ACWV, AIRR, BXMX, CMCSA, EBGEF, ENBPRP:CA, GLD, IFRA, MAC, SJI, MTB, SCHC,

Economy: 

Housing Market Reaches Record-High Home Price and Gains in March

How the Biden capital gains tax proposal would hit the wealthy

Scientist who helped develop Pfizer-BioNTech Covid vaccine agrees third shot is needed as immunity wanes

Global Covid Cases Hit Weekly Record Despite Vaccinations - Bloomberg (4/18/21)

New Covid variant shows signs of antibody resistance, more severe illness in young people

Biden economy and stock market have defied Trump predictions of doom - The Washington Post

+++

Markets and Market Commentary: 

S & P 500 P/E Ratios as of 4/23/21: 

TTM GAAP: 42.7

Estimated Forward 12 month Non-GAAP: 23.61

Dividend yield: 1.39%

Sourced: P/E & Yields

S&P 500 Trailing P/E Ratios-Yardeni Calculations (Figure 2 shows trailing S & P 500 P/E ratios using GAAP earnings since 1978; the service used by the WSJ is Birinyi and he arrives at higher P/E numbers than Yardeni)

Shiller PE Ratio = 37.56

Shiller PE Ratio - 150 Year Chart | Longtermtrends

Market Cap to GDP-The Buffett Indicator-Updated Historical Chart | Longtermtrends

The Q Ratio and Market Valuation: March Update - dshort - Advisor Perspectives

Regression to Trend: Another Look at Long-Term Market Performance - dshort - Advisor Perspectives

Priced in? Stocks that top estimates are falling during this earnings season (4/21/21)

Earnings Owned Stocks: 

AT&T (T) Reports First-Quarter Results (E.P.S. at $1.04; adjusted E.P.S = $.86 with consensus at $.778 according to Fidelity; revenues = $43.9B; free cash flow at $5.9B; HBO and HBO MAX 2.7M subscriber adds; total net adds in wireless = 3.6M; 2021 adjusted E.P.S. guidance stable with 2020 with free cash flow in the $26B range)

BCB Bancorp, Inc. (BCBP) Earns $7.1 Million in First Quarter 2021; Declares Quarterly Cash Dividend of $0.14 Per Share (E.P.S. at $.40 vs. consensus at $.353 per Fidelity)

Brandywine Realty Trust (BDN) Announces First Quarter Results And Narrows 2021 Guidance (FFO = $60.2M or $.35 per share: "98.9% of total cash-based rent due has been received from our tenants during the first quarter 2021, which represents a 99.1% collection rate from our office tenants"; FFO guidance for 2021: $1.33 to $1.41)

Citizens and Northern (CZNC)(Sourced from multiple SEC Filings Exhibits 99.1; 99.2 and 99.3)(E.P.S. at $.55 with consensus at $.45; NPA ratio at 1.07%;NIM= 4% juiced by accretion and amortization of purchase accounting adjustments; Efficiency ratio = 57.59%; total risk based capital ratio = 18.15: tangible book value per share = $15.24) 

Ericsson (ERIC) reports first quarter results 2021 (Net income of SEK3.2B; net sales = SEK49.8B; Diluted E.P.S. at SEK.96; sales adjusted for comparable units and currency grew by 10% YoY; "gross margin excluding restructuring charges improved to 42.9% (40.4%) with margin improvements in all segments despite lower IPR licensing revenues. Reported gross margin improved to 42.8% (39.8%); EBIT "excluding restructuring charges improved to SEK 5.3 b. (10.7%) from SEK 4.6 b. (9.3%) YoY driven by Networks"; consensus EBIT was SEK5B; USD E.P.S. consensus at $.138 according to Fidelity; SEK = Swedish Krona,  SEK / USD Currency Chart. Swedish Krona to US Dollar Rates; response on 4/21: ERIC US$14.34 +$0.80  +5.91%) 

Fifth Third (FITB) Announces First Quarter 2021 Results (Diluted E.P.S. = $.93, consensus at $.689 according to Fidelity; Net Income = $674M; Efficiency Ratio = 63%; NIM = 2.62%, down from 3.8% in 2020 1st Q; ROA = 1.38%; ROE = 13.1%; ROTE =16.8%; Charge Off Ratio = .27%; NPA Ratio= .72%; tangible book value per share = $22.6; total risk based capital ratio = 14.8%)

First Horizon Corporation (FHN) Reports First Quarter Net Income Available to Common Shareholders of $225 million, or EPS of $0.40; $284 million, or $0.51, on an Adjusted Basis and more complete SEC Filing (Non-GAAP E.P.S. at $.51 with consensus at $.373 according to Fidelity; special items were largely related to FHN's acquisition of Iberiabank; NIM at 2.63%, down from 3.16% in the 2020 1st Q.; adjusted efficiency ratio = 57.5%; adjusted ROA  = 1.4%; adjusted ROTE = 20.15%; NPL Ratio = .67%; charge off ratio = .06%; total capital ratio at 12.83%; loan to deposit ratio at 80.09%)

F.N.B. Corporation (FNB) Reports First Quarter 2021 Earnings (GAAP E.P.S. = .28, consensus at $.257 according to Fidelity; NIM = 2.75%, down from 3.14% in 2020 1st Q; efficiency ratio = 58.67%; ROE = 7.62%; ROTE = 14.66%; ROA = 1%; tangible equity to tangible assets = 7.36%; tangible book value per share = $7.06, down from 7.36% in 2020 1st Q; Coverage Ratio = 362%; Non-performing loans / loans and leases, excluding PPP loans (non-GAAP) = .68%; Charge off Ratio = .13%; loan-to-deposit ratio was 84.1% at March 31, 2021, compared to 87.4% at December 31, 2020.)

Huntington Bancshares (HBAN) Reports 2021 First-Quarter Earnings (E.P.S. at $.48 with consensus at $.347 according to Fidelity; net income at $532M; NIM at 3.48%; efficiency ratio = 57%; ROA = 1.76%; ROE = 18.7%; ROTE = 23.7%; charge off ratio = .32%; NPA Ratio = .68%; tangible book value per share = $8.64; "First-quarter results were favorably impacted by a $144 million positive mark-to-market of interest rate caps within the hedging program, $60 million of negative credit provisioning related to the improving economic outlook, and $45 million of accelerated accretion from Paycheck Protection Program (PPP) loan forgiveness, partially offset by $21 million of costs related to the pending TCF Financial acquisition."; the $144 mark-to-market referenced above juiced NIM)   

IBM Reports 2021 First-Quarter Results (Operating E.P.S. at $1.77, consensus at $1.632 according to Fidelity; GAAP E.P.S. from continuing operations = $1.06; "Revenue of $17.7 billion, up 1 percent (down 2 percent adjusting for currency); Total cloud revenue of $6.5 billion, up 21 percent (up 18 percent adjusting for divested businesses and currency); net cash from operating activities of $4.9 billion, up $0.4 billion; adjusted free cash flow of $2.2 billion, up $0.8 billion; Debt reduced by $5.1 billion since year end 2020")  

KeyCorp (KEY) Reports Record First Quarter 2021 Net Income Of $591 Million, Or $.61 Per Diluted Common Share (E.P.S. of $.61 with consensus at $.479 according to Fidelity; Net Income = $591M; NIM = 2.61%, down from 3.01% in the 2020 1st Q; ROTE = 18.25%; ROA = 1.44%; Charge off ratio = .46%; NPA Ratio = .78%: NPL Ratio = .72%; Coverage Ratio = 222%; tangible common equity to tangible assets =7.5%;  branches = 1,068; cost of total deposits = .06% down from .62% in the 2020 1st quarter)

Kinder Morgan (KMI) Increases Dividend 3 Percent and Raises 2021 Guidance (E.P.S. at $.62, consensus at $.24 per Fidelity; DCF per share = $1.02 ; "For 2021, KMI now expects to generate net income attributable to KMI in a range of $2.7 billion to $2.9 billion, declared dividends of $1.08 per share, a 3% increase from the 2020 declared dividends, DCF in a range of $5.1 billion to $5.3 billion, and Adjusted EBITDA in a range of $7.6 billion to $7.7 billion. KMI also now expects to end 2021 with a Net Debt-to-Adjusted EBITDA ratio in a range of 3.9 to 4.0.")

Lockheed Martin (LMT) Reports First Quarter 2021 Results (E.P.S. = $6.56, consensus at $6.31 according to Fidelity; raises 2021 E.P.S. guidance to $26.4-$26.7 from $26-$26.3; total net sales = $16.258B, slightly below the consensus at $16.33B)

National Bankshares, Inc. (NKSH) Reports First Quarter Earnings (E.P.S. = $.74 with consensus at $.62 according to Fidelity; net income of $4.77M) 

Orrstown Financial Services, Inc. (ORRF) Reports First Quarter 2021 Results (E.P.S. = $.92, consensus at $.688 according to Fidelity; NIM 3.38% from 3.73% in the 2020 4th Q. due in part to lower accretion income; efficiency ratio at 60%; ROA = 1.4%; Covid related "loan deferrals fell to $7.5 million at March 31, 2021 from $18.2 million at December 31, 2020 and $239.3 million at June 30, 2020"; Charge off ratio = .01 excluding PPP loans; loss provision reversal of $1M; NPL Ratio- .48%; Coverage Ratio = 192%; total risk based capital ratio = 16.3%; loan growth of 13% annualized excluding PPP loans; total risk based capital holding company = 16.3%; tangible book value per share = $20.59; deposit costs = .23%; maintained quarterly dividend at $.18 per share)

Union Bankshares (UNB) Announces Earnings for the three months ended March 31, 2021 and Declares Quarterly Dividend (E.P.S. at $.64; net recovery of $8K; no analyst coverage)

United Bankshares, Inc. (UBSI) Announces Record Earnings for the First Quarter of 2021 (E.P.S. at $.83 with consensus at $.725 according to Fidelity; net income at $106.9M; Efficiency Ratio = 52.52%; NIM = 3.3%, flat Y-O-Y; NPL Ratio = .67%; NPA Ratio: .5%; ROA = 1.64%; ROE = 9.97%; ROTE = 17.2%)

Verizon (VZ) reports strong start to 2021 as company accelerates 5G growth (GAAP E.P.S. at $1.27; Non-GAAP E.P.S. at $1.31, with consensus at $1.289 according to Fidelity; net income $5.4B; revenues at $32.9B, up 4% from the 2020 1st Q; cash flow at $9.7B; unsecured debt balance increased year over year by $42.9 billion to $147.6 billion in first-quarter 2021; guides 2021 non-GAAP E.P.S. to $5.00 to $5.15 ) 

Washington Trust (WASH) Reports First Quarter 2021 Earnings (E.P.S. at $1.17, consensus at $1.044 per Fidelity; net income at $20.5M; NIM = 2.51%; efficiency ratio = 59%; ROA = 1.45%; ROE = 15.55%; ROTE = 17.91%; NPL ratio = .31%; Charge offs = $18K; tangible book value per share = $26.79; loans to deposits .93%; total risk based capital ratio = 13.85%; tangible equity to tangible assets = 8.21%) 

Webster Financial (WBS) Reports First Quarter 2021 Earnings Of $1.17 Per Diluted Share (GAAP E.P.S. OF $1.17; Non-GAAP at $1.25 with the consensus at $.919 according to Fidelity; NIM = 2.92%; Efficiency Ratio = 58.5%; ROTE = 16.79%; ROA =1.31%; Charge off ratio = .10%; NPL Ratio = .71%; Coverage Ratio = 218%; tangible book value per share = $26.46; total risk based capital ratio = 14.09%)

+++

Famous Musician Ricky Skaggs Says the Election Was 'A Crime' and God Will Return Trump to Office | Right Wing Watch

'Passion Of The Christ' actor thinks kids are being drained for blood

Opinion | The Republican Party is beyond salvation — even without Trump - The Washington Post (opinion column by Max Boot - Wikipedia) I would agree with that opinion. I would add that the GOP is not salvageable as a conservative party. 

America's authoritarian leaning party is becoming increasingly bold and obvious in their anti-democracy efforts. G.O.P. Bills Target Protesters (and Absolve Motorists Who Hit Them) - The New York Times 

Opinion | Why Trump Still Rules the Republican Party - The New York Times ("Trump’s centrality guarantees that large numbers of resentful, truth-denying, conspiracy-minded, anti-democratic, overwhelmingly white voters will continue to find aid and comfort in the Republican Party.")

Brendan Hunt, a Trump supporter accused of threatening Democrats in days surrounding Jan. 6 insurrection, goes on trial in Brooklyn - The Washington Post

Republican candidate for Virginia's governor says Chauvin verdict makes her ‘sick’; republished from Amanda Chase, Republican candidate for Virginia governor, says Chauvin verdict made her "sick"  - The Washington Post

+++

1. Canadian Reset Equity Preferred Stocks: 

A. Added to ENBPRP:CA-Bought 100 at C$17.14 (C$1 IB Commission): 

Quote: ENB-PP.TO

Closing Price 4/23/21:  ENB-PP.TO C$17.50  +C$0.05 +0.29% 

Issuer: Enbridge

This brings me up to 400 shares. 

Buy Discussions for Current 400 share position: Item # 3.A. Added to ENBPRP:CA Bought 50 at C$11.98 and 50 at C$11.76 (6/13/20 Post); Item # 3.A. Added to ENBPRP:CA-Bought 50 at C$16.47 (2/16/20 Post); Item # 2.A. Bought 50 ENBPRP at C$15.68 (11/27/19 Post); Item # 4.A. Bought 100 ENBPRP:CA at C$16.5 (3/20/19 Post)

Average Cost per share = C$15.41 

Par Value: C$25

Current Coupon: 4.35% to but excluding 3/1/24 when the coupon resets unless redeemed at that time by the issuer

Annual Dividend 400 Shares = C$435

Reset: 2.5% Spread to the 5 year Canadian government bond. 

The prospectus can be found here: Preferred Shares and Hybrid Securities - Enbridge Inc.

Yield at C$15.41 AC = 7.06% based on current coupon 

Last Ex Dividend: 2/11/21

Sell Discussions:  Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(realized gain snapshot= C$963). That post also contains a snapshot of a 300 share round-trip that netted U.S.$1,458.25. That 300 share lot was bought at C$12.39. Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 2/29/16 - South Gent | Seeking Alpha Fidelity converts the CAD profit into USDs while I have to wait for IB to send out a 1099 showing the reportable USD profit. The IB reportable profit in 2017 was US$606.07:

That profit amount is not arrived at by applying the CAD/USD exchange rate to the C$963 profit but by assigning USD value to both the CAD purchase and sell amounts when made.  

In the past, I have had a U.S. tax reportable loss with a CAD profit, a result created in part by the CAD losing value against the USD during the ownership period. (e.g. assume a 100 share buy at C$10 when the CAD/USD was at 1 to 1 and a sell at C$11 with the CAD/USD at .8. The USD value for the purchase was US$11 and at $8.8 when sold. While the Canadian profit was C$100, the reportable tax loss as a U.S. taxpayer would be -$220) 

I own the common shares in 5 of my accounts. Enbridge Inc. Stock Quote The largest position is in my Fidelity taxable account where I currently own 46+ shares: 

Average Cost = $30.98

Today, I have turned off reinvestment. The purchase prices in that account are between $23 to $35.

Previously, I have been paring this position in the $35 to $40 range but currently view the stock as more attractive compared to others due in significant part to its dividend yield. I now have a consider to pare range between  $40 to $45. The highest cost lot was a 5 share purchase with a tax cost basis of $34.55 which will be sold in that range along with fractional shares purchased with 2 dividend payments at similar prices. When and if done, the new AC will be $30.39. 

B. Added to EBGEF-Bought 10 at US$19.15: 

Quote: EBGEF

Close on 4/23/21: US$19.65 (100 shares traded)

Issuer: Enbridge Inc

Link to ENB Preferred Stock Prospectuses and Current Penny Rates: Preferred Shares and Hybrid Securities - Enbridge Inc.

This brings me up to 150 EBGEF shares and raised my average cost per share slightly to US$18.68. 

EBGEF is priced in USDs, and is traded on the U.S. Grey Market. 

Dividends are paid by Enbridge in USDs after a 15% withholding tax.  

Previous Discussions: Item # 4.A. Added to EBGEF -Bought 5 at $15.4; 5 at $15.25 (11/7/20 Post); Item # 2.A. Added to EBGEF-Bought 5 at $16.5 and 5 at $16.23 (9/12/20 Post); Item # 3.B. Bought 10 EBGEF at $14.81 (7/3/20 Post); Item # 2.C. Added 10 EBGEF at US$13.1 (5/23/20 Post): Item # 1.A. Bought 100 EBGEF at $20.1 (5/26/19 Post) I intend to sell the 100 shares bought at $20.1 when and if I can do so profitably. 

Par Value: US$25

Coupon: 2.82% spread to the 5 year U.S. Treasury note with a five-year reset. 

Next Reset: March 2024.

Dividends: Cumulative and Paid Quarterly

Current Coupon: $.33596 per share ($1.34 rounded)

Current Yield at $18.68 = 7.17%

Last Ex-Dividend:  2/11/21

Pricing will be impacted by investor perceptions and concerns about the next reset coupon rate. 

The current coupon is about 5.36% applied to the $25 par value. 

That would indicate that the 5 year U.S. Treasury note was close to 2.56% when the coupon reset in 2019 but then the next reset is almost 3 years in the future. 

The 5-year treasury yield is nowhere near that level now. Daily Treasury Yield Curve Rates

2. Small Ball: 

A. Bought 5 IFRA at $34.55: 

Quote: iShares U.S. Infrastructure ETF Overview 

Closing Price 4/23/21: IFRA $35.69 +$0.42 +1.19% 

I mentioned this purchase in a 3/31/21 comment. 

Sponsor's Website: iShares U.S. Infrastructure ETF 

Expense Ratio: .40%

Dividends: Quarterly and Variable

Last 4 Quarters: $.48 per share rounded

Yield at Cost based on $.48 per share: 1.39%

Some Top Holdings as of 4/15/21:

This ETF has an abundance of utility companies. I do not consider them to be properly characterized as infrastructure companies. 

The components of the ETF PAVE are a better fit for what I would consider infrastructure companies. U.S. Infrastructure Development ETF

B. Started ACWV as a Placeholder  in Vanguard Taxable Account-Bought 1 at $97.48:

Quote: iShares Edge MSCI Minimum Volatility Global ETF Overview 

Closing Price 4/23/21: ACWV $102.12  +$0.42  +0.41% 

Sponsor's Website: iShares MSCI Global Min Vol Factor ETF  

Expense Ratio: Currently at .2% due to a fee waive of .12% through 12/31/23. 

Dividends: Semi-annually in June and December

Some Top Holdings as of 4/16/21: 

Number of Holdings: 378 as of 4/16/21

C. Bought 1 MTB at $152.4; 1 at $150-Schwab Taxable Account: 

M&T Bank Corporation Announces Agreement to Acquire People's United Financial, Inc. (PBCT)  I own PBCT in 5 of my accounts.  I am likely to keep the PBCT in this account until I receive MBT shares in exchange. 

Current PBCT this Account: 

PBCT Schwab Account As of Close 4/23/21

 

Closing Prices 4/23/21: 

MTB $153.08 +$3.99 +2.68% 

PBCT $17.90 +$0.56 +3.20% 

As of December 31, 2020, MBT "had consolidated total assets of $142.6 billion, deposits of $119.8 billion and shareholders’ equity of $16.2 billion. . . At December 31, 2020, M&T had two wholly owned bank subsidiaries: Manufacturers and Traders Trust Company (“M&T Bank”) and Wilmington Trust, National Association (“Wilmington Trust, N.A.”). . . As of December 31, 2020, M&T Bank had 716 domestic banking offices located in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia, and the District of Columbia, a full-service commercial banking office in Ontario, Canada, and an office in George Town, Cayman Islands. As of December 31, 2020, M&T Bank had consolidated total assets of $142.2 billion, deposits of $121.1 billion and shareholder’s equity of $15.9 billion . . . As of December 31, 2020, Wilmington Trust, N.A. had total assets of $6.2 billion, deposits of $5.5 billion and shareholder’s equity of $630 million." 2020 Annual Report 

Quote: M&T Bank Corp. 

MTB Analyst Estimates 

MTB SEC Filings 

Investment Category: Regional Bank Basket Strategy

Average Cost this Account:  $151.2  (2 shares)  

Dividend: Quarterly at $1.1 per share; last raised from $1.00 effective for the 2019 4th quarter payment.  

Yield at AC = 2.91%

Dividend History: 

Last Ex Dividend: 2/26/21

Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release 

GAAP E.P.S. = $3.33

Add Back : $.02 amortization of intangibles and $.06 merger related costs

Non-GAAP E.P.S. = $3.41

Net Income = $447M

ROA = 1.22%

ROE = 11.57%

Charge off ratio = .31%

NPL Ratio = 1.97% (HIGH)

NIM = 2.97%, down from 3.65% in the 2020 1st Q

Efficiency Ratio = 60.3%

D. Bought 5 SJI at $22.26-Vanguard Taxable Account: 

Quote: South Jersey Industries Inc 

SJI - South Jersey Industries Inc Profile | Reuters

SJI Analyst Estimates | MarketWatch

SJI SEC Filings

Closing Price 4/23/21:  SJI $24.92 +$0.15 +0.61% 

Last Discussed: Item #1.D. Pared SJI-Sold 5 at $23.91 and Item # 1.E. (2/27/21 Post) I discussed the last earnings report in that post. SEC Filed Press Release

Last Buy Discussion: Item # 3.A. Started SJI-Bought 5 at $23; 5 at $22.6; 5 at $22.2; 5 at $20.87; 5 at $20.5 (1/1/21 Post) I own a few shares in several accounts. 

Dividend: Quarterly at $.3025 per share ($1.21 annually)

SJI Raises Dividend for 22nd Consecutive Year

Yield at $22.26 = 5.44%

Last Ex Dividend: 3/16/21

E. Bought 1 GLD at $156.68: 

Quote: GLD | SPDR Gold Shares Overview 

I mentioned this purchase in a 4/1/21 comment. 

Closing Price 4/23/21: GLD $166.40 -$0.64 -0.38% 

I view gold as one alternative to fiat currencies. 

I will trade the short cycles in precious metals through bullion funds like GLD. 

I trade bullion only in long cycles with the last transaction being to sell gold and silver in September 2011 when gold went over $1900 per ounce and in January 2012. Item # 1 (9/15/11 Post); Item # 8 (1/31/12 Post) 

F. Bought 2 CMCSA at $54.5; 1 at $52.73: 

Quote: Comcast Corp. Cl A  

Closing Price 4/23/21: CMCSA $54.39 -$0.01 -0.02% 

CMCSA Analyst Estimates | MarketWatch

CMCSA SEC Filings 

Sourced from 2020 Annual Report at page 35 

5 Year Financials: 

Page 33 Annual Report

Map of Cable Distribution Footprint: 

This segment provides cable, voice and internet services. 

Comcast owns several cable networks: 

Other operations include the NBC television network, the Telemundo network. 

Comcast owns several movie studios operating under the Universal Pictures, Illumination, DreamWorks Animation and Focus Features names.

And, Comcast has substantial theme park operations.  

Comcast also owns SKY: 

Several of these businesses have been adversely impacted by the pandemic. 

Dividend: Quarterly at  $.25 per share

Yield at $54.5: = 1.83%

Last Ex Dividend: 4/6/21

Last Earnings Report (Q/E 12/31/20): The 2021 first quarter report is expected on 4/29/21.  

Broker reports (available to Schwab customers): 

Credit Suisse (3/17/21): Outperform with a $67 PT 

Argus (2/4/21): Buy with a $60 PT

S & P (1/24/21): 5 stars with a $60 PT

G. Bought 2 AIRR at $40.58: 

Quote: First Trust RBA American Industrial Renaissance ETF Overview 

Closing Price 4/23/21: AIRR $41.77 +$0.91 +2.23% 

Sponsor's Website: First Trust RBA American Industrial Renaissance® ETF (AIRR)

Expense Ratio: .7% (too high)

Some Holdings: 

The last buy discussion was a 50 shares purchase: Item # 3 Bought 50 AIRR at $18.65 (11/18/2014 Post) 

Purchase Restriction: Average down only in small lots. 

H. Bought 10 MAC at $11.83: 

Quote: Macerich Co.

Closing Price 4/23/21: MAC $12.98 +$0.30 +2.37% 

Stock Information as of 4/23/21:  

5 Year Chart: Major Bear Market

"The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of December 31, 2020, the Operating Partnership owned or had an ownership interest in 47 regional shopping centers and five community/power shopping centers. These 52 regional and community/power shopping centers (which include any related office space) consist of approximately 50 million square feet of gross leasable area (“GLA”)"

MAC SEC Filings 

2020 Annual Report 

Recent News: This news release caused me to start a Lotto position in this troubled owner of shopping malls. Macerich Substantially Improves and Clarifies Liquidity Position (3/26/11) "Through March 25, 2021, the Company has sold 36.0 million shares of common stock under its “at the market” equity program at a weighted average price of $13.54 per share, generating gross proceeds of approximately $487.3 million. . . . The Company is under contract to sell a 95% interest in Paradise Valley Mall, a non-core asset in Phoenix, AZ, for $100 million to a newly formed joint venture. The transaction is expected to close in late March 2021, and is anticipated to generate net proceeds of approximately $95 million to the Company. The Company will retain a 5% joint venture interest in this multi-year redevelopment." (this press release was also filed with the SEC) 

The company has repositioned itself over the past decade as an owner of Class A malls. 

Investment Category: Lottery Ticket Basket/Contrarian Value 

This is my first purchase. 

Dividend: Quarterly at $.15, slashed to $.10 from $.71+ effective for the 2020 second quarter and then raised to $.15 effective for the 2020 3rd quarter. 

Yield at $11.83: 5.1%

Last Ex Dividend: 2/18/21

Last Earnings Report (Q/E 12/31/21): SEC Filed Press Release

Broker Reports: 

S & P (3/27/21): 2 stars with a 12 month PT of $12

Morningstar (3/30/21): 5 stars with a FV of $29.5

Maximum Position: 30 shares

Purchase Restriction: Each subsequent purchase must lower my average cost per share.   

Goal: Dividend +2% annualized

I. Bought 2 SCHC at $40.65: 

Quote: Schwab International Small-Cap Equity ETF Overview 

Closing Price 4/23/21: SCHC $41.58 +$ 0.46 +1.12% 

Sponsor's Website: Schwab International Small-Cap Equity ETF 

Expense Ratio: .11% 

Holdings: 2,289

Dividends: Annually

Schwab International Small-Cap Eq ETF™- Morningstar (currently rated 2 stars)

This stock sector has significantly underperformed U.S. small cap stocks over the past 5 and 10 year periods. Through 4/20/21, the annual average total return for SCHC was 9.13% which is respectable. The Vanguard Small-Cap ETF (VB), which owns U.S. stocks, produced an average annual total return of 15.26% over the same 5 year period. 

J. Sold All BXMX Shares in Fidelity Taxable Account Bought with Dividends at $13.63: 

Quote: Nuveen S&P 500 Buy-Write Income Fund Overview - a CEF

I have turned off dividend reinvestment. 

Sponsor's Website: BXMX - Nuveen S&P 500 Buy-Write Income Fund

BXMX SEC Filings

Nuveen S&P 500 Buy-Write Income Fund-SEC Filed 2020 Annual Report

Buy Discussions: Item L. Added to BXMX-Bought 10 at $10.96 (11/13/20 Post); Item # 2 Bought 100 BXMX at $11 (6/27/20 Post)

Profit Snapshot: +$13.63

For this CEF, this is my first sell.

New Average Cost Per Share this account = $10.47 (110 shares)

Snapshot Intraday on 4/5/21 after pare

The AC was reduced from $10.58. 

Dividend: Quarterly at $.215 per share ($.86 annually) 

Heavy ROC support. 

Yield at new AC = 8.21%

Last Ex Dividend: 3/12/21

Data date of 4/5/21 Trade: 

Closing Net Asset Value Per Share: $14.42

Closing Market Price: $13.64

Discount: -5.41%

Sourced: BXMX- CEF Connect 

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.