discussed the 2024 4th quarter earnings report in that post. SEC Filed Press Release I mentioned that investors responded positively to this report, but I had "no trouble in containing my excitement."
Last Buy Discussion: Item # 2.E. Bought 5 BRKL at $8.24 (6/28/24 Post)
Dividend: Quarterly at $.135 per share ($.54 annually)
BRKL Dividend History | Seeking Alpha
Yield at $9.77 = 5.527%
Last Ex Dividend: 2/14/25
Last Earnings Report (Q/E 3/31/25): The earnings reports are primarily relevant only if the merger falls through. When taken together with the BHLB earnings reports, there is some relevance in assessing the valuation of BHLB when and if the merger is consummated.
GAAP E.P.S. = $.21
Non-GAAP E.P.S. = $.22
Other Financial Information:
SEC Filed Earnings Press Release and Supplemental
Purchase Restriction: I may average down but not up, with a maximum position at 100 shares. If I was not so super cautious now, I would have bought 50 shares in my first purchase. I now plan to buy 5 or 10 share lots, with each purchase required to be at the lowest price in the chain.
++
BHLB Information:
BHLB Analyst Estimates | MarketWatch
BHLB sold $100 million in common stock last December at $29. SEC Filing
BHLB SEC Filed Earnings Press Release for the Q/E 3/31/25
BHLB SEC Filed 2024 Annual Report "Berkshire Hills Bancorp, Inc. is headquartered in Boston, Massachusetts. Berkshire is a Delaware corporation and the holding company for Berkshire Bank (“the Bank”). The Bank provides Commercial Banking, Retail Banking, Consumer Lending, Private Banking and Wealth Management services. At year-end 2024, the Bank had $12.3 billion in assets and 83 full-service financial centers in its New England and New York footprint."
B. Added 5 CODI at $16 - Schwab Account:
Quote: Compass Diversified Holdings (CODI)
Cost: $80
This company resembles a hedge fund that buys small companies, hopefully improves and expands operations and then will consider selling the company for a profit.
Examples of company purchases and sales:
Announces Sale of Ergobaby (12/30/24)
Compass Diversified-Backed Altor Solutions Completes Acquisition of Lifoam Industries (10/2/24)
Sale of Crosman Air Gun Business (4/30/24)
Completes Sale of Marucci Sports (11/15/23)("CODI expects to record a pre-tax gain of approximately $225 million to $245 million from the sale")
SEC Filed 2024 Annual Report A discussion of the operating companies starts at page 7.
CODI Analyst Estimates | MarketWatch
Dividend: Quarterly at $.25 per share
Yield at New AC per share: 5.69%
Last Ex Dividend: 4/17/25
Last Earnings Report (Q/E 12/31/24):
Revenues at $620.3M, up 13.8%
Non-GAAP E.P.S. = $.617
Non-GAAP Consensus per Schwab: $.56
The non-GAAP income, as shown in the previous snapshot, was reported at $46.592M and there were 75.502M shares outstanding.
Maximum Position: 100 sharesPurchase Restriction: 5 share lots with each subsequent purchase required to lower my average cost per share.
Consider to Sell: 20 shares at > $20
I also own Compass Diversified Holdings 7.25% Preferred Series A ($25 par value), which I last discussed here: Item # 3.B. Bought 5 CODIPRA at $20.3 (4/13/25 Post)
According to Schwab, the average non-GAAP E.P.S. estimate for the 2025 first quarter is $.53. The company may report next week.
C. Added 10 ETW at $7.57 - Schwab Account:
Quote: Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund Overview
Cost: $75.7
I discussed this buy/write CEF in a recent post: Item # 1.F. Added to ETW in Fidelity Account - Bought 10 at $7.77 (4/13/25 Post)
Eaton Vance Tax-Managed Global Buy-Write Opportunities Fund - SEC Filed 2024 Annual Report
New Average cost per share this account: $8.15 (80 shares)
Dividend: Monthly at $.0664 per share (annually at $.7968)
ETW Dividend History & Date | Seeking Alpha
ROC Supported
Yield at $8.15: 9.78%
Last Ex Dividend: 4/15/25
Investment Category: Monthly Income Generation
Data Date of 4/21/25 Trade:
Closing Net Asset value per share: $8.61
Closing Market Price: $7.57
Discount: -12.08%
Sourced: ETW - CEF Connect
D. Restarted FHN - Bought 10 at $16.65 - Schwab Account:
Quote: First Horizon Corp. (FHN) - Bank Holding Company
Cost: $166.5
FHN is a bank holding company whose banking subsidiary First Horizon Bank operates in 12 southern states. The operating bank will have the largest market share in Tennessee. The operating bank was previously known as First Tennessee.
FHN Analyst Estimates | MarketWatch As of 4/23/25, the average E.P.S. estimate for 2025 was $1.66, at $1.87 in 2026, and at $2.1 in 2027.
Last Elimination: Item # 3.A. Eliminated FHN - Sold 25 at $19.89 (11/14/24 Post)(profit snapshot = $155.65)
Last Purchase Discussions: Item # 1.H. Added to FHN - Bought 5 at $11.5 (9/16/23 Post); Item # 3.F. Added to FHN - Bought 5 at $9.51 (5/13/23 Post) The shares collapsed in price after Toronto Dominion withdrew its acquisition offer due to regulatory opposition.
Dividend: Quarterly at $.15 per share ($.6 annually), last raised from $.14 effective for the 2020 second quarter payment. The dividend was slashed from $.45 to $.20 effective for the 2008 second quarter payment and then slashed again to $.01 effective for the 2011 second quarter.
FHN Dividend History & Date | Seeking Alpha
Dividend History: I rate the history as very poor.
Yield at $16.65: 3.6%
Last Ex Dividend: 3/14/25
Last Earnings Report (Q/E 3/31/25): I thought this report was worth a restart with a 10 share buy only. It is also possible that a larger bank will make a run at FHN with the regulatory environment more favorable now.
SEC Filed Earnings Press Release
GAAP E.P.S. = $.41
Non-GAAP E.P.S. $.42
NIM = 3.42%
Efficiency Ratio: 60.6%
Adjusted Efficiency Ratio: 59.09%
ROTE: 12.8%
Charge off Ratio: .19%
NPL Ratio: .98% (too high)
Tangible Book Value per share: $13.17
Performance Metrics:
Largest Gains: Item # 1. Eliminated FHN - Sold 5 at $24.38; 20+ at $24.47; and 47+ at $24.38 (11/15/22 Post)(profit snapshot = $1,071.04); Item # 1. Pared FHN in Fidelity Account - Sold 450 at $24.33 (11/1/22 Post)(profit snapshot = $1,261.77)
FHN Realized Gains to Date: $3,201.72
E. Added to APLE - Bought 7 at $11.74 - Schwab Account:
Quote: Apple Hospitality REIT Inc. (APLE)
Cost: $82.15
As of 12/31/24, Apple Hospitality "owned 221 hotels with a total of 29,764 guest rooms, including two hotels with a total of 206 guest rooms classified as held for sale, as compared to 225 hotels with a total of 29,900 guest rooms as of December 31, 2023." 2024 Annual Report
Brands:
New Average cost per share: $13.26 (40 shares)
Dividend: Monthly at $.08 per share ($.96 annually)
APLE Stock Dividend History & Date | Seeking Alpha
Yield at $13.26: 7.24%
Yield at $11.74: 8.18%
Next Ex Dividend: 4/30/25
Last Earnings Report (12/31/24): SEC Filed Press Release
E.P.S. - $.12
Adjusted FFO per share: $.32, up from $.31
Reconciliation:
RevPar: $108.75
Occupancy: 71.3%, up from 69.9%
F. Added to GTY - Bought 4 at $28.55; 5 at 28.3; 5 at $27.5 - Schwab Account - Schwab Account:
Quote: Getty Realty Corp. (GTY)
Average cost per share: $28.92 (25 shares)
Dividend: Quarterly at $.47 per share ($1.88 annually), last raised from $.45 effective for the 2024 4th quarter payment.
Yield at $28.92: 6.5%
Next Ex Dividend: 6/26/25
Last Earnings Report (Q/E 3/31/25): This report was released after the market closed on 4/23/25.
SEC Filed Press Release and SEC Filed Earnings Slide Presentation
Revenues: $51.706M
"Invested $10.9 million across six properties at a 7.8% initial cash yield."
"Committed investment pipeline of more than $110.0 million for the development and/or acquisition of 29 convenience and automotive retail properties, as of April 23, 2025"
E.P.S. = $.25
FFO per share: $.56
AFFO per diluted share: $.59, up from
GAAP to AFFO Reconciliation:
G. Restarted BRT = Bought 10 at 15.8; 5 at $15.5 - Schwab Account:
Quote: BRT Apartments Corp. (BRT) - An Apartment REIT
Cost: $235.5
Investment Category: Equity REIT Common and Preferred Stock Basket Strategy
Website: BRT Apartments Corp.
Properties | BRT Apartments | REIT
BRT is "an internally managed real estate investment trust, also known as a REIT, that owns, operates, and to a lesser extent, holds interests in joint ventures that own and operate multi-family properties. At December 31, 2024, we (i) wholly-own 21 multi-family properties with an aggregate of 5,420 units and a carrying value of $614.2 million; (ii) have ownership interests, through unconsolidated entities, in eight multi-family properties with an aggregate of 2,527 units for which the carrying value of our net equity investment therein is $31.3 million; (iii) have preferred equity investments in two multi-family properties with a carrying value of $17.7 million; and (iv) own other assets, through consolidated and unconsolidated subsidiaries, with a carrying value of $1.7 million. The 29 multi-family properties are located in 11 states; primarily in the Southeast United States and Texas." BRT SEC Filed 2024 Annual Report at page 4
List of properties as of 12/31/24:
Last Discussed: Item # 3.A. Eliminated BRT - Sold 25 at $18.68 (5/17/24 Post)(profit snapshot = $64.17)
Average cost per share: $15.7 (15 shares)
Dividend: Quarterly at $.25 per share, last raised from $.22 effective for the 2022 second quarter payment.
BRT Stock Dividend History & Date | Seeking Alpha
Yield at $15.7 = 6.37%
Last Ex Dividend: 3/27/24
Last Earnings Report (Q/E 12/31/24): SEC Filing
GAAP E.P.S. ($.11)
FFO per share: $.28
AFFO per share: $.37
Reconciliation:
Maintenance expenses are not deducted from FFO to arrive at AFFO.
2024 Capital Expenditures
BRT's share of 2024 maintenance expenses was reported at $3.423M. Adjusted funds from operations was reported at $26.668M. Deducting $3.423M from that 2024 total AFFO, the after maintenance expense AFFO was $23.245 or about $1.30 per share using the diluted share count of 17,848,134 which exceeds the annual dividend of $1 per share.
H. Added 5 CPB at $36.76; 2 at $36 - Schwab Account:
Quote: Campbell's Co. (CPB)
Cost: $245.78
52 week high at $52.81
Packaged food stocks are in a bear market.
CPB Analyst Estimates | MarketWatch
Recent Material News: Campbell Completes Acquisition of Sovos Brands, Inc.
This is typical small ball trading.
New Average cost per share: $37.83 (23+ shares)
 |
| Snapshot Intraday on 4/25/25 after last add |
Dividend: Quarterly at $.39 per share ($1.56 annually)
CPB Stock Dividend History & Date | Seeking Alpha
Yield at $37.83: 4.124%
Last Ex Dividend: 4/3/25
Last Earnings Report (F/Q ending 1/26/25): I discussed this report in a recent post and have nothing further to add here: Item # 1.L. Added 1 CPB at $37.13 (4/13/25 Post); SEC Filed Press Release
CPB Realized Gains to Date: $919.04
Largest Gain: Item # 3 Sold 70 CPB at $35.79 (9/8/2010 Post)(profit snapshot = $714.84)
Second Largest Gain: Item # 3 Sold 50 CPB at $41 (8/5/18 Post)(profit snapshot $117.18)
I. Added 5 FLO at $17.7 - Schwab Account:
Quote: Flowers Foods Inc.
Cost: $88.5
52 Week High at $26.12
Website: Home - Flowers Foods
FLO Analyst Estimates | MarketWatch
Leading Brands: Nature’s Own, Dave’s Killer Bread, Wonder, Canyon Bakehouse, and Tastykake.
SEC Filed 2024 Annual Report for the fiscal year ending 12/28/24
Recent Material News: Flowers Foods Completes Acquisition of Simple Mills Mills (2/21/25)-Flowers Foods to Acquire Simple Mills for $750M in Cash To fund that acquisition, FLO sold $500M of 5.7% SU notes maturing in 2035 and $300 of 6.2% SU notes maturing in 2055. Prospectus
New average cost per share: $18.88 (20 shares)
 |
| Snapshot Intraday on 4/25/25 after add |
FLO Stock Dividend History & Date | Seeking Alpha
Yield at $18.88: 5.085%
Last Ex Dividend: 2/28/25
As a reminder, there is no state income tax in Tennessee where I live. I consequently pick up more after tax yield on corporate bond interest payments than I would by limiting my bond portfolio solely to treasury bills and treasury notes.
For states with income taxes, the tax will apply to corporate bond interest payments whereas no state tax can be levied on interest paid by direct ownership of U.S. treasuries. A state income tax on corporate interest will reduce the yield advantage compared to just owning U.S. treasury securities.
I will discuss other bond purchases made last week in my next post.
My Videos:
Managing a Bond Ladder Portfolio - YouTube
Becoming more conservative in my investments- More on Utility First Mortgage Bonds - YouTube
Using 3 Examples to Discuss Bond Interest Rate Risks - YouTube
First Mortgage Bonds Issued by its Operating Subsidiaries of Duke Energy (DUK) - YouTube
First Mortgage Bonds Traded Like Stocks - YouTube
First Mortgage Bonds $1,000 Par Values - YouTube
Corporate Bonds $1,000 per bond par value - YouTube
Treasury Inflation Protected Bond - YouTube
The duration of my bond portfolio in my Fidelity account is 2.747 years. The average YTM is 4.976%, which is weighted down by my significant weightings in Tennessee Municipal bonds and Treasury Bills bought since the FED started to lower rates.
As of 4/24/25 - Fidelity Account Only:
This account currently has 310 positions in this bond category with a PDF download of the "bond" positions consisting of 44 pages. I will periodically download the positions to see how my trades are impacting the average duration and YTM. On 2/20/25, the duration was at 2.47 years with the YTM at 4.724%.
My other brokers do not provide this kind of information.
The "bond" category at Fidelity includes T Bills, T Notes, CDs, corporate and municipal bonds.
I am moving more funds into 2028-2035 maturities in part due to that short term weighting and also to a concern that the FED may continue cutting the federal funds rate as currently predicted in the CME FedWatch tool.
For maturities starting in 2033 or later, about 80%+ of my purchases are first mortgage bonds and senior unsecured debt issued by electric utility companies that have 5% or higher coupons and YTMs slightly higher based on buying at discounts to par value. An exception is the Essex purchase discussed in Item D. below where I picked up more current yield and YTM than with the utility bonds.
SU = Senior Unsecured Bond
First mortgage bonds: First lien on substantially all physical assets, see each prospectus for limited exceptions (e.g. cash).
A. Bought 2 Virginia Electric Power 5% SU Maturing on 1/15/34 at a Total Cost of 98.123 - Vanguard Account:
%20.png)
Issuer: Operating utility wholly owned by the utility holding company Dominion Energy Inc. (D) Virginia Electric will have a higher credit rating than its parent.
D Analyst Estimates | MarketWatch
I have eliminated my common stock positions, but will consider restarting at less than $48. Item # 2.D. Eliminated D - Sold 28+ at $53.22; 17+ at $53.16 (5/17/24 Post)(profit snapshots = $151.9)
2024 SEC Filed Annual Report Virginia Electric's financial information starts at page 99. 2024 revenue was reported at $10.235B with net income at $1.91B.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/BBB+
YTM at Total Cost: 5.27%
Current Yield at TC = 5.096%
B. Bought 2 Virginia Electric 5% SU Maturing on 4/1/33 at a Total Cost of 97.988 - Vanguard Account:
%20.png)
Issuer: See Item # 2.A. above
I am stacking Virginia Electric bond maturities, focusing on SU bonds that have 4.8% or higher coupons that can be bought below par value and mature on or before 2035. I have not found any first mortgage bonds issued by this utility.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A2/BBB+
YTM at Total Cost: 5.312%
Current Yield at TC = 5.103%
C. Bought 2 Duke Energy Progress 5.1% First Mortgage Bond Maturing on 3/15/34 at a Total Cost of 99.562 - Vanguard Account :
%205.1%25%203:15:34.png)
Issuer: Operating subsidiary of the utility holding company Duke Energy Corp (DUK)
Finra Page: Bond Page | FINRA.org
Prospectus (3/24)
Credit Ratings: Aa3/A
YTM at Total Cost: 5.161%
Current Yield at TC = 5.122%
Last Bond Offering (3/25): Prospectus
D. Bought 2 Essex Portfolio LP 5.5% SU Maturing on 4/1/34 at a Total Cost of 99.066:
Issuer: Operating entity for the apartment REIT Essex Property Trust Inc. (ESS) who guarantees the notes.
Most of the apartments are located in California so earthquakes are a risk.
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.634%
Current Yield at TC = 5.552%
Last Bond Offering (2/25): Prospectus for $400M 5.375% SU maturing in 2035.
I had 6 Essex LP bonds mature on 4/1/25:
%20+$68.5.png)
%20+$76.48.png){kind=small}
Other currently owned Essex SU Bonds:
4 Maturing on 4/15/26, Bond Page | FINRA.org
2 Maturing on 5/1/27, Bond Page | FINRA.org
4 Maturing on 3/1/29, Bond Page | FINRA.org
I am replacing in advance 2 of the 4 SU bonds that mature in April 2026 with this last purchase.
Last Essex Bond Purchase Discussion: Item # 2.F. Bought 2 Essex LP 3.625% SU Maturing on 5/1/27 at a Total Cost of 97.756 (2/10/25 Post)
E. Bought 2 Genuine Parts 4.95% SU Maturing on 8/15/29 at a Total Cost of 99.8:
%204.95%25%208:15:29%20.png)
Issuer: Genuine Parts Co. (GPC)
GPC Analyst Estimates | MarketWatch
GPC SEC Filed Earnings Press Release for the Q/E 12/31/24 (Revenue = $5.8B; adjusted net income of $224.369)
FINRA Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB
YTM at Total Cost: 5%
Current Yield at TC = 4.96%
F. Bought 2 Black Hills 3.15% SU Maturing on 1/15/27 at a Total Cost of 97.411:
%20.png)
Issuer: Black Hills Corp. (BKH) - Utility Holding Company
I am starting to replace 10 Black Hills 3.95% SU bonds that mature on 1/15/26.
BKH Analyst Estimates | MarketWatch
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.725%
G. Bought 1 Entergy Texas 5.25% First Mortgage Bond Maturing on 4/15/35 at a Total Cost of 98.875 - Interactive Brokers Account:
Issuer: Wholly owned operating subsidiary of the utility holding company Entergy Corp. (ETR)
ETR Analyst Estimates | MarketWatch
ETR 2024 SEC Filed Annual Report Entergy Texas 2025 revenue was reported at $2.05+B with net income at $291.55M, page 435.
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/A
YTM at Total Cost: 5.395%
Current Yield at TC = 5.31%
I now own 6.
H. Bought 2 American International Group 4.25% SU Maturing on 3/15/29 at a Total Cost of 97.696 - Interactive Brokers Account:
AIG Analyst Estimates | MarketWatch
AIG 2024 SEC Filed Annual Report
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 4.907%
Current Yield at TC = 4.35%
3. Tennessee Municipal Bond:
A. Bought 5 Williamson County, Tennessee 3% GO Maturing on 4/1/29 at a Total Cost of 97.822:
Emma Page
Is Williamson County TN the Richest County in the US?
Credit Rating: Aaa
YTM: 3.6%
Current Tax Free Yield: 3.067%
If the FED cuts by 50 basis points before year end, this purchase will look better than now.
I now own 10.
I also own another GO issued by Williamson County that matures on 4/1/29.
Altogether, I own $30,000 in principal amount of Williamson County GO tax exempt bonds (30 bonds) with maturities falling in the 2029-2032 time frame.
I had 15 called early last year that would have matured on 4/1/27.
4. Treasury Bill Purchases at Auction:
Fed might not cut at all this year, says Morgan Stanley's Seth Carpenter - YouTube (4/21/25)
With the lower yields, I am switching to alternating between buying $5K and $10K each week, until the investment rate sinks below 4% when I plan to go on strike.
I am simply using proceeds from maturing T Bills in my Schwab account to fund those purchases. Most of the purchases will be 3 or 6 month T Bills with a few 2 and 4 month bills.
My Video: Treasury Bills vs Treasury Money Market Funds - YouTube
A. Bought 5 Treasury Bills at the 4/21/25 Auction:
%2010:23:25%20.png){kind=small}
182 Day Bill
Matures on 10/23/25
Interest: $102.37
IR: 4.192%
B. Bought 5 Treasury Bills at the 4/23/25 Auction:
%208:26:25.png){kind=small}
119 Day Bills (4 month)
Matures on 8/26/25
Interest: $69.58
Investment Rate: 4.329%
Next week, I will buy $5K of the 3 month T Bill only.
Disclaimer: I am not a financial advisor, but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.
