BDGE, BOTZ, CXP, DCOMP, ESML, JRI, JTD, KOMP, PFXF, PGX PLYM, RIOCF, TECB, TPVY, VEU, WTBA

Economy: 

Second quarter real GDP in the U.S. declined at an estimated annual rate of 32.9%. This is the government's first estimate. 1st quarter real GDP fell by 5%. Personal consumption expenditures declined at a 34.6% annualized rate. Equipment investment fell at a 37.7% annualized rate. Those are easily the worst quarterly numbers since the U.S. started to compile this data. 

Gross Domestic Product, 2nd Quarter 2020 (Advance Estimate) and Annual Update | U.S. Bureau of Economic Analysis (BEA)

U.S. second-quarter GDP plunged by a historic 32.9%

On a non-annualized basis, U.S. GDP shrank about 9.5% between the first and second quarters. 

The estimate was lower than expected and broadly in line with projections made over the past month or so.  

There were some unusual contributors to GDP growth. Bank Fees on Paycheck Protection Program (PPP) Lending Boosted the Economy in the Second Quarter. Here Are 3 Statistical Quirks From the Worst-Ever GDP Reading. - Barron's

PPP Fees Paid by the Federal Government to Banks

Ignore GDP. Here’s What Investors Should Watch for Economic Insights During the Pandemic. - Barron's

Weekly Economic Index (WEI) - FEDERAL RESERVE BANK of NEW YORK

The number of small businesses that remained open was down 14.7% as of July 18th compared to January 2020. Economic Tracker The decline was at -8.3% as of 7/4/20 compared to 1/2020.  

For the week ending 7/25/20, new unemployment claims increased to 1.434M. News Release That number does not include the 829,697 initial claims for the Pandemic Unemployment Assistance (PUA). The total number of people claiming benefits "in all programs for the week ending July 11 was 30,202,498. The PUA is the program that provides an additional $600 per week, which has just expired without an extension. Extra $600 CARES Act unemployment benefit ends July 31: Here's where things stand - CNET 

Here's what changed in the July Fed statement

Germany's 2nd quarter GDP declined by 10.1% and 11.7% Y-O-Y. Coronavirus leads to record drop in German GDP 

Euro zone GDP sinks 12.1% in Q2 2020 as coronavirus crisis hits This is not an annualized decline number but the decline from the previous quarter. I would note that the EU's fiscal stimulus was only recently agreed upon by the member states. EU recovery plan: Leaders strike 'historic' deal to rebuild economy after coronavirus (7/21/20)

Eurostat GDP Data (7/31/20): 

Despite Historic Plunge, Europe’s Economy Flashes Signs of Recovery - The New York Times

The July consumer confidence index dipped to 92.6 from June's 98.3. The consensus for July was at 95.5.  

‘It’s a mess’: Republican senators deride key proposals in GOP virus package

Osterholm: Americans will be living with the coronavirus for decades - MarketWatch

U.S. National Debt Clock : Real Time

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Markets and Market Commentary: 

As of 7/31/20, the S & P 500 had a 31.9 P/E based on trailing 12 month GAAP actual earnings. The forward P/E, using estimated non-GAAP earnings, was 25.45. P/E & Yields

2 Year GLD Chart: 

10-year Treasury yield plunged to its lowest in 234 years, says Deutsche Bank - MarketWatch So far the FED has been successful in suppressing interest rates across the entire maturity spectrum. 

After the close yesterday, Fitch cuts its outlook for U.S. government debt to negative from stable. Fitch and Moody's currently rate U.S. debt at AAA. Fitch Revises United States' Outlook to Negative; Affirms at AAA S & P rates U.S. debt at AA+ after downgrading it from AAA back in 2011. I am anticipating a series of debt rating downgrades over the next 20 years or so.  

Billionaire investor Ray Dalio fears for the dollar and the ‘soundness of our money,’ and here’s why - MarketWatch

Goldman Sachs has a new blowout forecast for gold - MarketWatch The new GS target is $2,300 per oz within 12 months, up from $2K. 

Buy stock dips because the S&P 500 could ‘easily’ reach 3,500 next year, says Credit Suisse - MarketWatch

Buy American, says Europe’s largest asset manager - MarketWatch

AT&T's Second Quarter Was a Bust | The Motley Fool I view AT & T common stock as a bond substitute. When a stock is so characterized, victory is defined as a 6% annual average total return secured through dividends, either with a slight loss or gain in the shares. I own shares. 
    
Gladstone Commercial Corporation Reports Results for the Second Quarter Ended June 30, 2020 (GOOD)(FFO at $.41 per share; "collected 98% of cash rents due during April, May and June during the COVID-19 global pandemic; (remaining 2% of cash rents were rent deferrals to be paid in full no later than March 2021") I own shares. 

Bar Harbor Bankshares Reports Second Quarter Results ("reported second quarter 2020 net income of $8.5 million or $0.55 per share; up 41% over the same quarter of 2019 of $6.1 million or $0.39 per share. The non-GAAP measure of core earnings in the second quarter 2020 totaled $8.6 million, or $0.56 per share compared to $6.3 million or $0.41 per share of the same quarter of 2019.") I own shares. 

McDonald's (MCD) Q2 2020 earnings miss estimates (E.P.S. $.66 adjusted vs. consensus of $.74, down from $1.97 in the 2019 second quarter, with revenues declining by almost 30% Y-O-Y). 

Pfizer ups 2020 outlook and reports better-than-expected earnings (adjusted E.P.S. of $.78 vs. consensus at $.66; revenue down 11% Y-O-Y but better then expected) I own shares. 

3M (MMM) Q2 2020 earnings

W. P. Carey Q2 beats; sees dialing up investment activity in H2 (NYSE:WPC) | Seeking Alpha I own shares. 

Horizon Technology Finance (HRZN) Announces Second Quarter 2020 Financial Results (NII of $.40 per share, up from $.37; net asset value per share at $11.64' undistributed spillover income of $.42 per share; declared next 3 months of its $.1 per share monthly dividend) I own shares. 

P&G Stock Gains as Covid Boosted Sales for Premium Cleaning Products - Barron's (7/30/20)

Wayfair Won't Be the Last Company to Take a Hit from QAnon - Barron's This particular fact free conspiracy theory claims that Wayfair "operated a vast child trafficking operation in which it ships and sells children in its industrial cabinets." 11 GOP congressional nominees support QAnon conspiracy - Axios

OFS Capital Corporation Announces Second Quarter 2020 Financial Results (NII of $.19 per share, missing consensus by 1 cent; net asset value per share increased to $10.10 as of 6/30/20 from $9.71 as of 3/31/20; Board declared quarterly dividend of $.17 per share; one loan was placed on nonaccrual during the quarter) I own shares. 

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Trump: 

New Senate GOP coronavirus bill includes unrelated White House demand for FBI headquarters money 

Shortly after becoming President, Trump nixed an advanced plan to sell the FBI headquarters and to build a new one in a suburban location. 

Trump was concerned that the current location would be redeveloped to include a hotel that would compete with the Trump International Hotel located one block away from the existing FBI headquarters. 

Trump wants to appropriate and spend money to implement his plan before leaving office in order to prevent that competition. 

Trump’s Interference in the FBI Headquarters Relocation Plan - American Oversight; 

The Administration's Attempts to Stonewall Investigations of Trump FBI Headquarters Interference Stumble in Court - American Oversight; 

IG Confirms Trump’s Involvement in FBI Headquarters Project Across From His Hotel - Roll Call  

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Trump and his Trumpsters, the primary generators of Fake News in the world today, will continue spreading false information and conspiracy theories, no matter what is done to impede them. 

Trump Retweets COVID-19 Video Yanked By Social Media For Pushing Fake Cure; 

Trump tweets misleading Stella Immanuel coronavirus video deleted by Facebook - The Washington Post; 

Twitter removes tweet highlighted by Trump falsely claiming COVID-19 'cure' 

Dark money and PAC's coordinated 'reopen' push are behind doctors' viral hydroxychloroquine video

The video shows Stella Immanuel, dressed in a physician's garb, claiming that hydroxychloroquine is a COVID-19 cure.  

She serves as the head of Five Point Ministries that promotes "miracles, healings and deliverance." Apparently, she operates a clinic out of a strip mall adjacent to this ministry.

Ms. Immanuel also claims that no one needs to wear a face mask.

Stella Immanuel, Trump’s New COVID-19 Doctor, Believes in Alien DNA, Demon Sperm, and Hydroxychloroquine; 

Opinion | Americans are suffering. Trump offers them a doctor who warns of sex with demons. - The Washington Post (Dr. Immanuel claims that "endometriosis and other potentially dangerous gynecological conditions are the residue of sexual intercourse with demons.")

Woman in viral COVID-19 misinformation video fears demon sex, aliens - Business Insider

A Fight For The Soul Of America Is A Fight For The World - YouTube (Dr. Stella Immanuel: "How long are we going to allow the gay agenda, secular humanism, Illuminati and the demonic New World Order to destroy our homes, families and the social fiber of America." Those demons are "spirit husbands" and "spirit wives" who visit humans in "sexy dreams")

I know that those demons have not visited me since I do not recall a "sexy dream", but I am curious whether the "alien DNA" can prevent my increasing number of brain malfunctions. Maybe Dr. Immanuel knows where I can find some.

Trump remarked at a briefing on 7/28 that Dr. Immanuel's statements in the video about hydroxychloroquine being a cure for Covid-19 were "spectacular" in Doctor Don's opinion. Doofus Don also claimed that the other doctors appearing in the video, financed by the Tea Party Patriots, were "well respected".

After Facebook removed her video, Ms. Immanuel said that God would destroy's Facebook's servers if the video was not restored.

However, for anyone wishing to watch her sermons, there are plenty of them available for viewing.

My idea is that Donald needs to drop Pence as VP now, substituting Ms Immanuel now as the appropriate republican response to Biden's choice.

Fauci rebukes Trump's renewed push for ineffective Covid-19 treatment

Donald held a rally in Texas last Wednesday where few, including Donald, wore a mask or practiced social distancing. Donald Trump campaigns WITHOUT a mask in Texas despite state's coroanvirus surge | Daily Mail OnlineFew At Trump's Texas Energy Event Seen Wearing Masks, Social Distancing

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Trump tax returns: Lawyers seek to block Manhattan DA Vance subpoena

Local stations across the country set to air Fauci conspiracy theory over the weekend - CNN; 

Trump was secretly recorded boasting on speakerphone of how many retweets he got for a post defending Confederate base names

Sinclair gives “Plandemic" conspiracy theorists a platform to spread their lies about Dr. Fauci and the coronavirus | Media Matters for America  

This particular conspiracy theory claims that Dr. Fauci invented Covid-19 and gave it to China who then weaponized it.

The republican mind, as Trump knows full well, will accept as fact any fact free conspiracy theory no matter how ridiculous. Sinclair is bringing right-wing COVID-19 talking points and conspiracy theories to local news stations | Media Matters for America 

The Sinclair Broadcast Group owns 191 TV stations in 89 U.S. markets. I boycott their Nashville, TN. station WZTV. Sinclair is a far right oriented media organization that supports Trump.  

Trump erupted over Esper's de facto ban on Confederate flag, sources say  

Spin, deride, attack: How Trump’s handling of Trump University presaged his presidency - The Washington Post

Trump administration has put DACA applications ‘on hold’ despite Supreme Court ruling restoring program - The Washington Post

Trump Is Wallowing in Self-Pity - The Atlantic

Trump floats idea of delaying the November election, a power granted to Congress, as he ramps up attacks on voting by mail

Trump Attacks an Election He Is at Risk of Losing - The New York Times Demagogue Don has strong authoritarian tendencies. The modern day GOP is an authoritarian leaning party.  

Fact-checking Trump's continued assault on mail-in voting and suggestions of delaying the election

Will Americans Buy Trump’s Claims About Mail Voting Fraud? The Trumpsters will notwithstanding the absence of proof. 

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Trump boasts of pushing low-income housing out of suburbs - POLITICO  

Trump Plays on Racist Fears of Terrorized Suburbs to Court White Voters - The New York Times

Republican campaign commercials are using video clips that depict violence during the recent protests to generate a fear response. 

Republicans have been using these fear tactics successfully since the 1960s and they generally work on the intended audience, primarily uninformed voters who are disengaged from politics most of the time and who have voted for Bill Clinton or Obama and Trump in 2016. The voters who are still backing Trump 

Henry Louis Mencken wrote this passage that was published in the 9/19/1926 edition of the Chicago Daily News:  “No one in this world, so far as I know — and I have searched the records for years, and employed agents to help me — has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.” 

Demagogue Don will receive well over 60 million votes in November, probably over 63M votes will be cast by people who want him to serve another 4 years as President. Now that is frightening. 

Operation Diligent Valor: Trump showcased federal power in Portland, making a culture war campaign pitch - The Washington Post ("Trump’s campaign officials say that the president wants to amplify his law-and-order message to show he is a last bastion of safety for a reeling American public, and that U.S. cities ravaged by crime and unrest — which also happen to be heavily Democratic — are the right venue.")

Trump's decision to move troops from Germany slammed as 'a gift to Putin'; U.S. to pull 12,000 troops from Germany after Trump calls country 'delinquent' - POLITICO This act does further Putin's objectives. 

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Police: 'Umbrella Man' was a white supremacist trying to incite Floyd rioting - StarTribune.com He allegedly was trying to spark a riot and incite racial tension. 

US homeland security surveilling journalists covering Portland protests

American Catastrophe Through German Eyes - The New York Times  

Tom Ridge, a republican and the first head of the Homeland Security stated that this department was "not established to be the President's personal militia".  Gov. Tom Ridge on the 30th Anniversary of the ADA and Homeland Security in 2020 | The Michael Smerconish Program | Listen on SiriusXM 

Opinion | In Portland, Trump Hijacked Homeland Security - The New York Times (article written by Michael Chertoff who was the secretary of homeland security under George W. Bush) Chertoff claims that Trump is showing a disdain for the law and is "reveling in the use of brutal and aggressive force" for political purposes, as demonstrated by his use of videos in campaign commercials.   

Anti-Biden Ad Misleads on Race Claims - FactCheck.org

Complaint accuses Trump campaign of masking $170 million in spending

Portland protests: Feds are flouting court order to stop targeting journalists, ACLU says

Fact Check: How Violent Are the Portland Protests?

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Georgia Senator David Perdue (R) Is Criticized for Ad Enlarging Jewish Opponent Jon Ossoff's Nose - The New York Times; 

Anti-Semitism charges roil David Perdue's reelection bid as polls tighten

Rep. David Schweikert (R-AZ) admits 11 ethics violations, to pay $50,000 fine

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Covid-19 Updates:

As of 7/31/20

Florida Covid-19 cases in children: Hospitalizations among kids jump 23%

Florida Daily Coronavirus Death Toll Jumps 40% in Four Days | Health News | US News (7/31/20)

The antibody tests developed so far, already notorious for producing false positives, also fail to test for the subtype of antibody that provides the most protection against a new infection according to this article. Your Coronavirus Antibodies Are Disappearing. Should You Care? - The New York Times Those antibodies, which are not measured, "recognize a piece of the coronavirus’s spike protein, the receptor binding domain, or R.B.D. That is the part of the virus that docks onto human cells. Only antibodies that recognize the R.B.D. can neutralize the virus and prevent infection."

The local police force in Portland has the capability of arresting those who engage in vandalism and violence which needs to happen. The actions of federal law enforcement officers, who have no training in crowd control, appear to have escalated acts of violence and vandalism rather than to mitigate, prevent and/or control criminal acts.  

Coronavirus Is Back With a Vengeance in Places Where It Had All but Vanished

Turning Point USA co-founder dies of coronavirus-related complications Turning Point USA, a "conservative" student organization, through its co-founder Charles Kirk, claims that  "hydroxychloroquine" is 100% effective in curing Covid-19. For Charlie Kirk, Conservative Activist, the Coronavirus Is a Cudgel - The New York Times  

Representative Louie Gohmert (R-TX) believes that he may have been become infected on one of the few occasions he wore the mask, theorizing that Covid-19 was inside his mask and he inhaled it. 

Gohmert: "I can't help but wonder if by keeping a mask on and keeping it in place, if I might have put some... of the virus on the mask and breathed it in."

I am not sure whether he was saying that he exhaled Covid-19 out of his lungs, the virus was then caught by the mask and then he inhaled it again. Gohmert rarely makes any sense. How Louie Gohmert (R-TX) proved exactly the opposite of his point

Report: GOP Lawmakers Keep Staffers In a COVID Petri Dish | Vanity Fair

'Flood' of GOP Staffers Say They're Forced to Work Without Masks: Report | Law & Crime 

Trump Wrongly Blames Protests, Mexico for COVID-19 Spread - FactCheck.org

Florida coronavirus: A 9-year-old girl is the state's youngest Covid-19 victim

Coronavirus ravaged Florida, as Ron DeSantis sidelined scientists and followed Trump

The following two articles were written by David Frum: This Is Trump’s Plague Now - The Atlantic; I Moved to Canada During the Pandemic - The Atlantic

Tennessee pastor tests positive for COVID-19 one week after attending meeting with Trump at White House

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Herman Cain and Covid-19 Denial: 

Will Herman Cain’s Death Change Republican Views on the Virus and Masks? 

Cain attended Trump's Mass Infection Event in Tulsa on 6/20, refusing to wear a mask or to socially distance. He was admitted to the hospital on 7/1 after having been diagnosed on 6/29 with a Covid 19 infection. 

Cain died from complications associated with that infection. 

The "conservative" Ben Shapiro, a favorite of the Fox "news" crowd and Don the Authoritarian, says it is gross to link Cain's attendance at Trump's Mass Infection Event, ignoring every precaution, with becoming infected at that event. Ben Shapiro slams 'gross' pundits blaming Trump rally for Herman Cain’s death from coronavirus | Fox News Shapiro has learned how to make a lot of money spinning a steady diet of drivel to Trumpsters. Just another Trumpster, similar in many respects to Laura Ingraham and Ann Coulter. 

Donald, Shapiro and other Trumpsters will never accept that Trump's actions and inactions have resulted in thousands of preventable deaths from Covid-19. Making that observation has nothing to do with ideology. 

It is of course impossible to conclusively determine where Cain contracted Covid-19 but the timing fits the Tulsa rally. Coronavirus Surge in Tulsa ‘More Than Likely’ Linked to Trump Rally - The New York Times; Secret Service agents quarantine amid positive coronavirus tests

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All trades are commission free except as otherwise noted. 

Regional bank stocks are being bought in negligible amounts. This sector is in extreme disfavor now. I do not anticipate that these stocks will work anytime soon, but valuations and dividend yields are attractive for longer term holds. 

I am tiptoeing into international stock ETFs and global thematic stock ETFs. International stock ETFs have massively underperformed the S & P 500 for years. That may continue. Emerging market ETFs and China stock ETFs have perked up recently.  

1. Small Ball:  

A. Added 5 BDGE at $19.5; 5 at $18.9; 5 at $18.4; 5 at $18; 5 at $17.9; 5 at $17.7: 

Quote: Bridge Bancorp Inc. (BDGE)

Closing Price 7/31: BDGE $18.09 -$0.14 -0.77% 

BDGE SEC Filings

Last Discussed: Item # 1.H. Restarted BDGE-Bought 10 at $19.9 (6/13/20 Post)

Bridge Bancorp Acquiring Dime Community Bancshares: 

BDGE is in the process of acquiring Dime Community Bancshares. Bridge Bancorp, Inc. and Dime Community Bancshares, Inc. to Combine in Merger of Equals Creating The Best Business Bank in New York ("Dime shareholders will receive 0.6480 shares of Bridge common stock for each share of Dime common stock they own.  Each outstanding share of Dime’s 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A will be converted into the right to receive one share of a newly created series of preferred stock of Bridge with the same preferences and rights.") I discuss buying the Dime's 5.5% preferred stock in Item # 2.A. below.  

Dime is a holding company that owns Dime Community Bank that operates "twenty-eight banking offices located throughout Brooklyn, Queens, the Bronx, Nassau and Suffolk Counties, New York." 

Bridge owns BNB Bank that operates primarily in Staten Island, NY. Locations-BNB Bank

BNB "operates 38 branch locations serving Long Island and the greater New York metropolitan area."  

I view the banking locations as complimentary on a geographic basis. 

10 Year Chart: 

As with most other regional bank stocks, the price topped out in  2018. The current price is below where the stock was trading in February 2009. 

Dividend: Quarterly at $.23 ($.92 annually)

Last Ex Dividend Date: 7/17/20 (owned as of)

Current Position this Account: 40+ shares

Average Cost Per Share: $18.78

Dividend Yield at $18.78 = 4.9%

Last Earnings Report (Q/E 6/30/20): Released after my purchases. 

BDGE reported second quarter net income of $10.7M or $.54 per share,  up from $.53 in the year ago quarter. The consensus estimate was for $.51. 

The loan provision of $4.5M "included approximately $3.5 million related to our estimate of the economic impact of the COVID-19 pandemic."

Adjusted Net Interest Margin: 3.06%

Adjusted Efficiency Ratio: 53.32%

NPA Ratio: .13%
NPL Ratio: .17%
Coverage Ratio: 561.39%
Loan to Deposit Ratio: 90.95%

Total Capital Ratio: 13.1%

Tangible Book Value Per Share: $19.93

Book Value Per Share: $25.47

“As the crisis unfolded our customers applied for forbearance on certain loans.  We granted payment moratoriums on approximately 500 loans totaling $630 million. At this time, approximately $400 million of these loans have reached the end of their three-month deferral period.  Of those loans, 54% have returned to making their agreed-on payments, 36% have requested an extension, and 10% are pending. Extensions are being granted on a case-by-case basis.”

Bridge Bancorp, Inc. Reports Second Quarter 2020 Results 

Dime Bancorp reported earnings on the same day. Dime Community Bancshares, Inc. Increases Quarterly Earnings Per Share By 46% and Grows Net Interest Margin By 14 Basis Points on a Linked Quarter Basis 

Some Buy Discussions: Item # 5 Added 50 BDGE at $20.76 (8/17/13 Post); Item # 4 Bought Back 50 BDGE at $19.65 (8/17/12 Post); Item # 1 Bought 50 BDGE at $18 (10/25/11 Post); Item # 4 Bought 50 BDGE at  $22.14 (2/14/11 Post); Item # 1 Bought 50 BDGE at $23.11 (1/20/11 Post) 

Some Sell Discussions: Item # 2.A. Sold 109+ BDGE at $35.53 (10/31/17 Post)(profit snapshot = $1,782.46); Item # 2.A. Sold 50 BDGE at $35.03 (4/23/17 Post)(profit snapshot $376.06); Item # 4 Pared BDGE Selling Highest Cost 56 Shares at $24.71 (10/10/13 Post)(profit snapshot = $200.65); Item # 3 Sold 50 BDGE at $23.01 (9/24/12 Post); Item # 3 Sold 50 BDGE at $23.5 (7/3/12 Post) 

BDGE Trading Profits to Date: $2,748.31


Purchase Restriction: Each subsequent purchase, other than through dividend reinvestment, must reduce my average cost per share. 

B. Started BOTZ-Bought 5 at $24.12: 

Quote Global X Robotics & Artificial Intelligence ETF Overview

Closing Price 7/31/20: BOTZ $25.32 -$0.34 -1.33% 

International stock holdings would have contributed to the decline last Friday. 

Sponsor's Website: Robotics & Artificial Intelligence ETF (The Global X Robotics & Artificial Intelligence ETF (BOTZ) seeks to invest in companies that potentially stand to benefit from increased adoption and utilization of robotics and artificial intelligence (AI), including those involved with industrial robotics and automation, non-industrial robots, and autonomous vehicles.")

Expense Ratio: .68%

Dividends: Semi-annually, and effectively meaningless

BOTZ Holdings as of 7/29: 

I already own a similar ETF in another taxable account. Item  # 3 Started IRBO-Bought 5 at $28.7 (7/18/20 Post); IRBO | iShares Robotics & Artificial Intelligence Multisector ETF Overview The expense ratio is lower than BOTZ at .47%. 

There is a substantial difference in weightings. 

Purchase Restriction: Each subsequent purchase has to be at the lowest price in the chain.  

C. Bought 10 WTBA at $17.1; 10 at $16.7; 10 at $16.2 (Vanguard Taxable Account): 

Quote: West Bancorp Inc. (WTBA)

Closing Price 7/31: WTBA $16.41 -$0.23 -1.38% 

"West Bancorporation, Inc. is headquartered in West Des Moines, Iowa. Serving customers since 1893, West Bank, a wholly-owned subsidiary of West Bancorporation, Inc., is a community bank that focuses on lending, deposit services, and trust services for consumers and small- to medium-sized businesses. West Bank has eight offices in the Des Moines, Iowa metropolitan area, one office in Coralville, Iowa, and four offices in Minnesota in the cities of Rochester, Owatonna, Mankato and St. Cloud."

WTBA SEC Filings

10 Year Chart: 

Stock Information 7/31/20: 

Investment Category: Regional Bank Basket Strategy

Last Purchase Discussion: Item # 1.B Restarted WTBA-Bought 10 at $15.8; 5 at $14.95 (5/23/20 Post) I discussed the first quarter earnings report in that post. This purchase was made in my Fidelity taxable account. 

Last Elimination: Item # 3.A. Sold 100 WTBA at $23.12-Used Commission Free Trade (4/29/17 Post)(profit snapshot: $1,146.24)-Bought 100 WTBA at $11.67 (6/29/13 Post)

Dividend: Quarterly at $.21 per share ($.84 annually)

From the 2nd Quarter Earnings Press Release: "For the past several years, the Company has increased the amount of the quarterly dividend during the second quarter of each year. Although the Company had strong earnings in the first and second quarters of 2020, due to the uncertainty facing the economy, the Board of Directors of the Company decided to maintain the dividend at the current level of $0.21 per share."

Last Ex Dividend: 5/5/20 (owned 15 shares as of)

Next Ex Dividend: 8/4/20

Last Earnings Report (Q/E 6/30/20): After reviewing this report, I decided to start a small ball purchase program in a second taxable account. The report was solid IMO. 

"second quarter 2020 net income was $8.0 million, or $0.48 per diluted common share, compared to second quarter 2019 net income of $6.7 million, or $0.41 per diluted common share. For the first six months of 2020, net income was $16.1 million, or $0.97 per diluted common share, compared to $13.6 million, or $0.83 per diluted common share, for the first six months of 2019."

Source: SEC Filed Press Release 

10-Q for the Q/E 6/30/20 at page 46 

West Bancorporation, Inc. (WTBA) CEO David Nelson on Q2 2020 Results - Earnings Call Transcript | Seeking Alpha  ("Currently, our watch list is very low, and it has actually declined from $51 million at the end of last quarter to $33 million on June 30. We had one past due loan at the end of June over 30 days, and that was in the amount of $15,000. . noninterest-bearing deposits in our accounts are about $200 million higher than they were a year ago.")

Purchase Restriction: In each account, any subsequent purchase, other than through dividend reinvestment, must reduce my average cost per share. 

Maximum Position All Accounts: 100 shares

Current Position 2 Accounts: 45 shares

D. Started CXP-Bought 10 at $13.42; 5 at $13.11; 5 at $12.8; 5 at $12.3; 5 at $11.8; 10 at $11.56: 

Quote Columbia Property Trust Inc - Equity REIT

Closing Price 7/31: CXP $11.96 +$0.22 +1.87% 

CXP SEC Filings

2019 Annual Report

This REIT owns office properties in San Francisco, New York, Washington, D.C. and Boston. 

Sourced: SEC Filing Supplemental Information 1st Quarter Earnings

SEC Filed Investor Presentation

Portfolio Overview | Columbia Property Trust

Investment Strategy: Equity REIT Common and Preferred Stock Basket Strategy

5 Year Chart:

Office REIT stocks have been hit hard due to demand concerns related to the pandemic. Office REIT stocks take a hit after Deutche Bank downgrades, price target cuts - MarketWatch

Stock Information as of 7/31/20: 

So this stock has some of the characteristics that are relevant to me when evaluating a new stock purchase. 

The price has been smashed which increases the dividend yield to over 6%. 

The price decline is understandable given this REIT's ownership of office buildings and the uncertainty created longer term about office space utilization. That explains the extreme caution in building a position.

The current price assumes a long term impairment to rent collections and property valuations resulting from  the current pandemic and the work-from-home trend. That remains to be determined. 

So far, this REIT is performing well, as reflected in its most recent earnings report discussed below. It does own trophy properties in major markets.       

Dividend: Quarterly at $.21 per share, raised from $.20 effective for the June 2020 payment 

Columbia Property Trust-Dividends

2019 Tax Classifications: 

Columbia Property Trust Announces Tax Treatment of 2019 Distributions  

Last Ex Dividend Date: 5/29/20 

Average Cost per share (40 Shares) = $12.5

Current Yield at Average Cost: 6.72%

Debt Information: 

Earnings Report (Q/E 6/30/20):

Columbia Property Trust FFO beats by $0.05, beats on revenue (NYSE:CXP) | Seeking Alpha

"Portfolio 97.2 percent leased, with total rent collections at 97.2% for the second quarter and deferral agreements executed on another 0.6%"

Normalized FFO and AFFO Calculations: 

AFFO is a better cash flow calculation since it excludes from normalized FFO "Maintenance Capital" expenditures.  

The company also has management income: 

2020 Guidance: 

Capital Expenditure Breakdown:

Other 2020 News: 

Columbia Property Trust Completes Sale of Office Park in Suburban Los Angeles 

Columbia Property Trust Completes Acquisition of Normandy Real Estate Management (1/27/20)("closed on its previously announced acquisition of Normandy Real Estate Management, LLC, a developer, operator and investment manager of office and mixed-use assets in New York, Boston, and Washington, D.C. Columbia acquired the operating platform and real property interests of Normandy for aggregate cash and stock consideration of approximately $100 million, exclusive of transaction and closing costs. This consideration consisted of $13.5 million in cash and approximately $86.5 million in convertible preferred units, issued at $26.50 per share.")

Columbia Property Trust Completes Sale of Westinghouse Campus in Suburban Pittsburgh (1/17/20)

Purchase Restriction: Each subsequent purchase, other than through dividend reinvestment, must reduce my average cost per share. 

Maximum Position this Account: 100 shares + shares purchased with dividends. 

E. Started TECB-Bought 5 at $29.76: 

Quote: iShares U.S. Tech Breakthrough Multisector ETF Overview

This is a new ETF launched last January.

Closing Price 7/31: TECB $30.67 +$0.25 +0.82% 

Sponsor's Website: iShares U.S. Tech Breakthrough Multisector ETF 


Expense Ratio: .4%

TOP 10 Holdings as of 7/29/20: 

Total Holdings: 157

Maximum Position this Account: 100 shares

Purchase Restriction: Each subsequent purchase must be at the lowest price in the chain. 

F. Started PLYM-Bought 10 at $12.85; 5 at $12.1; 5 at $11.8:

Quote: Plymouth Industrial REIT Inc. 

Closing Price 7/31: PLYM $13.27 -$0.03 -0.23% 

Investment Strategy: Equity REIT Common and Preferred Stock Basket Strategy 

PLYM "is a full service, vertically integrated, self-administered and self-managed organization. The Company focuses on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the U.S. As of March 31, 2020, the Company, through its subsidiaries, owns 96 industrial properties comprising 125 buildings with an aggregate of approximately 20 million square feet."

Company Website: Plymouth Industrial REIT - Boston

Portfolio - Plymouth Industrial REIT

PLYM SEC Filings 
2019 Annual Report 

Average Cost per share: $12.4

Dividend: $.20, cut from $.375 effective for the 2020 second quarter. 

I started to buy after the dividend slash. The reason given was the uncertainty created by the pandemic. 

Last Ex Dividend Date: 6/29/20

Dividend yield at Average Cost: 6.45%

Chart Since IPO: 

Stock Information as of 7/31/20: 

Last Earnings Report (Q/E 3/31/20): 

The next earnings report will be released before the market opens on 8/6/20. 

G. Added to JRI-Bought 10 at $11.8; 10 at 11.66: 

Quote: JRI | Nuveen Real Asset Income & Growth Fund Overview

Closing Price 7/31: JRI $12.20 -$0.07 -0.57% 

Sponsor's Website: JRI - Nuveen Real Asset Income and Growth Fund

Dividends: Monthly at the current rate of $.0965 per share ($1.16 rounded annually) The rate has fluctuated up and down over time.

Last Ex Dividend Date: 7/14/20 (all shares owned as of)

SEC Filings

Last SEC Filed Report: Nuveen Real Asset Income and Growth Fund (period ending 12/31/19)

Leverage Information (pages 47-48 in annual report):

Assuming the fund still borrows at a .65% spread to the 1 month Libor rate, the cost of its borrowings would have come down this year. 1-Month London Interbank Offered Rate (LIBOR)-St. Louis Fed That rate was at 1.76% on 12/31/20 and is currently range bound between .15% to .18%. The effective leverage was at 28.21% as of 6/30/20

Asset Allocation as of 6/30/20: 

Top 10 Holdings as of 6/30/20: 

Number of  Holdings as of 6/30/20: 435

% Foreign Securities as of 6/30/20: 41.65%

Through ownership of foreign securities, the fund will have exposure to foreign currencies:  

Data Date of 7/6/20 Trade: 
Closing Net Asset Value Per Share: $13.99 
Closing Market Price: $11.83 
Discount: -15.44 %

Data Date of  7/13/20 Trade: 
Closing Net Asset Value Per Share: $13.79 
Closing Market Price: $11.55 
Discount: -16.24%

Sourced: JRI- CEF Connect

Average Cost Per Share this Account: $11.99

Dividend Yield at Average Cost: 9.67% (assumes continuation of current monthly penny rate)  

Dividend Reinvestment: Yes, for as long as the likely reinvestment price will be at a 10%+ discount to net asset value per share. 

Last Substantive Buy Discussion: Item # 1.C. Added 5 JRI at $8.95; 10 at $8.09; 10 at $10.16; 10 at $10.66 (5/16/20 Post)

Prior Sell Discussions: Item # 1.K Eliminated JRI in Schwab Taxable Account-Sold 100 at $11.48  (6/6/20 Post)(profit snapshot = $69.35) 

Item # 2.A. Sold 102+ JRI at $17.98 (12/22/19 Post)(profit snapshot = $140.67); Item # 1.A. Sold 100 JRI at $17.51(10/30/19 Post )(profit snapshot = $100.41); Item # 4 Sold 100 JRI at $17.23 (10/2/19 Post)(profit snapshot = $40.45) 

JRI Realized Gains to Date: $350.88 

Highest Cost Lot: 10 shares bought at $16.04 (2/28/20), will be sold when and if I can do so at any profit before ROC adjustments to the tax cost basis.  

Purchase Restriction: Each subsequent purchase, other than through dividend reinvestment, must reduce my average cost per share.  

Goal: Total return in excess of the dividends paid before ROC adjustments to the tax cost basis.  

H. Eliminated JTD-Sold 25 at $13.09: 

Quote: Nuveen Tax-Advantaged Dividend Growth Fund Overview

Closing Price 7/31: JTD $13.06 -$0.07 -0.53% 

JTD SEC Filings

Nuveen Tax-Advantaged Dividend Growth Fund (last SEC filed shareholder report, period ending 12/31/2019) 

Sponsor's Website: Nuveen Tax-Advantaged Dividend Growth Fund | Closed-End Fund

Profit Snapshot: +$45.16

Item # 4.G. Started JTD-Bought 20 at $11.38; 10 at $11; 10 at $9.79 (4/4/20 Post) 

Data Date of 7/7/20 Trade: 
Closing Net Asset Value Per Share: $14.26
Closing Market Price: $13.03
Discount: -8.63%

Sourced: JTD- CEF Connect

Dividends: Quarterly at $.2945 per share; reduced from $.31

Last Ex Dividend: 6/12/20 (owned as of)

Number of Holdings: 161 as of 6/30/20

Top 10 Holdings as of 6/30/20:

I. Started as a Placeholder-Bought 1 KOMP at $38.8: 

Quote: SPDR S&P Kensho New Economies Composite ETF Overview 

Closing Price 7/31: KOMP $39.91 -$0.11 -0.27% 

Sponsor's Website: KOMP: SPDR® S&P Kensho New Economies Composite ETF This ETF tracks an index "designed to capture companies whose products and services are driving innovation and transforming the global economy through the use of existing and emerging technologies, and rapid developments in robotics, automation, artificial intelligence, connectedness and processing power "

Expense Ratio: .2%

Chart Since IPO: 

Holdings as of 7/29: 

Number of Holdings: 397

This ETF was mentioned in a Barron's article published on 7/31/20: Thematic ETFs Invest In the Hottest Trends. How Not To Get Burned. - Barron's With 397 holdings, KOMP is more diversified than most other thematic ETFs such as BOTZ discussed above in Item #1.B. 

J. Restarted RIOCF-Bought 10 at average cost of $10.94:

History in this Schwab Account: 

The last transaction was to sell 100 at $20.35 (12/2/16), which was mentioned in a 12/4/16 comment.  I previously sold the CAD priced shares at C$27.04. Item # 7 (7/19/14 Post)

Quotes: 

USD:  RIOCF (pink sheets; priced in USDs) 
CAD:  RioCan Real Estate Investment Trust (Canada: Toronto)

Closing Price 7/31: RIOCF $11.15 -$0.28 -2.46% 

I mentioned this purchase in a 7/11/20 comment.

Investment Strategy: Equity REIT Common and Preferred Stock Basket Strategy

Last Earnings Report (3/31/20):

K. Started ESML: Bought 5  at $24.8: 

Quote: iShares ESG MSCI USA Small-Cap ETF Overview 

I mentioned this purchase in a 7/10 comment.


Sponsor's Website: iShares ESG MSCI USA Small-Cap ETF 

Expense Ratio: .17%

Chart Since IPO: 

Some Top Holdings as of 7/30: 

Total Holdings: 1029

K. Restarted VEU-Bought 5 at $49.41: 

Quote: Vanguard FTSE All-World ex-US ETF Overview

Closing Price 7/31: VEU $49.48 -$0.83 -1.65% 

Sponsor's Website: VEU - Vanguard FTSE All-World ex-US ETF

Expense Ratio: .08%

Last Eliminations: Item # 2.C. Eliminated VEU-Sold 17+ at $52.52 (12/14/19 Post)(profit snapshot = $37.71)

Eliminated VEU at $50.39 (4/15/19 Post)(profit snapshot = $52.73); 

Other Eliminations: +$1,614.39, snapshots in Item # 2 

VEU Realized Gains to Date = $1,699.83

Stocks as of 6/30/20: 3,442

Some Top Holdings as of 6/30/20:

2. Equity Preferred Stocks: 

A. Bought 10 DCOMP at $20.68; 10 at $20.36; 5 at $20.26; 5 at $20.09; 70 at $20.09: 

Quote: DCOMP | Dime Community Bancshares 5.5% Non-Cumulative Preferred Series A Stock Overview 

Closing Price 7/31: DCOMP $20.20 -$0.13 -0.64% 

I discussed my initial purchase in a 7/7/20 comment.

Dividend : Quarterly at $0.34375 per share

Average Cost 100 Shares This Account = $20.18  

I own a fews shares in other accounts, including 1 ROTH IRA account. 

Yield at Average Cost: 6.81%

Last Ex Dividend: 5/5/20

Next Ex Dividend:  8/5/20

Dime Community Bancshares Declares Quarterly Cash Dividend for Series A Preferred Stock 

Security: Equity Preferred Stock

Prospectus 

Dividends: Quarterly, Qualified and Non-Cumulative

Par Value: $25

Optional Call: At issuer's option on or after 2/15/25

The issuer, Dime Community Bancshares, is being acquired by Bridge Bancorp (BDGE). When the merger is completed, this preferred stock will become a BDGE obligation as noted in Item 1.B above.  

BDGE Financial History 2008-2013: 

3. "Preferred" Stock ETFs:

I place a the word "preferred" in parenthesis since these ETFs own exchange traded bonds that pay interest in addition to equity preferred stocks that pay either qualified or non-qualified dividends. REIT equity preferred stocks are owned by these funds and will pay non-qualified dividends as pass through entities. The exchange traded bonds owned by these funds will consist of junior, senior unsecured and first mortgage baby bonds.

I discuss the reasons for selling these ETFs in a 7/24/20 comment.

A. Eliminated PGX-Sold 100 PGX at $14.51:

Quote: Invesco Preferred ETF Overview

Closing Price 7/31: PGX $14.72 +$0.04 +0.27% 

Profit Snapshot: = $61.46

Item # 1.K. Bought 100 PGX at $13.9 (7/20/20 Post)

Sponsor's Website: Invesco

Holdings | Invesco Preferred ETF

Stock Information as of 7/24/20:

Dividends: Monthly at a variable rate

Last Ex Dividend Date: 7/20/20 (owned as of)

Prior Eliminations: Item # 1.A Sold 50 PGX at $14.35 (3/3/19 Post); Item # 2  Sold 100 PGX at $13.65 (9/14/13 Post); Item # 5 Sold: 200 PGX at $14.38 (11/12/2010)(profit snapshot = $155.96)

The "preferred stock" ETFs have not been much of a total return vehicles with a long term holding period. Note that I sold 200 PGX shares, almost ten years ago, at $14.38 (11/20/2010)

These ETFs have responded badly during periods where common stocks have tanked even when interest rates were falling which was the case last March.

1 Year PGX Chart Through 7/24/20:

B. Eliminated PFXF-Sold 76+ at $18.95:

Quote: VanEck Vectors Preferred Securities ex Financials ETF

Closing Price 7/31: PFXF $19.13 -$0.02 -0.10% 

Profit Snapshot: +$133.40

The first two lots bought in the chain were sold at a loss. Item # 1.I. Restarted PFXF -Bought 10 at $19.38; 10 at $19.3; 10 at $18.8; 10 at $18.4 and 10 at $16.5 (3/14/20 Post)

Last Discussed: Stocks, Bonds & Politics: Item # 1.F. Added 10 PFXF at $15.9; 5 at $14.61; 5 at $13.7; 5 at $13 (5/2/2020 Post)

Prior Elimination: Item # 1.B. Eliminated PFXF-Sold 110  at $20.51 (1/29/20 Post)(profit snapshot = $52.05)

Sponsor's Website: VanEck Vectors Preferred Securities ex Financials ETF

Expense Ratio: .41% after a .05% waiver that expires on 9/1/20

Stock Information as of 7/24/20:

1 Year Chart as of 7/24/20:

Dividends: Monthly at a variable rate

Last Ex Dividend: 7/1/20 (owned as of)

I quit reinvesting the dividend in dividend after the payment made on 6/3/20. 

4. Exchange Traded Bonds: 

A. Added 10 TPVY at $23.67: 

Quote TriplePoint Venture Growth BDC Corp. 5.75% Senior Unsecured Notes due 2022 Overview

Closing Price 7/21: TPVY $24.18 +$0.04 +0.18% 

Investment Category: Exchange Traded Baby Bonds, part of Exchange Traded Bonds category. 

Last Discussed: Item # 4.B. Bought 10 TPVY at $24.62 and 10 at $24 (6/20/20 Post)

Position This Account: 30 Shares with an average cost of $24.1 and a current yield of 5.96%. The YTM will be higher due to the par value discount and short period until maturity. I would estimate that the YTM at $24.1 is about 7.26%, which assumes no issuer redemption prior to the maturity date, the payment of par value on 7/15/22 and payment of all remaining quarterly interest payments.  At the $23.67 purchase price, the YTM is about 8%. 

I also own 10 shares in another taxable account. Item # 4.C. Bought 5 TPVY at $21.95 (4/11/20 Post)

Security: Prospectus 
Issuer: TriplePoint Venture Growth BDC Corp. Overview
Interest: Quarterly / trades flat
Capital Structure: Senior Unsecured debt
Par Value: $25
Maturity Date: 7/15/22
Callable at Par Value at issuer's option now
Payment Dates: January 15, April 15, July 15 and October 15

Last Ex Interest Date: 6/30/20

Trades Flat 

I also own the common shares in several account, though I did recently eliminate the position in my Schwab taxable account which I will discuss in a subsequent post. 

The last purchases of the TPVG were discussed here: Item # 3.B.Added 5 TPVG at $11.1; 5 at $10.7; 5 at $8.2; 5 at $6.92; 2 at $5.61;  2 at $5.35; 2 at $4.45; 2 at $4; 2 at $3.5; 2 at $2.99 and 5 at $4.96 (4/11/20 Post) The price cratered during the March 2020 meltdown. 

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 sell 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 family members.