AOD, AVK, BRKL, CPXPRE:CA, DUK, EBGEF, ED, HE, KW, MBT, MGV, ORRC, ORRF, TD, TRP, VTV, UBSI, WTBA

Economy: 

Home prices in March saw the highest growth in over 15 years: S&P Case-Shiller

Case-Shiller Index Annual Increase of 13.2% in March 2021.pdf

New unemployment claims have been falling. Initial Claims-St. Louis Fed For the week ending 5/22/21, new initial claims totaled 406K with the consensus at 420K. The prior week was reported at 444K. 

The BLS released its second estimate for first-quarter GDP.  Gross Domestic Product, 1st Quarter 2021 (Second Estimate); Corporate Profits, 1st Quarter 2021 (Real GDP growth unchanged from prior estimate at an annual rate of 6.4%)

Durable goods orders declined 1.3% in April. 

+++

Markets and Market Commentary: 

Crashes driven by big margin bets, new crypto banking ("Brian Kelly, CEO of BKCM, pointed to firms in Asia such as BitMEX allowing 100-to-1 leverage for cryptocurrency trades.")

Fed’s Bullard says most cryptocurrencies ‘are worthless’ - MarketWatch

10 Stocks That Are Like the Ones Favored by Warren Buffett | Barron's

Morningstar issues warning about thematic tech investing, popularized recently by Cathie Wood

Earnings Reports Owned Stocks: 

AMC Networks Inc. (AMCX) Reports First Quarter 2021 Results (GAAP E.P.S. at $2.02; non-GAAP at $2.98 with the consensus at $1.866 per Fidelity; net revenues = $672M; free cash flow = $96.562M; remains confident that it will grow streaming subscribers to at least 9M by yearend and expects to generate approximately $200M in free cash flow this year, AMC Networks Inc (AMCX) Q1 2021 Earnings Call Transcript | The Motley Fool) 

Dream Industrial REIT (DIR.UN.CA) Reports Q1 2021 Financial Results and Strong Year-Over-Year Growth (Diluted FFO per share at C$.19; net asset value per unit at C$12.82; number of properties = 198; occupancy rate in place and committed as of 3/31/21 = 97.2%) 

Dropbox (DBX) Announces Fiscal 2021 First Quarter Results (Non-GAAP E.P.S. at $.35, up from $.17 in the 2020 1st Q.; consensus at $.305 per Fidelity; net cash provided by operating activities = $115.7M; free cash flow = $108M; total "revenue was $511.6 million, an increase of 12% from the same period last year. On a constant currency basis, year-over-year growth would have been 11%"; completed the acquisition of DocSend in March for approximately $165M; "Paying users ended at 15.83 million, as compared to 14.59 million for the same period last year. Average revenue per paying user was $132.55, as compared to $126.30 for the same period last year")

Enbridge (ENB) Reports Strong First Quarter 2021 Financial Results; Reaffirms 2021 Financial Outlook (all numbers are in Canadian dollars; GAAP E.P.S. at $.94 with net income reported at $1.9B; adjusted to $.81 per share; "distributable Cash Flow (DCF) of $2.8 billion or $1.37 per common share, compared with $2.7 billion or $1.34 per common share in 2020"; "reaffirmed 2021 full year guidance range of EBITDA of $13.9 billion to $14.3 billion and DCF per share of $4.70 to $5.00"; "construction of the final leg of the U.S. Line 3 Replacement Project is progressing on schedule towards the targeted Q4 2021 in-service date")

Fidus Investment Corporation  (FDUS) Announces First Quarter 2021 (NII per share = $.45, adjusted NII at $.46; consensus estimate at $.358 per Fidelity; net asset value per share = $16.9; "estimate spillover income (or taxable income in excess of distributions) as of March 31, 2021 of $24.0 million, or $0.98 per share"; "weighted average yield on debt investments was 12.3% as of March 31, 2021;  one PIK debt investment on nonaccrual; "On May 3, 2021, our board of directors declared a base dividend of $0.31 per share and a supplemental dividend of $0.08 per share for the second quarter. The dividends will be payable on June 28, 2021 to stockholders of record as of June 14, 2021.")

Great Ajax Corp. (AJX) Announces Results for the Quarter Ended March 31, 2021 (E.P.S. = $.30 with consensus at $.28 per share per Fidelity)  

Healthcare Trust of America, Inc. Reports Record First Quarter 2021 Earnings And Tightens 2021 Earnings Guidance (Both FFO and Normalized FFO at $.44 per share; funds available for distribution= $88.8M or $.40 per share; quarterly dividend - $.32 per share; normalized FFO 2021 guidance between $1.73-$1.79 per share) 

Iron Mountain (IRM) Reports First Quarter Results (AFFO per share = $.81; AFFO = $235.4M; revenues = $1.082B; 2021 guidance = AFFO per share between $3.28 and $3.45, up from $3.25-$3.42)

MetLife (MET) Announces First Quarter 2021 Results (adjusted E.P.S. at $2.2 with the consensus at $1.531 per Fidelity) 

New Jersey Resources (NJR) Reports Second-Quarter Fiscal 2021 Results and Increases Net Financial Earnings Guidance for Fiscal 2021 ("consolidated net financial earnings (NFE), a non-GAAP financial measure, of $170.6 million, or $1.77 per share, compared with $84.3 million, or $0.88 per share, in the second quarter of fiscal 2020", with the consensus at $1.183)

OFS Capital Corporation (OFS) Announces First Quarter 2021 Financial Results & Increases Quarterly Cash Distribution (NII per share = $.19; adjusted NII per share =$.23 (adjustment relates to a loss on early extinguishment of debt and refinancing; net asset value per share $11.96, up from $11.85 as of 12/31/20; no new loans placed on nonaccrual during the quarter; declared a $.22 per share quarterly dividend; the weighted average yield on debt investments = 9.01%; OFS Capital Corporation Prices Public Offering of $100,000,000 4.75% Notes Due 2026 (2/5/21) and OFS Capital Corporation Prices Public Offering of Additional $25 Million of 4.75% Notes Due 2026 with a Re-Offer Yield of Approximately 4.50%; redeeming 6.375% and 6.5% SU notes maturing in 2026, OFS SEC Filed Redemption Notice; Prospectus $100M Bond Offering, Use of Proceeds at page S-27-) 

OGE Energy Corp. (OGE) reports first-quarter results (E.P.S. at $.26 with consensus at $.217 per Fidelity; 2021 guidance: "OG&E's earnings guidance remains unchanged and is between $352 million to $373 million, or $1.76 to $1.86 per average diluted share.  Based on first-quarter 2021 results, including the impacts of the 2021 February extreme cold weather event and strong mitigation efforts, OG&E currently projects full year results in the lower half of the range") 

Prospect Capital (PSEC) Releases March 2021 Quarterly Results (NII per share = $.19; quarterly dividend at $.18, paid in monthly installments; net asset value per share = $9.38; number of portfolio companies = 123; nonaccrual loans as a % of net assets = .7%) 

Sabra Health Care REIT (SBRA) Reports First Quarter 2021 Results; Provides Business Update and 2Q 2021 Guidance 

Starwood Property Trust (STWD) Reports Results for the Quarter Ended March 31, 2021 (GAAP E.P.S. = $.38; distributable earnings of $.50 per share with consensus at $.489 per Fidelity; quarterly dividend at $.48) 

TC Energy (TRP) reports solid first-quarter operating (Non-GAAP E.P.S. at C$1.16 with consensus at C$1.093 per Fidelity; GAAP net loss per share of $1.11 includes a charge relating to the cancellation of the Keystone Pipeline; revenues C$3.38 vs. C$3.6B; declares regular C$.87 per share dividend)  

+++++

Marjorie Taylor Greene Compared a Mask Mandate to the Holocaust It took Kevin McCarthy five days to rebuke her for making this comparison and then repeatedly standing by it.  Marjorie Taylor Greene Deletes Retweet Calling Kevin McCarthy a 'Feckless C**t' and 'Moron' Ms. Tayler did not appreciate McCarthy's mild criticism. Marjorie Taylor Greene suggests that Kevin McCarthy is gay - Metro Weekly 

Another QAnon Republican congresswoman, the pistol-packing Lauren Boebert, falsely claimed that Texas has not had a single Covid related fatality since lifting its mask mandate 2 months ago. PolitiFact | Texas has recorded COVID deaths since removing its mask mandate — thousands of them Just make stuff up, and never admit to it, is the Trumpster's core motto. When Boebert made that statement, the publicly available database in Texas clearly showed that there had been more than 3,000 deaths. Facts are Fake News in Trump's America. 

StratTech Solutions takes over the hand count in the Arizona election audit The former audit firm, Wake Technology Services, refused to continue.  

Obama and Biden on Trump: A Q&A with Edward-Isaac Dovere - The Atlantic In private, Obama called Don the Authoritarian a "racist, sexist, pig". 

Dismissed in 2012, this diagnosis of GOP ills has now become undeniable This article refers to a column written in 2012 by Thomas Mann and Norman Ornstein. Let’s just say it: The Republicans are the problem. - The Washington Post (The GOP is "ideologically extreme; scornful of compromise; unmoved by conventional understanding of facts, evidence and science; and dismissive of the legitimacy of its political opposition.") Mann and Ornstein went into more depth in their 2016 book: It's Even Worse Than It Looks: How the American Constitutional System Collided with the New Politics of Extremism 

ICE deported 348 migrant parents under Trump without ensuring children could go with them - CBS News

While Paul Krugman is a liberal, he is discussing fundamentally conservative values in these comments that Trump's party has abandoned: "America’s democratic experiment may well be nearing its end. That’s not hyperbole; it’s obvious to anyone following the political scene. Republicans might take power legitimately; they might win through pervasive voter suppression; G.O.P. legislators might simply refuse to certify Democratic electoral votes and declare Donald Trump or his political heir the winner. However it plays out, the G.O.P. will try to ensure a permanent lock on power and do all it can to suppress dissent." Opinion | Republican Cowardice Endangers American Democracy - The New York Times As with other authoritarian parties past and present, the Republican party does not tolerate dissent; will use power to undermine institutions necessary for a properly functioning democracy; will turn its true believers away from facts and to its false reality creations; and will use anti-democratic measures and policies to acquire and maintain power. 

+++

This post will be entirely devoted to pares and eliminations 

1. Canadian Reset Equity Preferred Stocks: 

I include the Canadian reset equity preferred stocks in this category: Advantages and Disadvantages of Equity Preferred Floating Rate Securities They are similar to U.S. equity preferred fixed-to-floating rate preferred stocks in that the Canadian resets pay a fixed coupon for a set period and then transition to a floating rate. 

A. Sold 50 of 150 CPXPRE at C$22.01 (IB C$1 commission): 

Quote: CPX-PE.TO

Issuer: Capital Power Corp.

Capital Power reports strong first-quarter results and expects 2021 results to exceed annual financial guidance - Capital Power

Par Value: C$25  

Security: Reset equity preferred stock

Current Coupon: 5.238% paid on C$25 par value; Cumulative 

Last Reset: April 2018

Series 5, CPX.PR.E - Capital Power

Resets: Every 5 years at a 3.15% spread to the 5-year Canadian government bond unless redeemed 

The current 5.238% coupon indicates that the 5-year bond was at 2.088% on the reset date. The current price reflects some optimism IMO that the reset coupon will be close to or higher than the current coupon. 

The current yield is less than 1%. Canada 5 Year Government Bond Overview | MarketWatch

Optional Redemption: Every 5 years on the reset date. 

Profit Snapshot: +C$217

Buy Discussions: Item # 3. Added to CPXPRE-Bought 50 at C$14.2  (4/18/20 Post)(lot bought on 3/13/20); Item # 4.A. Added 50 CPXPRE at C$17.4 (12/4/19 Post); Item # 3.A. Bought 50 CPXPRE at C$17.63 (10/30/19 Post)  I sold the highest cost 50 share lot. 

New AC = C$16.38 (100 shares)

Snapshot Intraday 5/20/21 after Pare 

Yield at New AC until next reset: 7.99% 

Trades in Other Capital Power Reset Equity Preferred Stocks:  

Item # 2.A. Sold 100 CPXPRA at C$16.92 (1/15/18 Post)(profit snapshot = C$670)-Item # 3 Bought 100 CXPRA at C$10.2 Update For Exchange Traded Bonds And Preferred Stocks Basket Strategy As Of 4/14/16 - South Gent | Seeking Alpha That one will reset in December 2020 at a 2.17% spread to the five-year Canadian bond. I do not have a position at the moment. 

I also have a prior round trip in CPXPRC, realizing a C$225 gain. South Gent's Comment Blog # 8: Sold 50 CPXPRC at C$19.08 (bought at C$14.54. Item # 2. That one reset in December 2018 at a 3.23% spread to the five-year Canadian government bond. 

DBRS rates the preferred shares at Pfd-3 low. Capital Power Corporation: Rating Report - 2021-04-14-DBRS Morningstar That rating is equivalent to BBB-. DBRS Rating Scale for Preferred Stock.pdf

B. Sold 100 out of 150 EBGEF at US$20.85: 

Quote: EBGEF (U.S. Grey Market)

Issuer: Enbridge Inc

Par Value: US$25

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

U.S. 5 Year Treasury Note Overview | MarketWatch

Next Reset: March 2024.

Dividends: Cumulative and Paid Quarterly

Dividends are paid in USDs. Canada does collect a 15% withholding tax. Generally, I am able to recover the withheld amount as a foreign tax credit.  

Last Ex-Dividend: 5/13/21. This dividend was paid on the 150 shares and was not yet included in the previous snapshot when I took it. The pay date is 6/1/21.      

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

Profit Snapshot: +$70.04

Average Cost per share before Pare: $18.68

Snapshot Intraday 5/24/21 Before Pare

Using FIFO accounting, I sold the 100 share lot bought at $20.15 on 6/9/19.  Item # 1.A. Bought 100 EBGEF at US$20.1 (5/26/19 Post)

Average Cost per share after Pare: $15.75

Snapshot Intraday on 5/24 after pare

Current Yield at $15.75 = 8.51%

Buy Discussions Remaining 50 shares: Item #1.B. Added to EBGEF at US$19.15 (4/24/21 Post); Item # 4.A. Added to EBGEF -Bought 5 at US$15.4; 5 at US$15.25 (11/7/20 Post); Item # 2.A. Added to EBGEF-Bought 5 at US$16.5 and 5 at US$16.23 (9/12/20 Post); Item # 3.B. Bought 10 EBGEF at US$14.81 (7/3/20 Post); Item # 2.C. Added 10 EBGEF at US$13.1 (5/23/20 Post)

I still own 400 shares of another Enbridge reset equity preferred stock that I last discussed here: Item # 1.A. Added to ENBPRP:CA-Bought 100 at C$17.14 (4/24/21 Post) 

Credit Ratings: 

Credit Ratings - Enbridge Inc.

2. Small Ball-All About Risk Mitigation: 

 A. Pared KW-Sold 2+ at $20.1: 

This sale included fractional shares purchased with 2 quarterly dividend payments. 

Quote: Kennedy-Wilson Holdings Inc.- a global real estate company that focuses "on multifamily and office properties located in the Western U.S., U.K., and Ireland. For further information on Kennedy Wilson." As I recall, KW is not organized as a REIT. 

Multifamily; Commercial; Investment Management; Loans

SEC Filings

2020 Annual Report

10-Q for the Q/E 3/31/21 

Home | Kennedy Wilson; Investors | Kennedy Wilson

KW - Kennedy-Wilson Holdings Inc Profile | Reuters

1q-2021-property-list.pdf

Buy Discussions: Item # 3.J. Added to KW-Bought 1 at $14.26; 1 at $13.81; 1 at $13.2 (11/7/20 Post); Item # 1.F. Started KW-Bought 10 at $14.89 (8/8/20 Post) 

Profit Snapshot: +$17.81

New Average cost per share =  $14.3 (10 shares) 

Snapshot Intraday 5/6/21 after pare 

Dividend: Quarterly at $.22 per share

Dividend Information | Kennedy Wilson

Kennedy Wilson Announces Dividend of $0.22 Per Common Share for Second Quarter 2021 

I have turned off dividend reinvestment. 

Yield at $14.3 = 6.15%

Last Bond Offering: Prospectus (Jan. 2021)

FINRA Page 2029 SU (rated in junk territory at B1 and BB)

FINRA Page 2031 SU (")

Last Earnings Report (Q/E 3/31/21): SEC Filing I was not impressed.  

I do not pay attention to the adjusted EBITDA number since it excludes "interest expense", a major item.

The more relevant cash flow number in my opinion is the one that adjusts the $5.6M net loss by adding depreciation and share-based compensation: 

Detailed Breakdown of Properties and Assets: 

B. Pared VTV in Fidelity Taxable-Sold 1.228 shares at $141.94: 

Quote: Vanguard Value ETF Overview

Vanguard Value ETF (VTV) Quote | Morningstar (currently rated 4 stars) 

Profit Snapshot: $43.07  (5/10/21 sale only) 

Fidelity's fractional share engine broke up my 1 share purchase into pieces when selling it. I also eliminated the factional shares bought with 2 dividends. 

New AC this Account = $101.6 (7 shares)

Intraday 5/10/21 after pare

Sponsor's Website: VTV - Vanguard Value ETF

Expense Ratio: .04%

Holdings: 338 as of 4/30/21

Some Top Holdings as of 4/30/21: 

Dividends: Quarterly at a variable rate

Last Pare: Item # 1.H. Pared VTV in Fidelity Taxable-Sold 1 at $117.26 and 1 at $122.12 (1/23/21 Post)

Buy Discussion: Item # 4.M. (8/29/20 Post) 

C. Pared MGV in Vanguard Taxable-Sold 1 at $102.52 (highest cost lot): 

Quote: MGV | Vanguard Mega Cap Value ETF Overview

Last Buy Discussion: Item # 1.A. Started MGV-Bought 2 at $79.17; 1 at $78.69; 1 at $77.5; 1 at $75.77; 1 at $74.35 (10/3/20 Post) 

Profit Snapshot: +$23.34

Position Before Pare this account: 

New AC per share this account: $77.1

Sponsor's website: MGV - Vanguard Mega Cap Value ETF

Expense Ratio: .07% 

Dividends: Quarterly at a variable rate

Holdings as of 4/30/21: 143 stocks

Some Top Holdings as of 4/30/21: 

D. Pared ED in Vanguard Taxable-Sold 1 at $79.95: 

Quote: Consolidated Edison Inc. (ED)

SEC Filings

Consolidated Edison, Inc. Profile | Reuters

2020 Annual Report 

10-Q for the Q/E 3/31/21 

Last Buy Discussion: Item # 1.L. Added to ED in Vanguard Taxable-Bought 1 at. $68.35; 1 at $67.67 (2/6/21 Post) 

Profit Snapshot: +$6.51

New Average cost per share this account: $68.57 (3 shares)

Dividend: Quarterly at $.775 per share ($3.1 annually), last raised from $.765 effective for the 2021 first-quarter payment. 

Dividend History | Consolidated Edison, Inc.

Yield at New AC this account: 4.52%

Last Earnings Report (Q/E 3/31/21): Con Edison (ED) Reports 2021 First Quarter Earnings and 10-Q 

GAAP E.P.S. at $1.23; non-GAAP E.P.S. at $1.44 with consensus at $1.361; 

non-GAAP net income = $491M; 

revenues = $3.677B; 

"For the year of 2021, Con Edison reaffirmed its previous forecast of adjusted earnings per share to be in the range of $4.15 to $4.35 per share.") 

E. Pared TRP in Fidelity Taxable-Sold .979 at $51.25: 

Quotes: 

USD Priced: TC Energy Corp. 

CAD Priced: TC Energy Corp. (Canada: Toronto)

Canadian Dollar to US Dollar Exchange Rates Chart | Xe

Website: TC Energy — Home

TC Energy — Operations — Natural Gas Map

TC Energy — Oil and Liquids

TC Energy — Power and Storage

TC Energy — Operations Maps

Last Buy Discussion: Item # 3.B. Added to TRP-Bought 1 at $49.92; 1 at $39.59; 1 at $39 (11/7/20 Post)

I eliminated all fractional shares purchased with dividends. 

Investment Categories: Bond Substitute/Dividend Growth

Profit Snapshot: +$6.17

New Average cost per share in this account: US$44.28 (20 shares) 

Snapshot Intraday 5/10/21 after pare

Dividend: Quarterly at C$.87 per share, last raised from C$.81 per share effective for the 2021 first-quarter payment.  

TC Energy — Dividend Information

Yield at US$44.28: Yield will fluctuate with the CAD/USD conversion rate as shown in the following snapshot: 

Last Ex-Dividend: 3/30/21 

Last Earnings Report (Q/E 3/31/21): Ugly due to an impairment charge caused by the cancellation of the Keystone pipeline project. SEC Filing 

"Net (loss)/income attributable to common shares decreased by $2.2 billion or $2.33 per common share for the three months ended March 31, 2021 compared to the same period in 2020 primarily due to the $2.2 billion after-tax asset impairment of the Keystone XL pipeline project, net of expected contractual recoveries and other contractual and legal obligations, recorded through the income statement and also reflects the impact of common shares issued for the acquisition of TC PipeLines, LP in first quarter 2021."

Broker Reports (available to Schwab customers): 

Morningstar (5/7/21): 3 stars with a FV of US$52 with a narrow moat (expects TRP to meet its goal of 5% annual dividend growth over the next five years)

S & P (5/23/21):  3 stars with a 12 month PT of $56

TRP Reset Equity Preferred Stock Positions: 

As of the close on 5/27/21

Unrealized Gain as of 5/27/21 = C$2,386.9

F. Pared WTBA in Fidelity Taxable-Sold .313 at $27.42:

Quote: West Bancorp Inc.  (WTBA)

"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 seven 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 Analyst Estimates | MarketWatch (1 analyst) 

I eliminated all fractional shares purchased with dividends. 

Investment Category: Regional Bank Basket Strategy

Last Substantive Purchase Discussion: Item # 1.C. Bought 10 WTBA at $17.1; 10 at $16.7; 10 at $16.2-Vanguard Taxable Account (8/1/2020 Post)

Profit Snapshot: +$2.08

New AC this account: $15.52 (15 shares)

Snapshot Intraday 5/10/21 after pare

Dividend: Quarterly at $.24 per share, raised from $.22 effective for the 2021 second quarter payment, which was raised from $.21 effective for the 2021 first-quarter payment.  

West Bancorporation (WTBA) Dividend History-Nasdaq

Yield at $15.52 AC this account: 6.19%

Last Earnings Report (Q/E 3/31/21): West Bancorporation, Inc. (WTBA) Announces Record Net Income for the First Quarter, Increases Quarterly Dividend to $.24 per share from $.22 and 10-Q for the Q/E 3/31/21 

E.P.S. at $.70

Consensus at $.63 per Fidelity

Efficiency Ratio: 39.75%

NIM: 3.17%, up from 3.10% in the 2020 1st Q. 

ROA = 1.53%

ROE = 20.77%

Texas Ratio = 9.38% 

Charge Off Ratio: .01%

NPL Ratio = 1.08%

NPA Ratio = .78%  

Largest Gain: 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)

I discussed the 2020 4th Q. report in this post: Item # 1.K. Eliminated WTBA in Vanguard Taxable Account-Sold 5 at $21,14 and 20 at $21.2 (2/26/21 Post)(profit snapshot = $116.92) 

WTBA Realized Gains to Date: $1,307.87

G. Pared AOD in Fidelity Taxable-Sold 1.658 at $10.01: 

Quote: Aberdeen Total Dynamic Dividend Fund Overview-A CEF 

AOD SEC Filings

SEC Filed Portfolio Report as of 1/31/21 (market value = $1.084+B/Cost at $849.4+M)

Sponsor's Website: Aberdeen Total Dynamic Dividend Fund, Inc.

Buy Discussions: Item # 1.F. Added to AOD-Bought 5 at $7.45 (11/22/20 Post); Item # 1.A. Added to AOD-Bought 10 at $8.08 (10/24/20 Post); Item # 1 Started AOD -Bought 50 at $8.17 (9/12/20 Post)

Profit Snapshot: $2.49 (5/10/21 sale only)

New Average Cost per share: $8.09 (60 shares)

Snapshot Intraday 5/10/21 after pare

Dividend: Monthly at $.0575 per share ($.69 annually)

IRS Form 8937 for 2020 (ROC support at 3.363% of total dividends paid) 

Yield at new AC = 8.53%

Data Date of 5/10/21 Trade: 

Closing Net Asset Value Per Share: $11.17

Closing Market Price= $9.93

Discount:  -11.1% 

Sourced: AOD- CEF Connect

Goal: Any total return, prior to the ROC cost basis adjustments, that exceeds the dividend paid. 

H. Pared TD-Sold 2.621 shares at $70.97: 

I eliminated shares purchased with dividends with this pare. 

Quotes: 

USD Priced: Toronto-Dominion Bank  (U.S.: NYSE)

CAD Priced: Toronto-Dominion Bank  (Canada: Toronto)

SEC Filings

TD Analyst Estimates

TD Bank Group - Investor Relations

Credit Ratings

Last Buy Discussion: Item # 4 Bought 30 TD at $54.28 (4/10/19 Post) This purchase has been pared down to 27 shares.  

Canadian Dollar to US Dollar Exchange Rates Chart | Xe

Profit Snapshot: $52.81 (5/11/21 sale only) 

Average cost per share after pare: US$51.33 (38 shares)

Snapshot Intraday on 5/11/21 after pare

Cost Data Remaining Shares:

Dividend: Quarterly at C$.79 per share (C$3.16 annually)

TD Bank Group Declares Dividends

The quarterly rate was at C$.55 five years ago

Yield at $51.33: Yield will fluctuate with the CAD/USD exchange rate. 

If I assumed a .82 CAD/USD exchange rate and no change in the C$.79 penny rate, purely for illustration purposes, the yield at US$51.33 would be 5.05% (C$3.16 x. .82 = US$2.59 rounded  ÷ US$51.33 = 5.05%)

The yield would become 6.16% at 1 CAD to USD and at 4.31% at .7 CAD/USD, using the same C$.79 penny rate and US$51.33 cost per share. 

Last Earnings Report (Fiscal Q/E 4/30/21): Released after this pare. TD Bank Group Reports Second Quarter 2021 Results

Reported E.P.S. at C$1.99

Adjusted E.P.S. at C$2.04

Adjustments: 3 cents per share related to the amortization of acquired intangibles and 1 cent related to acquisition and integration charges related to the TD Ameritrade transaction with Schwab. TD has a 13.5% ownership stake in Charles Schwab Corp. (SCHW)  

Consensus at C$1.772 per Fidelity. 

Earnings were juiced by a net benefit of C$377M related to reversing credit loss reserves compared to a provisioning loss of C$3.2B in the year-ago quarter. 

Adjusted Efficiency Ratio = 55.6%

Adjusted ROE = 17.1%

Adjusted ROTE = 23.1%

Total Capital Ratio = 18%

TD has extensive U.S. retail bank operations. The strength of the Canadian dollar vs. the USD caused a C$244M revenue decline during the quarter. The currency conversion impacted E.P.S. by C$.06 per share compared to the year-ago quarter. 

On the positive side, the owner of the USD-priced TD shares would have experienced an increase in the dividend yield and share price that was currency-related. 

Broker Reports (available to Schwab customers): 

Morningstar (5/28/21): 3 stars with a FV of $65 with a wide moat rating. 

S & P (5/27/21): 3 stars with a 12 month PT of $75, an $11 increase from prior target 

Prior Sell Discussions: Item # 2..N. Pared TD-Sold 1 at $60.54 (3/6/21 Post)(profit snapshot = $6.25)(discussed earnings report for the Q/E 1/31/21); Item # 3.J. Sold 2 TD at $58.39 (1/31/21 Post) (profit snapshot = $6.99); Item # 1 Eliminated TD-Sold 53+ Shares at $58.31 (3/19/18 Post)(profit snapshot +$910.82); Item 4.A. Sold 54+ TD at $56.97 (11/4/17 Post)(profit snapshot +$718.78)-Dividend Growth And Large Cap Valuation Strategies: Bought Toronto Dominion Bank (TD) - South Gent | Seeking Alpha

TD Realized Gains to Date: $1,695.65

I. Pared UBSI-Sold 6 at $40.81: 

Quote: United Bankshares Inc.

"As of March 31, 2021, United had consolidated assets of approximately $27.0 billion. United is the parent company of United Bank, the largest community bank headquartered in the D.C. Metro region. United Bank has 223 offices in West Virginia, Virginia, Ohio, Pennsylvania, Maryland, North Carolina, South Carolina, Georgia, and the nation’s capital."

UBSI Analyst Estimates

UBSI SEC Filings

2020 Annual Report

10-Q for the Q/E 3/31/21 

Last Substantive Buy Discussion: Item # Restarted UBSI-Bought 1 at $26.6; 1 at $26.34; 3 at $25.95; 5 at $25.54; 2 at $24.6; 1 at $24.32; 2 at $24.04; 1 at $23.68; 1 at $22.21; 1 at $21.81; 1 at $21.3; 2 at $20.9  (9/26/20 Post)

Investment Category: Regional Bank Basket Strategy

Profit Snapshot: +$92.55  (5/11 sell only)

New Average Cost per share = $22.78 (10 shares)

Snapshot Intraday 5/11 remaining shares after pare

The AC prior to the pare was at $23.76

Dividend: Quarterly at $.35 per share 

Yield at new AC =  5.89%

Last Ex-Dividend: 3/11/21

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

E.P.S. = $.83/net income at $106.9M

The largest gain was realized in 2015. Item # 1 Sold 50 UBSI at $41.58-Update For Regional Bank Basket Strategy As Of 8/7/15 - South Gent | Seeking Alpha (profit snapshot = $1,235.01)

UBSI Realized Gains to date: $1,440.36  

J. Eliminated HE-Sold 5 at $44.14: 

Quote: Hawaiian Electric Industries Inc. (HE)

HE Analyst Estimates | MarketWatch

HE SEC Filings

10-Q For the Q/E 3/31/21 

Buy Discussion: Item # 1.F. Bought 5 HE at $33.67 (2/13/21 Post) 

Profit Snapshot:  +$52.38

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

E.P.S. = $.59, up from $.31 in the 2020 first quarter 

Net Income = $64.4M

Earnings were lifted by HE's American Savings Bank subsidiary that reported $29.6M in net income, up from $15.8M in the 2020 first quarter. 

K. Pared ORCC in Fidelity Account-Sold 1.658 shares purchased with dividends at $14.17: 

Quote: Owl Rock Capital Corp. - a BDC 

2020 Annual Report (risk factor summary starts at page 32 and ends at page 67)

ORCC SEC Filings 

Owl Rock Capital Corporation - Investor Relations

Management: External

Profit Snapshot: +$1.73

New Average Cost per share in this account: $12.25 (30 shares)   

Snapshot Intraday on 5/6/21 after pare

Dividend: Quarterly at $.31 per share (regular only)

I have turned off dividend reinvestment based on the premium price to the net asset value per share and the uninspiring first-quarter report. 

Yield at New AC = 10.12%

Next Ex-Dividend Date: 6/29/21

Buy Discussions: Item # 2.F. Added to ORCC-Bought 5 at $11.65 (10/13/20 Post); Item # 1.J. Added 4 ORCC at $12.02 (9/12/20 Post); Item # 4.E. Started ORCC-Bought 10 at $12.67; 1 at $12.59; 5 at $12.27 and 5 at $11.95 (6/27/2020 Post)

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

NII Per Share = $.26

Consensus at $.285 per Fidelity

Board declared a quarterly dividend of $.31 per share. 

Net Asset Value per share = $14.82, up from $14.74 as of 12/31/20. 

The weighted average yield of performing debt at FV = 8.3%, which includes interest income and amortization of fees and discounts.   

L. Eliminated ORRF-Sold 10 at $25.4: 

Quote: Orrstown Financial Services Inc.

ORRF Analyst Estimates | MarketWatch

SEC Filings

2020 Annual Report

Investment Category: Regional Bank Basket Strategy

Last Buy Discussion: Item #1.F. Started ORRF in Fidelity Taxable-Bought 10 at $18.15; 5 at $17.5; 5 at $17.25 (2/27/21 Post)

Profit Snapshot: +$80.24 (5/14 sale only)

Last Sell Discussions: Item # 1.P. Sold 5 ORRF at $23.26 in Vanguard Taxable (4/17/21 Post); Item # 2.J. Pared ORFF-Sold 10 at $24.42 (3/27/21 Post)

Dividend: Quarterly at $.18 per share, raised from $.17 effective for the 2021 first quarter.  

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

E.P.S. = $.92

M. Eliminated MBT-Sold 20 at $9.28: 

Quote: Mobile TeleSystems PJSC ADR

Last Discussed: Item # 1.I. Bought 10 MBT at $8.66; 5 at $8.35 and 5 at $8.18 (4/1/21 Post) 

MBT SEC Filings; SEC Filed 2020 Annual Report

Investment Category: Lottery Ticket Basket

Profit Snapshot: +$16.41

I spent about five minutes trying to form an opinion on whether or not the last earnings report was good or bad which led to indecision and then a sell order. Net profit decreased Y-O-Y but revenues were up. 

Q/E 3/31/21: SEC Filed Press Release 

N. Pared BRKL-Sold .374 at $16.7: 

Quote: Brookline Bancorp Inc.

BRKL SEC Filings

Brookline Bank- Corporate Profile

I sold the fractional shares bought with 2 dividends and turned off dividend reinvestment. 

Investment Category: Regional Bank Basket Strategy

Profit Snapshot: +1.27

Last Buy Discussions: Item #1.B. Added 5 BRKL at $8.85; 2 at $8.59; 1 at $8.23  (10/17/20 Post) 

Last Substantive Buy Discussion: Item # 1.E. Bought 10 BRKL at $9.51; 5 at $9.31 (8/22/20 Post)

Last Sell Discussion: Item # 2.N.  Sold 3 BRKL at $1206-part of highest cost lot (12/25/20 Post) 

New Average cost per share: $9.14  (20 shares)

Snapshot Intraday 5/19/21 after pare

The AC per share was reduced from $9.21. 

Dividend: Quarterly at $.12

Brookline Bancorp, Inc. (BRKL) Dividend History | Nasdaq

Yield at new AC = 5.21%

Last Earnings Report (Q/E 3/31/21): Brookline Bancorp (BRKL) Announces First Quarter Results

E.P.S. = $.34

Consensus at $.278 per Fidelity

NIM = 3.39%

Efficiency Ratio: 55.22%

NPA Ratio: .44%

Charge Off Ratio: .10% 

ROA = 1.21%

ROE = 11.18%

ROTE = 13.51%

Tangible Book Valuer Per Share:  $10.01

My average cost per share is 7.99% below the tangible book value per share as of 3/31/21. 

O. Pared AVK-Sold all shares bought with dividends at $18.38: 

Quote: AVK | Advent Convertible & Income Fund Overview-A CEF

Sponsor's Website: Advent Convertible and Income Fund 

SEC Filings

Last SEC Filed Shareholder Report (period ending 10/31/20) 

SEC Filing (investments as of 1/31/21)(Market value $1.00825+B/Cost at $873.96+M/Leverage at $334.794+M)

Last Buy Discussion: Item # 1.E. Bought 10 AVK at $13.69 (8/8/20 Post) 

Profit Snapshot: +$1.38

New AC per share this account: $13.09 (10 shares) 

Snapshot Intraday 5/24/21 after pare 

Dividend: Monthly at $.1172 per share  ($1.41 annually rounded)

(heavy ROC support)

Yield at New AC  = 10.74%

Data Date of 5/24/21 Trade: 

Closing Net Asset Value per share: $19.96

Closing Market Price: $18.34

Discount: -8.12%

Sourced: AVK-CEF Connect (Click "Pricing Information" tab)

Average 5-year discount = -11%

Leveraged: Yes at a substantial level. 

Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sale of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals, and situational risks. I can only make that kind of assessment for myself and my family members.