BNS, CALF, CIZN, CZNC, EBTC, FCX, FLYW, JDD, JRI, NMFC, NWHUF, ORKLY, PAY,

Economy: 

The BLS reported today that payrolls rose 943,000 in July. The consensus estimate was 845K. The unemployment rate declined .5% to 5.4%. Average hourly earnings increased 11 cents. The payroll numbers for May and June were revised up by 119,000. Employment Situation Summary The U-6 number declined to 9.2% in July from 9.8% in June. Interest rates are rising this morning. 

ADP reported that private payroll jobs increased by 330,00 in July, well below the consensus estimate of 690,000. The June number was revised down by 12,000 to 680,000.  ADP National Employment Report

Interest rates haven’t been this low in 5,000 years - MarketWatch citing A History of Interest Rates, 4th Edition | Wiley

The U.S. Labor Shortage Is Worse Than It Looks, and Help Is Not on the Way | Barron's (Yardini "now puts the odds of a wage-price spiral at 35%. Two months ago, he placed those odds at 25%. A year ago, they were at zero.") 

As of 7/31/21, the Delta variant accounts for 93.4% of new infections.Delta Variant Now 93% of U.S. Coronavirus Cases, CDC Says - MarketWatch 

Delta Variant Plus:  B. 1.617.2.1 or AY.1. This new variant is believed to be more contagious than the original one and has the ability to bind more easily to lung cells. Both Delta and Delta Plus originated in India. The delta-plus coronavirus variant: Here’s what we know - The Washington Post

Target rolls out debt-free college degrees to woo retail workers

++++

Markets and Market Commentary: 

As the economy hits its peak, stock market gains could be harder to come by

S&P 500 Dividend Yield Is Now at a 20-Year Low of 1.3% | Barron's (7/30/21). 

Looking back decades, the current S & P 500 dividend yield, using annual figures except for 2021, is the third lowest on record which goes back to 1871. S&P 500 Dividend Yield by Year  

Cramer: Charts show S&P 500 may toil in August, gold looks to rally

Tencent, NetEase shares tank after Chinese media calls gaming 'opium'

New coronavirus wave is giving credence to the risks of a U.S. stagflation-like scenario - MarketWatch

Bank of England keeps policy unchanged, warns of 'more pronounced' period of inflation

Retail mania to suffer downfall, gives market correction warning: PNC

Etsy earnings Q2 21, stock plunges on weak guidance

++++

Earnings Report-Owned Stocks: 

Ares Capital Corporation (ARCC) Announces June 30, 2021 Financial Results and Declares Third Quarter 2021 Dividend of $0.41 Per Share (Core E.P.S = $.53; GAAP E.P.S. which includes realized and unrealized gains = $1.09; net asset value per share = $18.16, up from $16.97 as of 12/31/20; the quarterly dividend of $.41 per share was raised by $.01) 

Arrow Financial (AROW) Reports $13.3 million in Q2 Net Income as COVID-19 Recovery Continues (Net income of $13.3M or $.85 per diluted share with consensus at $.82 per Fidelity; NIM TE = 3.12%, up from 3.08% in the 2020 second quarter; Efficiency Ratio at 51.53%; ROA = 1.38%; ROE = 15.21%; ROTE = 16.32%; NPA Ratio = .2%; Charge off ratio = .01%; tangible book value per share = $21.13; total risk based capital ratio = 15.78%)

Atkore Inc. (ATKR) Announces Third Quarter 2021 Results (Non-GAAP E.P.S. of $3.96 with the consensus at $3.08 per Fidelity; GAAP E.P.S. at $3.64; revenues at $853.7M, up 121% from the 2020 second quarter; "Full Year Adjusted EBITDA outlook increased to $855 million - $875 million; Full-year Adjusted net income per diluted share outlook increased to $12.25 - $12.55.")

AT  & T (T) SEC Filed Press Release (adjusted E.P.S. of  $.89, up from $.83 in the 2020 second quarter and beating the consensus E.P.S. of $.793 per Fidelity; free cash flow =$7B, dividend payout ratio = 55%; 2021 outlook free cash flow = $27B with the dividend payout ratio in the high 50s range and adjusted E.P.S. to grow in the low-to-mid single digits; as recently discussed, I pared my position,  Item # 3.F. Eliminated T in Vanguard Taxable Account -Sold 9 at $29.91; and Eliminated T in Schwab Account-Sold 31+ at $29.91(6/12/21 Post)

BP PLC (BP) SEC Filed Earnings Report (boosted dividend by 4% and increased its buyback authorization; reported underlying replacement cost ("RC") profit of $2.798B vs. expectations of $2.15B; underlying RC profit per ADR = $.83 with the consensus at $.6 per Fidelity)   

Bank of N.T. Butterfield & Son (NTB) SEC Filed Earnings Press Release (net income of $39.6M or $.79 per share, with the consensus estimate at $.81 per Fidelity; NIM = 2.01%, down from 2.48% in the 2020 second quarter; core efficiency ratio = 66.3% (too high); NPL Ratio = 1.3%; NPA Ratio = .6%; Coverage Ratio = 44%; ROA =1%; ROE = 16.7%; ROTE = 18.07; tangible book value per share = $17.67; total capital ratio = 19.5%; Board declared regular quarterly dividend of $.44 per share; my current average cost per share in my Fidelity account is  $24.37, Item # 1.M) 

Brandywine Realty Trust (BDN) Announces Second Quarter Results (FFO = $55.9M or $.32 per share; "Core Portfolio: 90.5% occupied and 92.5% leased; "99.3% of total cash-based rent due has been received from our tenants during the second quarter 2021, which represents a 99.8% collection rate from our office tenants; adjusts "2021 earnings per share guidance of $0.28 - $0.36 to $0.25 - $0.31 per diluted share and 2021 FFO guidance of $1.33 - $1.41 to $1.34 - $1.40 per diluted share"). 

Cathay General Bancorp (CATY) SEC Filed Earnings Press Release (net income $77.2M or $.97 per diluted share, with the consensus at $.83 per Fidelity; NIM = 3.24%, up from 3.17% in the 2020 second quarter; efficiency ratio at 43.41%; ROA = 1.6%; ROE = 12.53%; Coverage ratio = 189.42%; NPA Ratio = .4%; quarterly dividend at $.31 per share; dividend payout ratio = 31.8%; total risk based capital ratio = 15.47%)

Fiserv (FISV) Reports Second Quarter 2021 Results (adjusted E.P.S. = $1.37, with the consensus at $1.28 per Fidelity; revenues at $4.05 vs. consensus at $3.92B; guides F/Y to adjusted E.P.S. of $5.50 to $5.6 representing growth of 24-27% for 2021; free cash flow for the first 6 months = $1.72B, up 4%; repurchased 5M shares during the quarter for $588M) 

Freeport-McMoRan (FCX) SEC Filed Earnings Press Release (GAAP net income of $1.08B or $.73; adjusted net income at $1.14B or $.77 per share with consensus estimate at $.756 per Fidelity; "sales totaled 929 million pounds of copper, 305 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2021"; "Consolidated sales for the year 2021 are expected to approximate 3.85 billion pounds of copper, 1.3 million ounces of gold and 86 million pounds of molybdenum, including 1.035 billion pounds of copper, 360 thousand ounces of gold and 21 million pounds of molybdenum in third-quarter 2021"; average realized prices "in second-quarter 2021 were $4.34 per pound for copper, $1,794 per ounce for gold and $13.11 per pound for molybdenum)

KKR Real Estate Finance Trust (KREF) SEC Filed Earnings Press Release (net income of $29.3M or $.52 per share; distributable net income per share of $.54; consensus at $.487 per Fidelity; book value per share = $18.91)

Kimberly Clark (KMB) SEC Filed Earnings Press Release (Non-GAAP E.P.S. = $1.47 with consensus at $1.723 per Fidelity and unfavorably compared as well to $2.20 in the 2020 second quarter; "company is now targeting full-year 2021 organic sales decline of 0 to 2 percent and adjusted earnings per share of $6.65 to $6.90" compared to prior outlook was for organic sales growth of 0 to 1 percent and adjusted earnings per share of $7.30 to $7.55. The updated earnings outlook reflects significantly higher input cost inflation and lower sales volumes, partially offset by additional cost savings and reduced discretionary spending." The negative impact on earnings caused by the rapid rise in costs is a common theme among companies that use commodities to produce products and have to transport the product to end markets)

Nomad Foods (NOMD) SEC Filed Earnings Press Release (adjusted E.P.S. of €.40, up 18%; revenues declined only 1% to €596M from the pandemic induced demand in the 2020 second quarter; Fidelity has the consensus at US$.317 per share; "The Company is reiterating 2021 guidance. Revenue and Adjusted EBITDA are expected to grow approximately 3-5% and Adjusted EPS is expected to be approximately €1.50 to €1.55, representing 11-15% growth. Full year guidance assumes organic revenue growth of approximately 1-2%. Guidance does not yet include the pending acquisition of Fortenova's Frozen Food Business Group, which is expected to close at the end of the third quarter of 2021."; Board approved share repurchase authorization of up to $500M; Nomad Foods (NOMD) Q2 Earnings and Revenues Surpass Estimates | Nasdaq; response to report on 8/5/21: NOMD $27.31 +$1.37 +5.28%) 

Northrim BanCorp SEC Filed Earnings Press Release (Net income of $8.35M or $1.33 per share with consensus at $1.10 per share per Fidelity; NIM TE = 3.5%, "a 42-basis point contraction compared to the preceding quarter, and a 52-basis point contraction compared to the second quarter a year ago"; efficiency ratio = 67%; ROA = 1.42%; ROE 14.26%; Charge off ratio = 0%; "Net loans increased 4% to $1.47 billion at June 30, 2021, compared to $1.41 billion at June 30, 2020, and decreased compared to $1.53 billion at March 31, 2021"; "Total deposits increased 24% to $2.15 billion at June 30, 2021, compared to $1.74 billion at June 30, 2020, and increased 5% compared to $2.05 billion at March 31, 2021"; total risk based capital ratio = 15.45%; tangible common equity to tangible assets ratio was 9.07%; tangible book value per share = $35.64; average cost per share in Fidelity account is at $22.42)

Pfizer (PFE) Reports Second Quarter Results (Adjusted net income of $6.084B; Non-GAAP E.P.S. at $1.07 with the consensus at $.971 per Fidelity; GAAP E.P.S. at $.98; raises full year revenue guidance to $78B to $80B and full year adjusted E.P.S. to $3.95 to $4.05; raised 2021 revenue guidance for the Covid vaccine to approximately $33.5B; 

Principal Financial Group® (PFG) Announces Second Quarter 2021 Results (GAAP net income of $361.8M or $1.32 per share; Non-GAAP net income of $467.3M or $1.7 per share with consensus at $1.5; Board authorized quarterly dividend of $.63 per share, a 3% boost) 

Regions Financial (RF) SEC Filed Earning Press Release (net income of $748M or $.77 per share, with consensus at $.523 per Fidelity; raised quarterly to $.17 per share from $15.5; adjusted NIM = 3.31%, down from 3.36% in the 2020 second quarter; Coverage ratio excluding loans held for sale at 240%; Charge off ratio = .23%; NPL ratio excluding loans held for sale = .79%; during the quarter, RF repurchased 8 million shares for $179M; tangible book value per share = $11.95; my average cost per share in the Fidelity account is $9.04)

Southern Company (SO) SEC Filed Earnings Press Release (Non-GAAP net income of  $891M and E.P.S. at $.84; consensus at $.792 per Fidelity; "Second-quarter 2021 operating revenues were $5.2 billion, compared with $4.6 billion for the second quarter of 2020, an increase of 12.5 percent.")

Southside BancShares (SBSI) (Net income of $21.3M or $.65 per share, with the consensus at $.687; tax equivalent NIM = 3.06%, up slightly from 3.02% in the 2020 second quarter; efficiency ratio = 50.38%; ROTE = 13.13%; NPL Ratio = .14%; NPA Ratio = .21%; Charge off ratio = .01%; tangible book value per share = $20.97, up from $18.32 as of 6/30/20; total capital ratio = 20.95%) 

Stag Industrial (STAG) SEC Filed Earnings Press Release ("$0.52 of Core FFO per diluted share for the second quarter of 2021, an increase of 10.6% compared to second quarter 2020 Core FFO per diluted share of $0.47. Generated Core FFO of $86.3 million for the second quarter of 2021, compared to $71.8 million for the second quarter of 2020, an increase of 20.2%."; " Occupancy Rate of 96.8% on the total portfolio and 97.2% on the Operating Portfolio as of June 30, 2021: "Cash Available for Distribution of $74.8 million for the second quarter of 2021, an increase of 8.3% compared to the second quarter of 2020 of $69.0 million"; STAG is my second largest equity REIT holding) 

United Bankshares (UBSI) SEC Filed Earnings Press Release (net income of $94.8M or $.73 per share, with the consensus at $.706 per share; NIM =3.14% down from 3.18% in the 2020 second quarter; efficiency ratio = 55.72%; NPL Ratio = .61%; NPA Ratio = .45%; Charge off ratio = .1%; ROA = 1.41%; ROE = 8.69%; ROTE = 14.95%;  tangible book value per share = $19.81; dividend payout ratio = 47.73%; total capital ratio = 15.9%; "As of June 30, 2021, United had consolidated assets of approximately $27.2 billion. United is the parent company of United Bank which has 223 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio.") 

Vertex  Pharmaceuticals (VRTX) SEC Filed Earnings Press Release (VRTX)(Non-GAAP net income of $811M or $3.11, up from $2.61 in the 2020 second quarter and beating the consensus estimate of $2.485 per Fidelity; revenues up 18% to $1.793B led by Trikafta/Kaftrio at $1.256B) 

WEC Energy Group (WEC) SEC Filed Earnings Report (net income of $276M with an E.P.S. of $.87 with the consensus at $.792 per Fidelity; up from $.76 per share in the 2020 second quarter; revenues at $1.672B)

++++

Tucker Carlson Has Seen the Future, and It Is Fascist

Top RNC official Peter Feaman spreads conspiracies, calling vaccines the 'mark of the beast' 

Texas GOP Official H. Scott Apley Mocked COVID Days Before He Died of Virus

COVID-19 is crushing red states. Why isn’t Trump turning his rallies into mass vaccination sites?

Florida Reports A Record Number Of COVID-19 Cases; Florida COVID update: Another hospitalization record is set | Miami Herald 

Donoghue notes show Trump pressing Rosen, Justice on election-fraud claims - The Washington Post (Trump: Told the Trump installed Attorney General Jeffrey Rosen to “just say the election was corrupt + leave the rest to me and the R. Congressmen.”) Donald claims he was only trying to "uphold the integrity and honesty of elections and the sanctity of our vote." Trump Says He Didn't Ask DOJ to Call Election 'Corrupt,' Demands Voter Fraud Investigation 81% of Republicans believe Donald is honest. (Question 11: National (US) Poll - June 18, 2020)

A 100% pure Trumpster DOJ official, Jeffrey Clark, did try to convince the department to intervene in Georgia's tabulation of votes and to cooperate with Georgia's republican legislature in investigating the "fraud" claims. The effort occurred after Clark met privately with Don the Authoritarian. The end result of Clark and Trump's machinations, if implemented, would have been to give Donald what he wanted, a victory when the certified results showed that Biden won the state. DOJ officials rejected colleague's request to intervene in Georgia's election certification: Emails - ABC News; Is Jeffrey Clark’s Secret Conversation With Trump “Privileged”? There is an obvious reason why Republicans wanted to throw out the actual election results in Arizona, Georgia, Michigan, Pennsylvania and Wisconsin and then have the republican dominated legislatures in those states, who would have slavishly followed Donald's instructions, decide who won. The GOP is not a conservative party and is led by the most powerful enemy of America's democracy since the nation's founding.  

A newly released letter tells us more about Trump’s last-ditch push to steal the election - The Washington Post It was, of course, Republicans who were trying to steal the election. 

Top DOJ Official Planned to Resign Over Trump Election Pressure 

The Republican House Minority Leader Kevin McCarthy (R-CA) and Representative Elise Stefanik (R-NY) blamed Nancy Pelosi for the Republican mob attack on the Capitol. While blaming Pelosi for failing to adequately protect the Capitol from the Republican mob, McCarthy would not say whether the then Majority Leader in the Senate, Mitch McConnell (R-KY), shared that blame. The House Republicans replaced Liz Cheney with Ms. Stefanik in a leadership role since Ms. Stefanik will cheerfully repeat Trumpster lies and nonsense. GOP Rep. Elise Stefanik Lies, Blames Pelosi for Pro-Trump Capitol Attack (noting that congressional leaders are not responsible for security at the Capitol). At least Liz Cheney deserves respect for the stand that she is taking, while Stefanik is just another Trump sycophant in a nation inundated with them. Republicans' No Evidence Attempt to Cast Blame on Pelosi for Jan. 6 - FactCheck.org; 

Already Distorting Jan. 6, G.O.P. Now Concocts Entire Counter-narrative - The New York Times  

Representative Mo Brooks (R-AL) may be sued over speech before the Capitol riot, Justice Dept. says - The Washington Post

Mike Lindell's Plot to Destroy America - The Atlantic (written by Anne Applebaum)("Along with Bannon, Giuliani, and the rest of the conspiracy posse, he is helping create profound distrust in the American electoral system, in the American political system, in the American public-health system, and ultimately in American democracy. The eventual consequences of their actions may well be a genuinely stolen or disputed election in 2024, and political violence on a scale the U.S. hasn’t seen in decades.") The new nutcase conspiracy theory being advanced is that some concerned and unidentified citizens provided the MyPillow guy captured data proving that the Chinese Communists altered election results in all 50 states. The data packets came out of an unidentified building in China. 

Fact Checking ‘Absolutely 9-0,’ the Latest Documentary From Mike Lindell - by Khaya Himmelman - The Dispatch Fact Check

Donald Trump's political organization raised $82 million in first half of 2021 

Our brother Paul Gosar (R-AZ) backed Trump's lie and betrayed America. Has he no shame?

Senator Ron Johnson (R-WIS) Ripped for Lauding Covid-Truther Alex Berenson; Alex Berenson: The Pandemic's Wrongest Man - The Atlantic; Ron Johnson suggests, without evidence, FBI had advance knowledge of January 6 riot but did nothing Wisconsin gave the nation Senator Joseph McCarthy (R) and Ron Johnson. Who is worse, hard to tell. A solid argument can be made that Johnson is more of a national embarrassment than Joe McCarthy. Both McCarthy, long since deceased, and Ron Johnson are part of Trump's America.   

China critic Sen. Tommy Tuberville of Alabama (R) violated STOCK Act

Arizona Officials Are Calling Bulls--t on Republicans’ 2020 Election “Audit” | Vanity Fair The Republicans will never give up their efforts to undermine democracy and the faith of voters in certified election results. 

I have been reading Michael Wolff's new book which is not worth the price. Landslide: The Final Days of the Trump Presidency. Trump comes across as crazy and a despicable human being, evil would be an apt description, which is what I would expect. Michael Wolff: ‘Trump Is Even Crazier Than I Thought.’ - YouTube And over 74 million Americans will vote again to give this obvious lying sociopath with dominant authoritarian and anti-democratic tendencies another 4 years as President- even now.  

Vaccines Remain Largely Effective Against Delta Variant, Counter to Claims From Fox "News" Guest - FactCheck.org I am compelled to put quotes around Fox "News" since I view Fox as a Trump propaganda channel rather than a news organization that follows journalistic standards.  

Most unvaccinated Americans say vaccine is greater health risk than covid-19, per KFF poll - The Washington Post; KFF COVID-19 Vaccine Monitor: July 2021 | KFF In TrumpWorld, facts get in the way of Trumpster fact free conspiracy theories and are consequently ignored as Fake News. I have heard Republicans claim that the vaccines will  give you Covid and that the vaccine even has microchips connecting to either government servers or those owned by Bill Gates. Those are just 2 examples. Microchips, Magnets And Shedding: Here Are 5 (Debunked) Covid Vaccine Conspiracy Theories Spreading Online; Half of the US believes a deadly conspiracy theory ("Monmouth poll showed that 64% of people who falsely think that Biden won because of voter fraud also have not received a vaccine dose.") And it is Biden's fault that a Trumpster refuses to get a vaccination. Just ask Donald.   

Devin Nunes (R-CA) Sues MSNBC, Claiming Rachel Maddow Defamed Him

State Department Probing Missing Whiskey Given to Mike Pompeo

U.S. judges slam the notion that Capitol riot defendants are patriots, political prisoners - The Washington Post

Judge sanctions lawyers for bringing 2020 election conspiracy lawsuit - POLITICO; Federal judge sanctions Colorado attorneys over 2020 election lawsuit: 'The stuff of which violent insurrections are made' - The Washington Post

 ++++

1. Sold 350 of 400 NWHUF at US$10.42: 

Quotes: 

USD: Northwest Healthcare Properties Real Estate Investment Trust  (U.S.: OTC) This is a Grey Market listing. 

CAD: Northwest Healthcare Properties Real Estate Investment Trust (Canada: Toronto) 

Northwest has interests in 189 healthcare properties with 15.3M square feet of gross leasable space. The properties are located in Canada, Australia, Netherlands, Germany, Brazil and New Zealand. Property Map  

Investor Information | NorthWest Healthcare Properties

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

I still own 600 shares of the CAD priced units traded on the Toronto Exchange:

As of close on 8/5/21, average cost per share at C$9.685, unrealized gain at C$1,970 

Yield at C$9.85 = 8.26%

Last Buy Discussions of USD Priced Shares Traded on the U.S. Grey Market: Item # 1 Added 100 NWHUF at US$ 6.83 (6/27/20 Post); Item # 3.A. Added 50 NWHUF at US$8.3; 50 at US$8.5; 50 at US$6.75 and 50 at US$5.57 (4/4/20 Post)

Profit Snapshot: +$965.98

AC Remaining Shares this Account: US$6.83

Snapshot as of close on 7/29/21

Dividend: Monthly at C$.06667 (C$.80 annually)

Canada will withhold a 15% tax.  

Yield: The yield will depend on the CAD/USD conversion rates when paid. Assuming a constant .80 CAD/USD, which is of course absurd but at least close to the current rate, the yield would be about 9.37% using those assumptions (C$.80 unit annual rate  x. .80 conversion rate = US$.64 x. US$6.83 cost per unit = 9.37%) The after tax yield will depend on the recovery of Canada's tax through a U.S. tax credit. 

Notice from Schwab relating to SEC Rule Change Impacting NWHUF: 

Last Earnings Report (Q/E 3/31/21): Q1 2021 - MD&A I will discuss the second quarter earnings report after it released next week. 

Last Sell Discussions (includes CAD priced shares): Item # 1. A. Sold 1000 at C$10.68 (/7/31/17)(profit after conversion from CADs = US$606.31); Item # 1.B. Sold 100 NWHUF at US$8.79  (8/21/17 Post)(profit snapshot = US$106.98)

Buys Discussions (CAD Priced Shares): Item # 1.B. Bought 100 NWH.UN:CA at C$9.67 (1/20/19 Post); Item #1.A Bought 100 NWH.UN:CA at C$10.58 (3/12/18 Post); Item # 6.A. Added 100 NWH.UN at C$10.62 (8/13/17 Post); Item # 1 Added 100 NWN.UN at C$9.58 Update For Equity REIT Basket Strategy As Of 5/5/16 - South Gent | Seeking Alpha; Bought 300 NWH.UN at C$7.68 Update For Equity REIT Basket Strategy As Of 7/24/15 - South Gent | Seeking Alpha; REIT Basket Strategy: Added 100 Northwest Healthcare Properties REIT At C$8.3 - South Gent | Seeking Alpha (12/21/2014 Post) 

Northwest Healthcare Realized Gains to Date: US$1,679.27

2. Small Ball: 

A. Eliminated JDD-Sold 50 at $10.47: 

Quote: JDD | Nuveen Diversified Dividend & Income Fund Overview-A Leveraged CEF

Sponsor's Website: JDD - Nuveen Diversified Dividend and Income Fund

JDD SEC Filings

Nuveen Diversified Dividend and Income Fund 2020 Annual Report

JDD SEC Filed Portfolio as of 3/31/21 

Leverage as of 6/30/21: 

Profit Snapshot: +$166.19

Last Discussed: Item # 1.B. Bought 100 JDD at $7.51 and Sold 50 at $8.01 after the ex dividend date (7/3/20 Post) 

Data Date of 7/19/21 Trade: 

Closing Net Asset Value per share = $11.26

Closing Market Price = $10.39

Discount: -7.73%

5 year average discount: 8.02%

Sourced: JDD CEF Connect  (click "Pricing Information" tab)

Dividends: Quarterly at $.196 per share and declining

Last Ex Dividend: 6/14/21 (owned as of) 

B. Bought 2 FLYW at $31.6:

Quote:  Flywire Corp. 

Flywire is a global payments enablement and software company.

Flywire "enabled over $7.5 billion in total payment volume across multiple payment types, including local bank transfer, credit and debit cards, and other alternative payment methods such as Alipay, Boleto, PayPal / Venmo, and Trustly. In the quarter ended March 31, 2021, we enabled approximately $2.9 billion in total payment volume. The majority of our payment volume is not card-related and is completed over our global payment network."

FLYW Analyst Estimates | MarketWatch

SEC Filings 

Investment Category: Lottery Ticket Basket Strategy

The IPO was last May with a $24 public offering price. Prospectus 

C. Pared JRI in Fidelity Taxable-Sold 22.235 Shares at $16.11: 

I sold all shares that had a taxable cost basis over $14. 

Quote: Nuveen Real Asset Income & Growth Fund Overview 

JRI SEC Filings

SEC Filing-Portfolio as of 3/31/21

Nuveen Real Asset Income and Growth Fund (SEC Filed 2020 Annual Report)

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

Number of Holdings as of 6/30/21: 460

Asset Allocation as of 6/30/21: 

Effective Fund Leverage as of 6/30/21: 27.78%

Profit Snapshot: +$42.31 (7/15/21 Sale only)

New AC per share this account: $10.6 (119+ shares)

Snapshot Intraday 7/15/21 after pare

Dividend: Monthly at $.0965 per share ($1.158 annually)

Yield at New AC = 10.92% (Some ROC support)

Data Date of 7/15/21 Trade: 

Closing Net Asset Value per share: $17.12

Closing Market Price: $16.07

Discount: -6.13%

Average 5 year discount: -11.51%

Sourced: JRI -CEF Connect (click "Pricing Information" tab)

Last Buy Discussions: Item # 1.G. Added to JRI-Bought 10 at $11.8; 10 at $11.66 (8/1/20 Post);  

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) 

D. Pared JRI in Vanguard Account-Sold 9 Shares at $16.11: 

See Item # 2.C. Above

Except for a 5 share lot bought on 3/11/20, the remaining fractional shares were bought with bought with the monthly dividend payments. 

Profit Snapshot: $19.97

New AC after pare this account: $10.78 (49+ shares) 

Snapshot as of close on 7/15/21

The AC was reduced from $11.26 per share. 

Yield at New AC this account: 10.74%

Last JRI Sell Discussions:  

Item # 2.A. Pared JRI-Sold 30 at $15.9-highest cost shares (6/19/21 Post)(profit snapshot = $14.73)  

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= $427.89 

E. Pared CZNC-Sold 5.944 at $25.41: 

Quote: Citizens & Northern Corp. (CZNC)

CZNC Analyst Estimates

CZNC SEC Filings

Investment Category: Regional Bank Basket Strategy

Last Buy Discussions: Item # 1.A. Added to CZNC-Bought 10 at $17.2; 5 at $16.65; 5 at $15.55 (9/26/20 Post); Item # 1.B. Restarted CZNC- Bought 10 at $17.7; 5 at $17.07 (6/13/20 Post)

Profit Snapshot: $40.57  (7/16/21 sale only)

New AC per Share: $16.52 (20 shares)

Snapshot Intraday on 7/16/21 after pare

Dividend: Quarterly at $.28 per share ($1.12 annually)

Yield at new AC = 6.78%

Last Ex Dividend: 7/30/21 (after pare)

Last Earnings Report (Q/E 6/30/21): SEC Filed Press Release 

E.P.S. = $.44, up from $.39 in the 2020 second quarter

Consensus at $.47 

"Net gains from sales of loans totaled $925,000 in the second quarter 2021, a decrease of $139,000 from the first quarter 2021 total, reflecting a reduction in volume of residential mortgage loans sold."

NPL Ratio = 1.12%

NIM 3.52%

F. Eliminated EBTC-Sold 5 at $33.23: 

Quote: Enterprise Bancorp Inc.

Corporate Profile | Enterprise Bank

EBTC SEC Filings

There are no analyst estimates.

Last Discussed: Item # 1.A. Bought 5 at $22 (10/17/20 Post) 

Investment Category: Regional Bank Basket Strategy

Profit Snapshot: $56.17

Dividend: Quarterly at $.185 per share 

At $33.23, the yield is about 2.23%. 

Last Earnings Report (Q/E 6/30/21): SEC Filed Press Release

Net Income = 11.1M

E.P.S. = $.92, up from $.61 in the 2020 2nd Q. 

NIM = 3.45%, down from 3.59% in 2020 2nd Q. 

NPL Ratio = 1.09%

NPA Ratio = .78%

Charge Offs = $110K. 

ROA = 1.03%

ROE = 13.09%

Total Capital Ratio = 14.46%

EBTC Realized Gains to Date: $593.86

The largest gain was $491.11 on a 100 share lot sold in 2011. Item # 4. Sold 100 EBTC at $15.95 (4/27/11 Post)

G. Pared NMFC in Fidelity Taxable-Sold 3 at $13.39: 

Quote: New Mountain Finance Corp. - An Externally Managed BDC

Closing Price 8/5/21: NMFC $13.42  +$0.19 +1.44% 

NMFC SEC Filings

2020 Annual Report

Website: New Mountain Finance Corporation

Last Buy Discussions: Item # 3.M Added to NMFC-Bought 5 at $9.48 (11/7/20 Post); Item # 1.J. Started NMFC (Schwab Taxable Account)-Bought 10 at $9.61; 5 at $9 (10/31/20 Post); Item #4.F. Restarted NMFC; Bought 10 at $11.45; 10 at $11.15; 10 at $11.15; 10 at $9.85; 5 at $8.3; 2 at $7.36; 3 at $5.96; 1 at $5.94; 2 at $4.95 (4/4/20 Post)

Profit Snapshot: +$10.75 (7/16/21 sale only)

New AC per share = $8.15 (25 shares)

Snapshot Intraday on 7/16/21 after pare 

Dividend: Quarterly at $.30 per share, reduced from $.34 effective for the 2020 second quarter payment. 

New Mountain Finance Dividend History | Nasdaq

I have turned off dividend reinvestment. 

Yield at $8.15 = 14.72%

Last Ex Dividend: 6/15/21

Next Ex Dividend: 9/15/21 

2020 Dividend Tax Allocation: 

Net Asset value per share history: 

  6/30/21:  $13.33

03/31/21:  $12.85

12/31/20:  $12.62

12/31/19:   $13.26

12/31/18:   $13.22

12/31/17:   $13.63 

12/31/16:   $13.46

12/31/15:   $13.08

12/31/14:   $13.83

12/31/13:   $14.38 

12/31/12:   $14.06

IPO May 2011-Prospectus: Public Offering Price at $13.75 (all expenses including the sales load paid by the management company) 

Last Earnings Report (Q/E 6/30/21): New Mountain Finance Corporation Announces Financial Results for the Quarter Ended June 30, 2021 

Net investment income per share = $.30, in line

Net asset value per share = $13.33

Last Sell Discussions: I discussed the first quarter report in this post: Item # 2.H. Sold All Fractional NMFC Shares Bought with Dividends in Fidelity Account at $13.69 (6/25/21 Post)) 

Item # 3.G. Pared NMFC in Fidelity Taxable-Sold 20 at $12.27 (1/1/21 Post); Item # 2 Eliminated NMFC-Sold 102+ at $14.2 (1/25/20 Post); Item  # 2.A. Sold 50 NMFC at $13.95 (1/15/20 Post); Item # 1.B. Eliminated NMFC-Sold 60 at $13.96 and 50 at $13.94  (2/9/19 Post); Item # 1 A. Sold 50 NMFC at $14.06 (8/19/18 Post); Item # 1 Sold Remaining 50 Shares of NMFC at $14.63 (11/1/14 Post); Sold 100 of 150 NMFC at $14.4773 (10/23/14 Post); Item # 8 Sold Highest Cost NMFC Lot at $15.37 (9/14/2014 Post)

NMFC Realized Gains to Date (have been hard to generate): $273.6

Goal: Total return in excess of the dividends paid.  

H. Added to CALF-Bought 1 at $41.72: 

Quote: Pacer US Small Cap Cash Cows 100 ETF Overview

Closing Price 8/5/21: CALF $43.23 +$0.59 +1.38% 

Sponsor's website: CALF | Pacer ETFs

Last Discussed: Item # 1.K. Bought 2 CALF at $44.18; 1 at $43 (7/15/21 Post) 

I. Added 1 PAY at $31; 1 at $30.5, 1 at 29 : 

Quote:  Paymentus Holdings

PAY Analyst Estimates | MarketWatch

Website: Powering the Next Generation of Electronic Bill Payments

PAY SEC Filings

IPO Prospectus (offered at $21 last May)

Investment Category: Lottery Ticket Basket Strategy: 

Last Discussed: Item # 1.G. Bought 1 PAY at $35; 1 at $34.5; 1 at $33 (7/15/21 Post) 

The next earnings report is scheduled for release on Tuesday August 10th after the market closes. The average revenue estimate is currently at $89.25M with a non-GAAP E.P.S. of $.01. PAY 

J. Added 5 CIZN at $17.7: 

Quote: Citizens Holding Co. (CIZN)

CIZN SEC Filings; 10-K: 2020 Annual Report

Investment Category: Regional Bank Basket Strategy/Primarily viewed as a Bond Substitute 

Last Discussed:  Item # 1.K. Bought 10 CIZN at $18.99; 5 at $18.3; 5 at $18.14 (7/2/21 Post) 

Average cost per share =  $18.42  (25 shares)

Dividend: Quarterly at $.24 per share  ($.96 annually)

Yield at AC = 5.21%

Last Ex Dividend: 6/17/21

Last Earnings Report (Q/E 6/30/21): Citizens Holding Company Reports Earnings 

E.P.S. at $.34 up from $.24 in the 2020 second quarter

YTD charge-off ratio = .11%

NIM = 2.45%, down from 2.74% in the 2020 second quarter but up from 2.32% in the 2021 first quarter

Sell Discussions: Sold 50 CIZN at $22.5 Update On Regional Bank Basket Strategy As Of 7/17/15 - South Gent | Seeking Alpha; Item # 4 Sold 100 CIZN @ $20.56 (3/2/11 Post)  

Goal: Harvest the dividends and a 2+% annualized profit on the shares. I do not view CIZN as a quality regional bank.   

CIZN Realized Gains to Date:  $419.17 

K. Restarted ORKLY in Schwab Taxable-Bought 20 at $9.01: 

Quotes: 

USD Priced ADR: ORKLY (pink sheet exchange)

NOK Priced Ordinary Shares:  ORKLA ASA (ORK.OL)

ADR Ratio: 1:1

Closing Price 8/5/21: ORKLY $9.06 +$0.01 +0.06% 

NOK / USD Currency Chart. Norwegian Krone to US Dollar Rates

Investor Relations

About Orkla

Orkla Foods - Orkla.com

Orkla Confectionery & Snacks - Orkla.com

Orkla Care - Orkla.com

Orkla Food Ingredients - Orkla.com

Orkla Consumer & Financial Investments - Orkla.com Those investments include a 42.6% interest in Jotun (a large manufacturer of paints and coatings); Hydro Power, consisting of wholly-owned power plants in Sarpsfoss and power plants leased through Orkla's 85% interest in SØNNÅ HYDRO; Orkla Ventures; Orkla House Care; Lilleborg ("hygiene and cleaning systems to the professional market"); and Pierre Robert Group ("high-quality basic garments for women, men and children") I would hope at some point that the company will sell some of these businesses particularly its interest in the paint manufacturer Jotun.  

Orkla's 42.6% interest in Jotun needs to be sold IMO. 

In 2017, Orkla did sell its 50% interest in SAPA for NOK11.86B in cash. SAPA is a global leader in aluminum extrusions.  Norsk Hydro – Acquisition of Sapa completed

History this Account: 

Last Elimination in this Account: Item # 1- Sold 100 ORKLY at $10.33 (5/23/21 Post) 

Last Buy Discussion: Item # 2 Bought 99 ORKLY at $9.67 and 1 at $9.66 (1/1/2021 Post)

I still own 100 shares in my Fidelity account which includes the following purchases. Item # 1.D. Added 10 ORKLY at $7.65; 10 at $7.3; 20 at $9.03; 10 at $8.29 (5/16/20 Post) The AC per share in that account is $8.22.

Dividends: Paid annually, usually in May.  If the broker claims tax treaty rights for a U.S. citizen "at the source", Norway will withhold 15%. If that is not done, Norway will withhold the maximum tax amount as if there was no tax treaty between the U.S. and Norway limiting the amount. 

Last Earnings Report (Q/E 6/30/21): There was a negative reaction to this report that was slightly overdone IMO, so I bought back a few shares. 

The reaction was probably due to this sentence contained in the press release and its impact on earnings: “Orkla is exposed to a broad range of raw materials. The coronavirus pandemic has contributed to bottlenecks and disruptions in global value chains. This situation, combined with increased demand, will result in higher raw material prices going forward.” Orkla - Sales and profit growth for Orkla

"Orkla’s profit before tax increased by 12% to NOK 1,344 million in the second quarter. Earnings per share rose 9.5% to NOK 1.04 in the quarter. Adjusted earnings per share rose 3.6% to NOK 1.14. Substantially higher power prices contributed to a rise in Hydro Power’s operating profit to NOK 112 million in the second quarter, a year-over-year improvement of NOK 131 million. Jotun, in which Orkla has an ownership interest of 42.6%, contributed to an increase in profit from associates of 2.8% to NOK 255 million in the second quarter."

"Branded Consumer Goods had organic growth of 6.9% in the quarter. . . . Branded Consumer Goods, including Headquarters, saw a 5.4% reduction in operating profit, ascribable to a higher level of activity and increased costs. The decline was partly coronavirus-related . ."

See also, First quarter results 2021pdf 

Management is also increasing debt at a rapid rate to pay for acquisitions. Management is blowing a lot of money implementing a new ERP system as previously discussed.  

Some of the acquisitions are as follows: a 75% share in New York Pizza, a Netherlands Pizza chain, for NOK 1.5B or about €145M; 100% of NutraQ a subscription-based health and wellness products company operating in the Nordic region valued at NOK 3.5B; and two British companies that sell cake decorations and accessories for NOK 168M. 

Acquisitions completed starting on 4/30/21

Orkla acquires New York Pizza 

Orkla completes acquisition of NutraQ 

Orkla completes acquisition of Icelands leading chocolate company 

Orkla acquires Hans Kaspar in Switzerland

Orkla acquires UK companies Cake Décor and For All Baking

Based on the current price, the Stock Jocks are expressing some meaningful skepticism in this acquisition and debt expansion strategy IMO. 

Prior Round Trip-Discussions: Item # 1.A. Eliminated ORKLY in Schwab Account-Sold 120 at $9.47 and Item # 1.B. Sold 10 of 110 in Fidelity Account at $9.47 (8/15/20 Post)(profit snapshots = $65.61; also contains snapshots of 2017 round-trips with a total realized gain of $65.45); Item # 4.B. Sold 100 ORKLY at $10.1 (1/5/20 Post)(profit snapshot = $4.97); Sold 100 ORKLY-Update On Portfolio Positioning And Management -South Gent | Seeking Alpha August 2015 (profit snapshot =$51.08); Item # 4 Sold  100 ORKLY at $9 (9/6/14 Post)(profit snapshot = $122.48)- Item # 2 Bought 100 ORKLY at $7.61 (1/13/14 Post)

ORKLY Realized Gains to Date:  $325.02 

L. Bought 10 ORKLY in Vanguard Taxable at $9.07:

See Item # 2.K. Above. 

M. Added to FCX-Bought 1 at $32.92: 

Quote: Freeport-McMoRan Inc

Closing Price 8/5/21: FCX $35.85  +$0.20 +0.56% 

FCX Analyst Estimates | MarketWatch

FCX SEC Filings

2020 Annual Report

Average Cost = $37.7 (8 shares)

Last Discussed: Item # 1.J. Added to FCX - Bought 1 at $39.37; 1 at $37; 2 at $34.68 (7/2/21 Post); Item # 3.A. Bought 2 FCX at $41.33; 1 at $40.29 (6/12/21 Post)

Copper Prices Are Falling. That Could Be a Bad Sign for the Economy. | Barron's (8/5/21)

Copper Prices - 45 Year Historical Chart | MacroTrends The chart does look like a double top near $4.5 per pound. I discussed earlier that the $4.5 price was not likely to hold for long. Item # 3.A. (6/12/21 Post) The current price is still a very good number for FCX. 

Last Earnings Report (Q/E 6/30/21): Freeport-McMoRan (FCX) SEC Filed Earnings Press Release

GAAP net income of $1.08B or $.73; 

adjusted net income at $1.14B or $.77 per share with consensus estimate at $.756 per Fidelity;

"sales totaled 929 million pounds of copper, 305 thousand ounces of gold and 22 million pounds of molybdenum in second-quarter 2021"; 

"Consolidated sales for the year 2021 are expected to approximate 3.85 billion pounds of copper, 1.3 million ounces of gold and 86 million pounds of molybdenum, including 1.035 billion pounds of copper, 360 thousand ounces of gold and 21 million pounds of molybdenum in third-quarter 2021"; 

average realized prices "in second-quarter 2021 were $4.34 per pound for copper, $1,794 per ounce for gold and $13.11 per pound for molybdenum

N. Added 1 BNS at $61.59 in Fidelity Taxable: 

Quotes:  

USD: Bank of Nova Scotia (BNS)

CAD: Bank of Nova Scotia Stock Quote (Canada: Toronto)

Closing Price 8/5/21: BNS $62.97 +$0.74 +1.19% 

Canadian Dollar to US Dollar Exchange Rates Chart

BNS Analyst Estimates | MarketWatch

Investor Relations

Dividend: Quarterly at C.90 per share. 

Next Ex Dividend Date: 10/4/21

Average Cost per share this Account:  $64.18  ( 7 shares)

Last Discussed: Item # 1.B. Started BNS - Bought 5 at $64.97 before ex dividend; 1 at $62.83 after ex dividend (7/15/21 Post) I discussed the last earnings report, which was for the fiscal quarter ending 4/30 in that post and have nothing to add here. 

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.