AHTPRI, BRGPRA, EBIX, FHB, FHN, FNB, FSMEX, FTS, NOMD, NTB, PBCT, RNRG, STWD, SWZ

Economy:  

'Significant' scarring will limit pent-up consumer demand: Stephen Roach

Biden stimulus will give a major boost to the global recovery, OECD says - MarketWatch referencing this OECD publication: OECD Economic Outlook

The stimulus money isn’t going to be spent, Bank of America says, so here are the investment moves to make - MarketWatch The headline does not properly reflect BAC's conclusion. Some stimulus money will immediately be spent but possibly close to 50% will be saved or used to pay down debt. I would note that paying down high interest credit card debt makes sense as a temporary measure. It is not like spending borrowed money will stop after those pay downs.  

Seasonally Adjusted CPI for February: Up .4%; Core Up .1%. 

Unadjusted 12 months: +1.7%; Core at 1.3%. 

Sourced: Consumer Price Index Summary

Inflation pressure is coming from commodity price increases. Core inflation, which excludes energy, remains subdued. This report relieved some concerns about the FED ending ZIRP later this year. 

New Stimulus Package Brings Big Benefits to the Middle Class - The New York Times The Tax Policy Center concluded that "middle-income families, those making $51,000 to $91,000 per year, will see their after-tax income rise by 5.5 percent". T21-0039 – Major Individual Income Tax Provisions in H.R.1319, The American Rescue Plan Act of 2021 as Passed by the Senate, by Expanded Cash Income Percentile, 2021 | Tax Policy Center Every republican, as expected, voted against this measure. Instead, the republican senators introduced a bill to eliminate the estate tax paid by only the super wealthy. Republicans Mock Rescue Plan While Pushing A Tax Cut For The Richest  

Biden signs $1.9 trillion relief bill

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Markets and Market Commentary: 

Investors haven't grasped inflation is dead ahead, Mark Zandi warns

Discovery, AMC Networks heavily shorted, huge 2021 gainers

Nasdaq rebound will unravel, Wharton's Jeremy Siegel warns

Inflation rebound means ’40-year bull market in bonds is over,’ says Bofa - MarketWatch The last long term bear market in bonds started around 1950 and ended in 1982. 

This article published yesterday makes the same valuation argument that I have been making in comments. Big Pharma Battled the Pandemic. The Stocks Are Cheap. | Barron's Of the large cap drug stocks mentioned therein, I currently own ABBV, AMGN, BMY,  MRK and PFE. 

Earnings Reports from owned stocks: 

BlackRock TCP Capital Corp. (TCPC) Announces 2020 Financial Results Including Fourth Quarter Net Investment Income of $0.35 Per Share; Declares First Quarter Dividend of $0.30 Per Share; 35 Consecutive Quarters of Dividend Coverage 

CubeSmart (CUBE) Reports 2020 Annual Results (FFO per share = $.47; same-store at quarter's end was at 93.4%; raised quarterly dividend by 1 cent per share to $.34 effective for the 2021 first quarter; sold during quarter $450M of 2% SU notes maturing in 2031 with proceeds used to redeem $250M in 4.8% SU notes maturing in 2022. In addition to a position in the common stock, I also own 2 CUBE 4% SU notes maturing in 2025 bought at less than par value)

Fidus Investment Corporation (FDUS) Announces Fourth Quarter and Full Year 2020 Financial Results (NII per share reported at $.25; adjusted to $.44 per share by ignoring accrued capital gains incentive fee of $.19; net asset value per share at $16.81; "estimated spillover income (or taxable income in excess of distributions) as of December 31, 2020 of $22.0 million, or $0.90 per share"

New Mountain Finance Corporation (NMFC) Announces Financial Results for the Quarter and Year Ended December 31, 2020 (NII per share =$.30; NAV per share = $12.62, up from $12.24 as of 9/30/20; Board declared regular quarterly dividend of $.30 per share)

Pembina Pipeline (PBA) Corporation Reports Results for the Fourth Quarter and Full Year 2020 (adjusted cash flow per share = $C1.10, dividends paid during quarter = C$.63; 4th quarter revenue = C$1.694B)  

Physicians Realty Trust (DOC) Reports Fourth Quarter 2020 Financial Results (4th quarter normalized FFO per share = $.26; "collected 99.3% of January rent, including 100% collection of amounts due under a deferred agreement"; "collected 99.6% of fourth quarter rent as of February 22, 2021")

Rent-A-Center, Inc. (RCII) Reports Fourth Quarter 2020 Results (Non-GAAP E.P.S. at $1.03, up from $.58 in the 2019 4th quarter; consensus at $1.017 according to Fidelity; 2021 guidance non-GAAP E.P.S. of $5 to $5.55)

Salesforce (CRM) Announces Strong Fourth Quarter and Full Year Fiscal 2021 Results Raises FY22 Revenue Guidance to $25.65 Billion to $25.75 Billion (GAAP diluted E.P.S. at $.28 and at $4.38 for the F/Y ending 1/31/21 both benefiting significantly from mark to market accounting for strategic investments; "fourth quarter revenue was $5.82 billion, an increase of 20% year-over-year, and 19% in constant currency"; "Cash generated from operations for the fourth quarter was $2.17 billion, an increase of 33% year-over-year. Total cash, cash equivalents and marketable securities ended the fourth quarter at $11.97 billion. Cash generated from operations for fiscal 2021 was $4.8 billion, an increase of 11% year-over-year."; guides F/Y 2022 to non-GAAP operating margin  of 17.7%, GAAP E.P.S. loss of $.42 to $.44, Non-GAAP E.P.S. of $3.39 to 3.41 and revenues of $25.65B to $25.75B) 

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DropBox CEO on DocSend acquisition and future of cloud storage for $165M; Dropbox to Acquire DocSend 

Closing Price 3/12/21: DBX $27.06 +$1.61 +6.33% 

++++

GOP praises Trump after he urges Republican donors to send money directly to him Donald's PAC has few restrictions on how he can use those funds. Never Give a Sucker an Even Break (1941) - IMDb

Trump's acting Defense Secretary says his January 6 speech incited Capitol rioters 

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1. Small Ball: 

Baseball analogy-Small ball (baseball)-Wikipedia (bunt, walk, hit by pitch, singles, stealing bases, etc.) 

Small Ball Rules:

(1) Each purchase has to be at the lowest price in the chain; or has to lower my average cost per share; 

(2) Purchases are made in small lots, using commission free trades;

(3) On price pops, I will consider selling my highest cost shares at a profit, no matter how small;

(4) Some positions will be eliminated altogether on price pops when the goal is achieved: 

The overreaching goal is to reduce risk through a controlled and disciplined trading strategy that realizes gains particularly through selling the highest cost lots that reduce my average cost per share which increases my dividend yield.  

Risks are controlled by a variety of techniques including the limitations on dollar exposures to each stock and on each purchase. 

The strategy is primarily one for bear markets that will be characterized by strong cyclical rallies and declines. 

I am using this strategy now since it is the only way that I will participate in the stock market. 

I do not need to take any risks and view equity risks as elevated at current market levels. I am receiving, as is, enough upside action with my limited stock exposure. More excitement may generate a heart attack. 

I have decided to continue with a small stock allocation since there are no decent alternatives given the abnormally low interest rates.    

The reasons for selling the highest cost lots first are (1) to reduce my income tax obligation resulting from a sell; (2) to generate a total return in excess of the dividend payments; (3) to increase my dividend yield on the remaining shares; (4) to take advantage of normal up and down volatility by selling the highest cost lots profitably and then by buying when the price falls below the lowest price paid in the chain; (5) to make it more likely that I will buy during a meltdown after selling higher cost shares (psychological); and (6) to mitigate risk through less at risk monetary exposure.

When successfully implemented, this trading system will leave me (1) with the largest gain to be realized, if at all, as the last trade and (2) the highest dividend yield since the onset of the relevant stock's "buy program". 

Examples are provided below involving the regional bank stocks FHB, FHN and FNB. I have now successfully sold the shares bought before last March's meltdown. 

A. Pared Highest Cost FHN Lots-Sold 50 at $16.3; 5 at $16.87: 

Quote: First Horizon National Corp. (FHN)
FHN Analyst Estimates | MarketWatch

SEC Filings 

2020 Annual Report

Investment Category: Regional Bank Basket Strategy

Average cost before pare = $12.62

Average cost after pare = $9.32 (53+ shares)

Snapshot Intraday 3/2/21 after second pare

Profit Snapshot: +$26.93 (2/19 and 3/2 only)

Dividend: Quarterly at $.15 per share, last raised from $.14 effective for the 2019 first quarter.

FHN Dividend History | Nasdaq

Yield at $9.32 = 6.44%

Last Ex Dividend Date: 3/11/21  (after pares)

Remaining Share Lot Details: Unrealized gain = $448.61  

Dividend investment has now been turned off. 

Last Discussed: Item # 3.H. Added 5 FHN at $8.56; 5 at $7.7; 1 at $7.41 (4/11/20 Post); Item # 2.B. Bought 5 FHN at $14.77; 10 at $13.70; 5 at $12.73; 5 at $11.46; 5 at $10.8; 5 at $10.3 and 5 at  $9.12 (3/14/20 Post)

Last Earnings Report (Q/E 12/31/20): SEC Filed Press Release 

"fourth quarter 2020 net income available to common shareholders ("NIAC") of $234 million, or earnings per share of $0.42, compared with third quarter 2020 NIAC of $523 million, or earnings per share of $0.95. Fourth quarter 2020 results were reduced by a net $20 million after-tax, or $0.04 per share, of notable items largely related to the IBERIABANK Corporation Merger ("IBKC Merger") compared with a net $331 million after-tax benefit, or $0.60 per share, in third quarter 2020. Excluding notable items, adjusted fourth quarter NIAC totaled $255 million, or $0.46 per share, compared with $193 million, or $0.35 per share in third quarter 2020."

I also own 20+ FHN shares in my Schwab taxable account with an AC  of $9.49: 

As of 3/5/21 Closing Price

B. Continued Paring FHB in Fidelity Account-Sold 5 at $28.61: 

This was my highest cost lot other than a few shares bought with dividends.  

Quote: First Hawaiian Inc. (FHB) 

SEC Filings 

2020 Annual Report 

FHB Analyst Estimates | MarketWatch

Investment Category: Regional Bank Basket Strategy

Closing Price 3/12/21: FHB $30.25 +$0.64 +2.16% 

Average Cost per share before Pare: $20.49

Average cost after pare = $19.94

Snapshot Intraday on 2/22/21 after pare

Profit Snapshot = +$4.55 (2/22 sell only) 

Dividend: Quarterly at $.26 per share ($1.04 annually); last raised from $.24 effective for the 2019 first quarter payment. As I recall, the dividend raise in 2019 was justified based on a lower corporate tax rate.  

Yield at $19.94 = 5.22% 

Last Ex Dividend: 2/19/21 (sold after)

Unrealized gain at $678.18 as of 3/12 (multiple small lots)

Dividend reinvestment has been turned off.  

Will likely eliminate shares bought with dividends at over $30.5 (8+ shares plus highest cost 10 shares at over $31 with a $26.95 cost basis)

The general idea will be to continue selling into the current rally until I am down to these 33 shares: 

5 Year Chart as of 3/11/20: Meltdown during March 2020

Last Earnings Report (Q/E 12/31/20): SEC Filed Press Release 

C. Pared FHB in Schwab Taxable Account-Sold 55 at $28.62 and 6 at $29.9: 

See Item # 1.B. above. 

I sold the highest cost lots. 

The 6 share sell consisted of my highest cost lots bought with dividends. Prior to that transaction, the price range for shares bought with dividends was between $16.21 to $28.58. 

For most stocks, I will periodically eliminate shares purchased with dividends when I can do so profitably. 

I do not care about the compounding effect over a long period of time given my age. 

The goal for dividend reinvestment is to earn a total return on shares purchased with dividends greater than the amount of the dividends paid-- with some compounding effect. 

Profit Snapshots: $54.91 and $20.42

Average Cost Per Share before Pares: $23.82 (114+ shares)

Average Cost per share after pares: $19.59  (53+ shares)

Sold after last ex dividend date. Turned off reinvestment due to price. 

Lot Details Remaining Shares this account: 

Unrealized gains as of 3/12/21: $570.02

Yield at AC :  5.31%

FHB Trading Profits: +$239.19 This one has been tough, requiring multiple average down buys and willingness to keep it up as the price plummeted last year. 

D. Eliminated EBIX-Sold 4 + at $30: 

Quote: Ebix, Inc.

Closing Price 3/12/21: EBIX $33.17  +$2.24  +7.24% 

Investment category: Lottery Ticket Basket

EBIX SEC Filings

EBIX Historical Stock Prices

Website: Ebix

EBIX Historical Stock Prices

Profit Snapshot: +$40.05 (2/22/21 sell only): 

The fractional share was purchased with a quarterly dividend payment. 

Buy Discussion: Item # 2.N. Started EBIX-Bought 8 at an AC of $20.72 and Sold  3 at $28.05 (11/13/20 Post) 

Other Sell Discussion: Item # 1.M. Sold 1 EBIX at $53 (1/20/21 Post) 

EBIX suffered a 40% drop on 2/22/21 after the auditor resigned due to  significant disagreements including criticisms of controls in place. The auditor also complained that management would not provide relevant documents. SEC Filing 

EBIX Profits to Date: $91.28 (8+ shares)

I am avoiding this stock until the dust settles. At a minimum, management deserves a failing grade in dealing with this issue before it blew up which indicates a lack of good judgment and common sense.  

E. Pared FNB in Vanguard Taxable Account-Sold 115 at $12.17 (highest cost lots): 

Quote: F.N.B. Corp. 

Closing Price 3/12/21: FNB $13.43 +$0.36 +2.75% 

FNB, headquartered in Pittsburgh, has approximately "350 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia."

FNB SEC Filings 

FNB 2020 Annual Report

FNB Analyst Estimates | MarketWatch (as of 3/10/21, the consensus 2021 E.P.S. was at $.96 and at $.97 for 2022, which is not what an owner wants to see)   

History this Account: 

Investment Category: Regional Bank Basket Strategy

FNB | F.N.B. Corp. Analyst Estimates | MarketWatch

SEC Filings

Profit Snapshot: +$68.69 

Last Buy Discussions: Item # 1.C. Added to FNB-Bought 3 at $7; 5 at $6.47; 10 at $6.81 (6/20/20 Post); Item # 4.B. Added 5 FNB at 8.8; 5 at $8.43; 5 at $7.62; 5 at $6.6 (4/30/20 Post) 

New Average Cost Per Share this account: $7.64 (67+ shares)

Dividend: Quarterly at $.12 per share 

Dividend History: Extremely Negative. FNB slashed the quarterly rate from $.24 to the current $.12 effective for the 2009 first quarter and has not raised the penny rate since that slash. FNB Dividend History-Dividend Channel

Yield at AC = 6.28%

I do not expect anytime soon a dividend increase. The payout ratio is hovering close to 55%. F N B Corp (FNB) Dividends-Morningstar

Last Ex Dividend: 3/4/21

5 Year Historical: 

2020 Annual Report at page 40 

5 Year Chart as of 3/11/21: 

Last Earnings Report (Q/E 12/31/20): 

SEC Filed Press Release Uninspiring. 

2020 4th Quarter: 

Net Income = $70.2M

E.P.S. = $.22

Non-GAAP E.P.S. = $.28

Efficiency Ratio = 56.52%

NIM = 2.87%  

Tangible Book Value Per Share = $7.81

"loan-to-deposit ratio was 87.4% at December 31, 2020, compared to 89.1% at September 30, 2020."

Some Sell Discussions: 

Item # 2.C Sold 31 FNB at $12.17 and Item # 2.D Sold 100 FNB at $12.17 (11/2/19 Post); Item # 5.A Sold 20 FNB at $11.42 (9/28/19 Post); Item # 3.A. Sold 30 FNB at $11.95-Used Fidelity Commission Free Trade (5/18/19 Post); Item # 1.A. Sold 50 FNB at $13.65-Used Commission Free Trade (9/5/18 Post); Item # 1.D. Sold 50 FNB at $13.9-Used Commission Free Trade (6/18/18 Post); Item 2.A. Sold 60 FNB at $14.59  (3/5/2018);Item # 4.A. Sold 100 FNB at $13.94-Satellite Taxable Account (10/23/17 Post)

I do not view FNB to be a quality bank or managed for the benefit of shareholders. 

The acquisition strategy has not resulted in any meaningful benefit to shareholders IMO. 

Sure, net income increased thereby but so did the share count with the end result being no significant improvement in net income per share. 

In 2011, diluted E.P.S. was reported at $.70 per share and at $.85 in 2020, a 21.4% increase over a ten year period with no increase in the dividend.  

Instead, recognizing the bank's many shortcomings, I approach the stock as a trading vehicle. 

My last foray into the stock started at price levels now regarded as too high. 

By successfully selling the highest cost lots, I have reduced my average cost per share to an acceptable level for a longer term hold.  

F. Pared FNB in Schwab Taxable Account-Sold 100 at $12.95-highest cost lots: 

See Item I.E. above. 

Investment Category: Regional Bank Basket Strategy

Profit Snapshot: $55.18

Average Cost per Share before pare = $10.44

After Cost per share after pare:  $8.63 (108+ shares)

As of Close on 3/12/21

Remaining Lot Details-Snapshots after close on 3/12/21:

Unrealized Gain as of 3/12/21: +$519.07

Yield at New AC = 5.56%

FNB Trading Profits to Date:  $1,478.52

I have turned off reinvestment due to valuation and FNB's pathetic dividend history. 

G. Pared PBCT in Schwab Taxable Account-Sold 30 at $17.77: 

Quote: People's United Financial Inc (PBCT)

Closing Price 3/12/21: PBCT $18.45 +$0.16  +0.87% 

Investment Category: Regional Bank Basket Strategy

PBCT SEC Filings

I sold my highest cost lots. 

Profit Snapshot: +$59.99

Average Cost Per Share before Pare = $13.01

Average Cost after Pare = $11.70 (62+ shares)

Remaining Lot Details: 

Unrealized Gains as of 3/12/21 : $424.31

Dividend: Quarterly at $.18 per share ($.72 annually)

Turned off dividend reinvestment as of 2/22/21 

Last Ex Dividend : 1/29/21 (sold after)

Yield at $11.7 = 6.15%

This pare was in response to M&T Bank Corp. (MBT) agreeing to acquire PBCT. M&T Bank Corporation Announces Agreement to Acquire People's United Financial, Inc. ("Under the terms of the agreement, People's United shareholders will receive 0.118 of a share of M&T common stock for each People's United share they own.")

I discussed this merger in comments to my last post including this one. 

On the day of the announcement (2/22/21), MTB closed at $155.27, up $5.3 or 3.53%. PBCT rose 14.92% that day. 

Recent Buy Discussions: Item # 1.H. Multiple Small Ball PBCT Purchases (Fidelity Account with an Average Cost Per share of $10.42 and 1.I. Started PBCT in Vanguard Taxable-Multiple Buys with an Average Cost per share of $10.56  (10/24/20 Post); Item # 1.K. Added to PBCT-Bought 10 at $11.27; 10 at $10.87 (5/23/20 Post); Item # 1.B. Added to PBCT-Bought 3 at $10.58; 5 at $10.41 (9/5/20 Post) Item # 2.C. Added to PBCT - Bought 5 at $12; 5 at $10.72; 5 at $9.72  (4/25/20 Post)

H. Pared PBCT Vanguard-Sold 7 at $18.52 :

See Item I.G. Above: 

Profit Snapshot: +$56.5

PBCT realized gains to Date:  $677.67

PBCT Average Cost per share for Remaining Shares-Taxable Accounts: 

Fidelity at $10.4 (20+ shares)

Vanguard at $10.58 (20 shares)

Schwab at $11.7 (62+ shares) 

My current inclination is to sell the remaining shares when and if the price exceeds $19, or slightly lower after a 1+ year holding period to quality for a long term capital gain,  and then wait for a better price to buy MBT.  

I. Added to NOMD-Bought 2 at $25.4; 3 at $24.5; 2 at $23.7; 3 at $23.4; 

Quote: Nomad Foods Ltd. (NOMD)

Closing Price 3/12/21: NOMD $25.75 -$0.27 -1.04% 

NOMD Analyst Estimates | MarketWatch

Website: Home | Nomad Foods

NOMD SEC Filings

Last Discussed: Item # 1.A. Started NOMD-Bought 5 at $25.85 (2/20/21 Post) 

Last Earnings Report (Q/E 12/30/20): Nomad Foods Reports Fourth Quarter and Full Year 2020 Financial Results 

Adjusted E.P.S. = €.38, up 19% Y-O-Y

Reported E.P.S. = €.32, up 39%  Y-O-Y

Revenues: €658M, up 4.7% Y-O-Y

Organic Revenue Growth: +9.5% Y-O-Y

UBS responded to this report by raising its PT to $30 from $29 and maintaining its buy rating. I do not have access to that report. 

J. Started RNRG-Bought 5 at $16.65; 5 at $16.3; 5 at $15.2; 5 at $14.9 : 

This ETF is in a dive mode given its ownership of several high flyers that are undergoing multiple compression. 

Quote: Global X Renewable Energy Producers ETF Overview 

Closing Price 3/12/21: RNRG $16.05 -$0.12 -0.75% 

Sponsor's website: Renewable Energy Producers ETF

Expense Ratio: .65%

Top Holdings as of 3/10/21: 

Renewable Energy's Slide May Be a Buying Opportunity | Barron's Most of the stocks owned by clean energy ETFs are overpriced and overhyped IMO. I view RNRG as a trade, buying the dips and paring during the hoped for rips which have not materialized yet.  

My largest individual stock holding in this sector is Transalta Renewables. Item # 2. Bought 100 TRSWF at US$9.89 (6/27/20 Post)(USD priced ordinary shares traded on the U.S. Grey Market); Item # 1 Bought Back 100 RNW:CA at C$11.08 (4/11/20 Post)(ordinary shares traded in Toronto) I still own those shares. Dividends are paid monthly. 

I view vertically integrated electric utilities moving toward more clean power generation as less volatile and those stocks have dividend support. 

K. Added to FTS-Bought 5 at $39.25; 5 at $38.71: 

Quote: Fortis Inc.-USD price shares

Closing Price 3/12/21: FTS $42.05 +$0.49 +1.18% 

Last Discussed: Item # 3.A. Started FTS-Bought 5 at $40.25 (1/30/21 Post) 

Average Cost Per Share = $39.4

Dividend: Quarterly at C$.505, last raised from C$.4775 effective for the 2020 4th quarter payment. 

2020 Dividends Converted into USDs = $1.45

I also own FTS in Roth IRA accounts where the dividend payments are not subject to the 15% Canadian withholding tax. That restriction is the result of the U.S.-Canada tax treaty. FTS is a regular corporation taxed by Canada at the corporate level. 

For payments made by pass through Canadian entities  (e.g. REITs) into a U.S. citizen's retirement account, however, Canada will tax the distribution. 

Yield at AC = 3.68% based on assumptions  (assumes 2020 USD equivalent payment remaining static at $1.45; actual yield will fluctuate with the CAD/USD conversion rate and increases in the CAD penny rate)

Last Ex Dividend: 2/12/21

Fortis Inc. Announces First Quarter Dividends 

Next Ex Dividend: 5/14/21 

Last Earnings Report (Q/E 12/31/20): SEC Filed Press Release 

Results reported in CADs: 

Outlook: 

I also own 150 shares of FTS-PM.TO: Item # 2.B. Bought 50 FTSPRM at C$12.4 (5/23/20 Post); Item # 3.A. Bought 50 FTSPRM at C$16.28 (3/14/20 Post); Item # 2. A. Bought 50 FTSPRM at C$17.55 (11/23/19 Post)

L. Started FSMEX-Bought $300 in 3 $100 Orders: 

Quote: FSMEX | Fidelity Select Medical Technology and Devices Portfolio Overview 

This mutual fund has been running with the growth stocks. 

AC = $75.21

Expense Ratio: .71% 

Fidelity® Select Medical Tech and Devices (FSMEX)-Morningstar: Rated 5 stars. 

FSMEX Portfolio | Morningstar Of the top 10 holdings, I own only HOLX and have only recently started a small ball "buying program" in that one. 

A ETF for this sector is the iShares US Medical Devices ETF (IHI), currently rated 5 stars by Morningstar. Through 3/12/21, IHI's ten year average annual total return was 18.34% compared to 18.47% for FSMEX. Over the past 5 years, FSMEX has an annual average total return of 23% compared to IHI at 22.34%. I am more likely to hold a mutual fund longer than an ETF. The mutual fund manager is not really adding much value compared to the dumb ETF. I do own IHI, but have not discussed that one here.    

My usual caveat that the past may not be prologue for the future holds. This  sector has been hot but has cooled off this year. 

M. Pared NTB-Sold 1 at $36.3: 

Quote: Bank of Butterfield Ltd.

NTB | Bank of Butterfield Ltd. Analyst Estimates

Website: Butterfield Group

Investment Category: Regional Bank Basket Strategy

Closing Price 3/12/21: NTB $40.50 +$1.39  +3.55% 

Profit Snapshot: +$10.5 (2/25/ sell only)

Average Cost After Pare: $24.37 (18+ shares)

Snapshot Intraday 2/25 after pare

Dividend: Quarterly at $.44 per share $1.76 annually)

Yield at New AC = 7.22%

Last Substantive Buy Discussion: Item # 1.F. Started NTB-Bought 1 at $27.23; 9 at $26.9; 2 at $26.38; 1 at $25.79; 2 at $25.54; 5 at $25.2; 2 at $24.9; 2 at $24.7 (9/12/2020 Post)

Other Buy Discussion: Item # 1.F. Added to NTB-Bought 2 at $23.15; 1 at $22; 1 at $21.9; 1 at $21.6 (10/10/20 Post)

Last Earnings Report (Q/E 12/31/20): Bank of Butterfield (NTB) Reports Fourth Quarter and Full Year 2020 Results

E.P.S. of $.84 with core E.P.S. at $.86; consensus at $.73 according to Fidelity 

Board approves stock buyback of up to 2 million shares;

2020 core E.P.S. at $3.04; 

4th quarter: ROE at 16.9%, ROTE = 19%(excellent);

core efficiency = 65.6% (too high IMO);

NIM = 2.25% (too low IMO);

NPA Ratio = .6% (Okay);

Coverage Ratio = 47% (prefer 100%+ when initiating position);

Total capital ratio = 19.8% (good);

Tangible book value per share = $19.88

N. Pared STWD in Fidelity Taxable Account-Sold 7 at $23.74:

Quote: Starwood Property Trust Inc.  (STWD)

Closing Price 3/12/21: STWD $24.39 +$0.43 +1.79% 

SEC Filings

I discussed STWD in my last post. Items 2.C., 2.D. and 2.E (3/6/21 Post) 

This transaction cleared out my highest cost lots bought with dividends. 

Profit Snapshot =  (net at +$14.56, 3/8/21 sell only)

I am not supposed to sell shares bought with dividends at a loss. I had a brain malfunction in selecting two lots, noted in red above that resulted in a $.87 loss. 

AC Before Pare = $16.46

AC After Pare: $15.56 (40+ shares)

Snapshot Intraday 3/8/21 after pare

Dividend: Quarterly at $.48 per share ($1.92 annually)

Starwood Property Trust Announces $0.48 Per Share Dividend for First Quarter 2021

Yield at New AC = 12.34%

Next Ex Dividend: 3/30/21

O. Averaged UP SWZ-Bought 3 at $8.83: 

Quote: Swiss Helvetia Fund Inc. Overview - a CEF

New Average Cost Per Share = $7.64 (110+ shares)

Snapshot Intraday 3/11/21 after add

Yield at AC = 7.33% (assumes managed quarterly distribution of $.14 per share)  

Last Discussed: Item # 2 Bought 100 SWZ at $7.92.(7/18/20 Post) 

Sponsor's Website: SWZ Fund - Schroders

SEC Filings 

SEC Filed 2020 Annual Report 

"On November 20, 2018, the Fund accepted for cash purchase 24,638,918 shares of the Fund’s common stock at a price equal to $7.86 per share, which represented 98% of the Fund’s NAV per share of $8.02 as of the close of the regular trading session of the New York Stock Exchange on November 19, 2018."

Dividends: Quarterly under a managed distribution plan. The fund paid an unusually large share dividend in 2018. The Swiss Helvetia Fund, Inc. Announces Details Of Stock Dividend Payable On October 19, 2018

Top Ten Holdings as of 2/28/21: 

Data Date of 3/11 Trade:

Closing Net Asset Value Per Share: $10.25

Closing Market Price: $8.88

Discount: -13.37%

Sourced: SWZ CEF Connect 

Discount to NAV per share using AC = -25.46%

2. REIT Equity Preferred Stocks:  

Investment Category: Advantages and Disadvantages of Equity REIT Cumulative Equity Preferred Stock, a subcategory of  Equity REIT Common and Preferred Stock Basket Strategy

A. Eliminated the Troublesome AHTPRI-Sold 50 at $20.95: 

Profit Snapshot: +$22.62

Quote: AHT-PI 

Issuer: Ashford Hospitality Trust Inc (AHT) 

AHT SEC Filings 

SEC Filed 2020 4th Quarter Results 

I was concerned last year that AHT would collapse, making this preferred stock worthless.  

The hotel REIT Hersha Hospitality recently announced that it would pay the quarterly preferred stock dividend that had been in deferral. Hersha Hospitality Trust Provides Operational Update ("The Company announced its Board of Trustees has declared cash dividends on the Company's Series C, Series D and Series E cumulative redeemable preferred stock reflecting accrued and unpaid dividends for the dividend periods ended April 15, 2020, July 15, 2020, October 15, 2020 and January 15, 2021. The Company will pay a cash dividend of $1.7188 per Series C Preferred Share, $1.625 per Series D Preferred Share, and $1.625 per Series E Preferred Share. These preferred share dividends are payable March 26, 2021 to holders of record as of March 19, 2021.")

B. BRGPRA- Issuer Full Call at $25 par value: 

8.25% coupon

Issuer: Bluerock Residential Growth REIT Inc. 

I lost more shares last year to 2 partial redemptions. 

Profit Snapshots: $262.48 (40 Shares)

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.