AMKBY, BHB, BWG, CNQ, GLD, GNL, LRGF, NWHUF, ORKLY, SPLK, TRST, VEU, VTV

Economy:

Over the past year through August, CPI increased 5.3% on a non-seasonally adjusted basis. Core CPI, which excludes food and energy, rose 4%. 

On a seasonally adjusted basis, CPI rose .3% in August after rising .5% in July. 

Consumer Price Index Summary

Climate change, supply chain and labor issues are making food pricier

CNBC poll shows very little will persuade unvaccinated Americans to get Covid shots  

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Markets and Market Commentary: 

3M Has an Inflation Problem-Barron's (9/13/21)

Fifth Third Bancorp (FITB) Increases Quarterly Cash Dividend on its Common Shares 3 cents, or approximately 11%, to $0.30 per Share 

Aegon redeemed its $25 par value floating rate hybrid security that formerly traded under the symbol AEB. Aegon calls USD 250 million in perpetual capital securities | Aegon This security paid qualified dividends at the greater of 4% or .875 above the 3 month Libor rate. The security paid a 4% coupon throughout my ownership period which started in 2008. Aegon Hybrids (contains snapshots of AEB round-trip trades; AEB total profit = $3,641.61) I did not own shares on the redemption date. The last sale was discussed here: Item # 2.A. (10/3/20 Post) The lowest price paid was $4.8 per share: Buy of 50 AEB at $4.8 (2/23/2009)

++++

Earnings Reports Owned Stocks

Bank of Nova Scotia (BNS) SEC Filed 3rd Fiscal Quarter (7/31/21) Earnings Press Release (All amounts are in Canadian Dollars; Net income of $2.542B; E.P.S. = $1.99; Adjusted E.P.S. at $2.01; the consensus was at $1.898 per Fidelity; ROE = 15%, The Bank of Nova Scotia (BNS) Q3 2021 Earnings Call Transcript | The Motley Fool) 

Box (BOX) Reports Strong Fiscal Second Quarter 2022 Financial Results (F/Q ending 7/31/21; GAAP net loss of $.08 on a 12% Y-O-Y increase in revenues to $214.5M; non-GAAP E.P.S. = $.21 with the consensus at $.186 per Fidelity; free cash flow = $29.8M, up $16.5 Y-O-Y; "repurchased $308 Million of Class A Common Stock Including Modified Dutch Auction Tender (as of August 24, 2021)"; FY 2022 revenue guidance between $856M-$860M) 

Royal Bank of Canada (RY) SEC Filed Earnings Press Release for the 3rd Fiscal Quarter Ending 7/31/21 (All amounts are in Canadian Dollars; Net Income of $4.3B; E.P.S. = $2.98; consensus at $2.691 per Fidelity; pre-provision, pre-tax earnings of $5B, up 6%;  earnings benefited from a $638M release from reserves; ROE = 19.6%. I have not discussed my purchases here)

Salesforce (CRM) SEC Filed Earnings Press Release for the Fiscal Second Quarter ending 7/31/21 ("Second quarter GAAP diluted earnings per share was $0.56, and non-GAAP diluted earnings per share was $1.48. Mark-to-market accounting of the company’s strategic investments benefited GAAP diluted earnings per share by $0.42 based on a U.S. tax rate of 25% and non-GAAP diluted earnings per share by $0.43 based on a non-GAAP tax rate of 21.5%"; consensus was at $.917 non-GAAP per Fidelity; "Revenue of $6.34 Billion, up 23% Year-Over-Year, 21% in Constant Currency"; project non-GAAP E.P.S. for the 3rd fiscal quarter at $.91-$.92 and $4.36-$4.38 for the fiscal 2022 year; projects fiscal 2022 revenue at $26.2B to $26.3B)

Toronto Dominion (TD) SEC Filed Earnings Press Release (All Amounts in Canadian Dollars; E.P.S. $1.92, adjusted to $1.96 with the consensus at $1.92; adjusted net income = $3.628B; total capital ratio = 18.5%; dividend payout ratio = 41.2%; adjusted ROTE = 20.9% and 20.8% unadjusted; adjusted efficiency ratio = 52%. Currently, TD is my largest Canadian bank position at 38 shares with an average cost per share of $51.33. I have been selling the highest cost lots with the last discussion at Item # 2.H. Sold 2.621 TD Shares Purchased with Dividends at $70.97)

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Grady Knox, Tennessee student, heckled at board meeting after revealing grandmother died of covid-19 - The Washington Post This is standard fare for Trumpsters. The incident occurred in Murfreesboro, TN which is a short drive from where I live. 

Joseph Angel Alvarez Killed Lawyer and Shot Her Husband 3 Times Over Their Biden Votes: Police The Trumpster said he wanted to eliminate both the husband and wife for being part of the "Jewish Satanist Party". 

Hear the calls Trump made as he tried to steal the election - YouTube

Larry Kudlow Says He Misses 'Calmness' Of Donald Trump 

Trump’s MAGA Movement Sets Its Sights On Brazil’s Democracy 

Trump Keeps Lying About Jimmy Kimmel-YouTube Trump constantly creates his own reality that has nothing to do with what is true. 

'Peril,' by Bob Woodward and Robert Costa, reports Gen. Mark A. Milley called a Chinese general twice to pledge the U.S. wouldn’t strike - The Washington Post  

U.S. top general secretly called China over fears Trump could spark war -report | Reuters

Trump and GOP accuse General Milley of treason-YouTube  

Trump, Larry Elder falsely claim fraud before California recall votes are counted - The Washington Post America's anti-democracy party will constantly claim voter fraud-without proof of course. The dominant purpose is to justify voting restrictions that make it more difficult and onerous for legal voters, who vote the wrong way, to vote.  

Donald Trump endorses Mark Finchem for Arizona secretary of state Finchem received Trump's endorsement after tweeting that Arizona's certified 2020 election results needed to be decertified with Donald declared the winner instead of Biden who actually won the state. Finchem will know how to count the votes right when and if he becomes Arizona's chief election official. 

The California Recall's Warning for Democracy - The Atlantic California's recall process is fundamentally anti-democratic as used by the anti-democracy, pro-authoritarian Trumpster party. The challenge is made in an off year when voters are generally far more apathetic about voting. The general idea is to replace a Democrat with a republican who would have no chance of winning in a general election, even a fringe candidate like Larry Elder could become governor. California recall embodies the GOP's embrace of Trump's anti-democracy politics | Salon.com Newsom had won the election in 2018 with 62% of the vote. 2018 California gubernatorial election - Wikipedia 

Larry Elder Calls to Fix Twisted Results of Recall Election (note his threat to resort to the "ammo box")  

Pennsylvania GOP lawmakers vote to subpoena voter records, official emails in 2020 probe - The Washington Post Besides caving into Trump's demands, the purpose IMO is to intimidate voters who voted the wrong way and to undermine faith in the democratic process. The Republicans are seeking "the names, dates of birth, driver’s license numbers, last four digits of Social Security numbers, addresses and methods of voting for millions of people who cast ballots" in the November election. 

Trump expresses solidarity with rioters arrested in Jan. 6 attack ahead of planned rally - The Washington Post There is going to be a protest this weekend in support of the Republican attack on the nation's capital. 

Since I am pro-democracy, I have become a one issue voter. 

1 in 500 Americans have died of covid-19 since the pandemic began - Washington Post (9/15/21)

Idaho, a state dominated by Trumpsters and with a low vaccination rate, is rationing healthcare due to a surge in Covid cases. Idaho Is Rationing Health Care Statewide As It Struggles To Cope With COVID-19-NPR; Ryan Cole, backed by Idaho Republicans, called coronavirus vaccines 'fake.' Now he sits on an Idaho health board, as hospitals ration care - The Washington Post;  What Percentage of Idaho is Vaccinated? | Idaho Vaccine Tracker | USAFacts Idaho has a population of about 1.85M and 2 U.S. senators. Trump carried the state with 63.8% of the vote in 2020. Idaho presidential election results 2020 

Rationing of healthcare has occurred recently in another Trumpster state. Alaska's Largest Hospital Says The Strain Of COVID Is Forcing It To Ration Care-NPR

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1. Eliminated NWHUF-Sold 45 at $10.76 and 5 at $10.21: 

Quotes: 

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

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

Investor Information | NorthWest Healthcare Properties

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Property Map

This leaves me with 600 of the CAD priced units traded on the Toronto stock exchange held in my Interactive Broker account. 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) 

Snapshot as of close on 9/16/21: Unrealized Gain = +C$2,2700 

Last NWHUF Sell Discussion: Item # 1 Sold 350 of 400 NWHUF at US$10.42 (8/6/21 Post)(profit snapshot = +US$965.98) As noted in that post, Schwab informed me that there may be problems going forward in trading the USD priced units traded on the Grey Market due to a SEC rule change, which is the main reasons for liquidating those shares.  

Profit Snapshot: +$193.47

Last Buy Discussion of USD Grey Market Shares: 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) 

Last Earnings Report (Q/E 6/30/21): NorthWest Healthcare Properties Real Estate Investment Trust Releases Strong Second Quarter 2021 Results Including Annual Per Unit AFFO and NAV Growth of 8% and 6%, Respectively

AFFO = C$.22

AFFO Payout Ratio = 93% (normalized to 87%)

Number of Properties: 190

Occupancy = 96.7%

Weighted Average Lease Term Expiry = 14.2 years

Net Asset Value per share = C$13.14

Debt to Gross Book Value -Including Convertibles = 43.1%

Last CAD Priced Unit Sell Discussion: Item # 1. A. Sold 1000 at C$10.68 (/7/31/17)(profit at US$606.31) This lot was held in my Fidelity account. I quit using this account for trades on foreign exchanges and switched to Interactive Brokers based on its lower commissions and currency conversion fees. 

Northwest Healthcare Realized Gains to Date = US$1,872.74 

2. Small Ball-All About Risk Mitigation: 

I am moving back into regional bank stocks previously sold at higher prices. So far the new positions are immaterial and likely to remain so. Many of these stocks do offer well above average dividend yields and single digit trailing 12 month P/E ratios. The major headwind remains net interest margin compression resulting from the FED's 13 year Jihad Against the Saving Class which, as of yet, shows no sign of ending soon. 

I am continuing to unload small ball stock ETF positions bought more than 1 year ago. ETFs that have already been sold will be discussed in the next 4 posts. I use stock ETFs to increase my stock allocation without thinking much. Now, I am in stock allocation reduction mode.  

A.  Added to CNQ-Bought 5 at $30: 

Quote: Canadian Natural Resources Ltd.

Closing Price 9/16/21: CNQ $34.59 -$0.40 -1.14% with ex dividend

CAD Quote: Canadian Natural Resources Ltd. (Canada: Toronto)

Website: Canadian Natural Resources

CNQ SEC Filings (foreign company filings)

Last Discussed: Item # 1.H. Started CNQ in Vanguard Taxable-Bought 5 at $32.9 (6/19/21) 

Purchase Restriction: Subsequent purchases will be small lots and each subsequent purchase must reduce my average cost per share. 

Dividend: Quarterly at $C.47 per share (C$1.88 annually), last raised from C$.425 effective for the 2021 second quarter payment.  

Last Ex Dividend: Yesterday, 9/16/21

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

all amounts in Canadian dollars; 

net earnings of $1.551B or $1.3 per diluted share; 

adjusted E.P.S. at $1.24; 

net debt reduced by approximately $1.7B during the 2nd quarter and by $3.1B YTD in 2021; 

"In Q2/21, reflecting the strength of our effective and efficient operations and our high quality, long life low decline asset base, Canadian Natural generated robust quarterly free cash flow of $1,535 million, after dividend payments of $557 million and net capital expenditures of $957 million, excluding acquisitions"; 

equivalent production BOE/d = 1,141,739; 

"Company owns approximately 6.4 million shares of Inter Pipeline Ltd. ("IPL"), which is currently subject to a third-party offer to purchase, with the current value of these shares being approximately $130 million to the Company, provided that all conditions of the third-party offer for IPL shares are satisfied."  

In USDs, Fidelity has the USD E.P.S. at $.99 vs. the consensus at US$.92. 

Canadian Utilities (CDUAF and CU:TO) Reports Higher Secon

B. Restarted BHB in Schwab Taxable-Bought 5 at $26.60; 5 at $25.55 

Recent History this Account: 

Quote:  Bar Harbor Bankshares (BHB)

Closing Price 9/16/21: BHB $26.11 -$0.17 -0.65% 

"The Bank provides full-banking services at 53 locations throughout Maine, New Hampshire and Vermont, of which 33 are owned and 20 are leased." 

BHB SEC Filings

10-Q For the Q/E 6/30/21 

Bar Harbor Bankshares Analyst Estimates | MarketWatch

Consensus E.P.S. Estimate for 2022 = $2.79 

Investment Category:  Regional Bank Basket Strategy

Securities Available for Sale as of 6/30/21, page 19 10-Q:

2020 Annual Report 

5 Year Financials: 

Page 30 Annual Report

Page 31

The increase in the share count in 2017 was due to BHB's acquisition of Lake Sunapee Bank which I also owned. Bar Harbor Bankshares and Lake Sunapee Bank Group Complete Merger 

Last Buy Discussions: Item # 1.D. Added to BHB-Bought 2 at $22.75; 5 at $21.5 (2/20/21 Post); Item # 2.D. Added to BHB-Bought 5 at $17.5; 5 at $14; 2 at $13.8; 2 at $13.5 (5/2/2020 Post)

Last Sell Discussion: Item # 1.I. Pared BHB-Sold 10 at $28.5 and 5 at $30.5-highest cost lots in Fidelity Taxable Account (3/20/21 Post)

Dividend: Quarterly at $.24 per share, last raised from $.22 effective for the 2021 second quarter. 

Dividend reinvestment has been turned off and will be turned on when and if the price sinks closer to $20. 

Yield at $26.08: 3.68%

Last Ex Dividend: 8/16/21

Last Earnings Report (Q/E 6/30/21): Bar Harbor Bankshares (BHB) Reports Second Quarter Results; Declares Dividend

Core Earnings of $9.4M or $.63 per share; GAAP E.P.S. at $.60; 

8% annualized commercial loan growth excluding PPP; 

NIM = 2.74%, down from 2.93% in the 2020 second quarter; 

Efficiency ratio = 63.45%;  

Core ROA 1.01%; 

Core ROE = 9.13%; 

Core ROTE = 13.42%; 

Charge off ratio = .01%; 

NPL Ratio = .54%; 

NPA Ratio = .37%; 

Loan to deposit ratio = 89%; 

Tangible book value per share = $19.3 

Other Sell Discussions: Item # 3.A. Pared BHB-Sold 40 at $24.48-highest cost lots in Fidelity taxable account (12/5/20 Post); Item # 3.B. Eliminated BHB-Sold 54+ Shares at $26.34 (5/18/19 Post); Item # 1.A. Sold 100 BHB at $30.69-Used Commission Free Trade (7/15/18 Post); Item # 1.A. Sold 50 BHB at $30.02 (5/21/18 Post); Item #3.A. Sold 100 BHB at $29.55 (4/26/18 Post);Item # 1. A. Sold 30 BHB at $29.42 (3/25/18 Post); Sold 100 BHB Update For Regional Bank Basket Strategy As Of 5/6/2016 - South Gent | Seeking Alpha (profit snapshot =$936.96)

Largest Remaining Position-1 Account: 47 Shares Fidelity Taxable 

Price as of 9/10/21 Close, Average Cost per share = $19.49

Yield at $19.49 = 4.52%

Tangible book value per share = $19.3

BHB Realized Gains to Date:  $4,388.09 (snapshots at  Regional Bank Basket Strategy) My first purchase of this stock was in 2010. 

2018 BHB Realized Gains Fidelity Taxable: $3,078.46 (70.15% of the total, multiple trades): 

 

C. Bought 10 AMKBY at $14.25; 5 at $13.95: 

USD Quote: A.P. Moeller-Maersk A/S ADR; Danish Krone: MAERSK.B (Denmark) 

Closing Price 9/16/21: AMKBY $15.78 -$0.14 -0.88% 

Discussed at High Freight Rates Have Been an Earnings Menace. Here’s How Long They Will Last. | Barron's Points out that AMKBY benefits from high freight rates as the largest shipping company in the world. Drewry - Service Expertise - World Container Index - 09 Sep

The company handles about 1 out of 5  containers shipped worldwide. 

The company operates in 130 countries and employs approximately 80,000 people. 

1 ADR = .005 ordinary

Calculation Based on Closing Price in Denmark on 9/9/21 of DKK19,360

DKK 19,360  x. 005 = DKK96.8

At DKK/USD of .16 = USD Priced ADR at $15.38 

Actual Close: $15.35

1 DKK to USD - Danish Kroner to US Dollars Exchange Rate

Maersk is a Danish shipping, logistics and supply chain management company. 

Investor Relations - A.P. Møller - Mærsk A/S

I have one prior round-trip that I did not discuss: 

2020 AMKBY 50 shares + $24.49 

This company will be cyclical. The 2021 second quarter results are part of an ongoing up cycle. 

Dividends: Annually, Moller Maersk B Dividend History (MAERSKb)- Investing.com

Last Ex Dividend: 3/24/21

Last Earnings Report (Q/E 6/30/21): 

IN USDs: 

Revenues: US$14.2B, up $5.2B

Free Cash Flow: US$3.2B

This kind of cash flow will fund more acquisitions. Two acquisitions were announced in August 2021.  A.P. Moller - Maersk to Acquire E-commerce Logistics Companies in Europe and the US – Visible Supply Chain Management and B2C Europe Holding B.V.  

Profit: US$3.713B

Underlying Profit = $3.732B

2021 Guidance: 

Sourced: 2nd Quarter Highlights 

Interim Report  

D. Restarted TRST-Bought 5 at $32.50; 5 at $32.27; 5 at $31.25:

Quote: Trustco Bank Corp.  (TRST)

TRST is a savings and loan holding company that provides banking services through its wholly owned subsidiary Trustco Bank which had, as of 12/31/20, "148 banking offices in Albany, Columbia, Dutchess, Greene, Montgomery, Orange, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Ulster, Warren, Washington, and Westchester counties of New York, Brevard, Charlotte, Hillsborough, Indian River, Lake, Manatee, Martin, Orange, Osceola, Palm Beach, Polk, Sarasota, Seminole, and Volusia counties in Florida, Bennington County in Vermont, Berkshire County in Massachusetts and Bergen County in New Jersey." 

TRST SEC Filings

2020 Annual Report 

Trustco Bank - Corporate Profile

Investment Strategy: Regional Bank Basket Strategy

Since my last transaction, TRST had a 1 for 5 reverse split. 

My last transaction was to eliminate my remaining shares. Item # 3.G. Eliminated TRST-Sold 15+ in Schwab Taxable at $7.45 and 40+ in Fidelity Taxable at $7.44 (5/14/21 Post)(profit snapshots = $111) 

The $7.45 would be $37.25 adjusted for the 1 for 5 reverse split so the stock has declined  significantly since that sell,  until I repurchased the three 5 share lots.    

Average Cost per share this account:  $32.01  (15 shares) 

Dividend: Quarterly at $.3406 ($1.36 annually rounded)

Yield at AC = 4.25%

Last Ex Dividend: 9/2/21 (owned 10 shares as of) 

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

GAAP E.P.S.  = $.749, up from $.584 in the 2020 second quarter

NIM at 2.66%, down from 2.69% in the 2020 second quarter 

Dividend Payout Ratio = 45.51%

TRST Trading Profits to Date: $1,222.29 (snapshots at  Regional Bank Basket Strategy)

E. Added to BWG-Bought 10 at $12.45:

Quote: Brandywine GLOBAL Global Income Opportunities Fund Inc. Overview- A CEF

Closing Price 9/16/21: BWG 12.64 -$0.05 -0.39% 

BWG SEC Filings 

Legg Mason BW Global Income Opportunities Fund Inc. (BWG)-SEC Filed shareholder report for the period ending 4/30/21

Leverage: Leverage includes a Revolving Credit Agreement. As of 4/30/21, the fund had borrowed $60M and had paid a weighted average interest rate during the prior 12 months of .79%: 

And

Auction Preferred Stock: $60M

Fund Sponsor's Website: Brandywine Global Income Opportunities Fund Inc. - a Leveraged Bond CEF

Credit Quality Breakdown as of 6/30/21: 

Current Position: 20 shares with an AC of $12.51

Snapshot Intraday on 8/24/21 after add

Dividend: Monthly at $.08 per share ($.96 annually)

Yield at AC = 7.68%

Last Ex Dividend: 8/23/21

Data Date of 8/24/20 Trade: 

Closing Net Asset Value Per Share: $13.49

Closing Market Price: $12.47

Discount: -7.46%

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

F. Eliminated SPLK-Sold 1.723 at $152.2: 

Quote: Splunk Inc.

SPLK Analyst Estimates | MarketWatch

SPLK SEC Filings

Annual Report F/Y ending 1/31/21

Investment Category: Lottery Ticket

Profit Snapshot: +$52.79 (8/24/21 sale only)

Buy Discussions: Item # 2.G. Multiple Small Dollar Buys in Splunk (5/23/21 Post); Item # 1.P. Bought 1 SPLK at $132.95 (4/9/21 Post)

Last Earnings Report (Q/E 7/31/21): SEC Filed Loss Report As in prior reports, you have to scroll down deep into the report to see whether SPLK earned a profit which of course is never the case when you have to do that. 

GAAP  E.P.S. = ($2.34)  

GAAP Loss = $383.951M

Non-GAAP E.P.S = ($.62)

Consensus per Fidelity = ($.688)

The company wants investors to focus on these metrics: 

Outlook: Does not include guidance on either GAAP or Non-GAAP E.P.S. 

G. Added to GNL-Bought 3 at $17.12; 2 at $16.57 (Fidelity Account): 

I am merely buying back some shares previously sold at higher prices (see links below). I would describe these transactions as a typical small ball trading pattern. 

Closing Price 9/16/21: GNL $16.58 -$0.06 -0.36% 

Quote: Global Net Lease Inc.- a REIT

"As of June 30, 2021, the Company owned 311 properties consisting of 38.2 million rentable square feet, which were 99.7% leased, with a weighted-average remaining lease term of 8.5 years. Based on the percentage of annualized rental income on a straight-line basis as of June 30, 2021, 60% of the Company’s properties are located in the U.S. and Canada and 40% in Europe. In addition, the Company’s portfolio was comprised of 52% industrial/distribution properties, 43% office properties and 5% retail properties. These percentages are calculated using annualized straight-line rent converted from local currency into the U.S. Dollar (“USD”) as of June 30, 2021. The straight-line rent includes amounts for tenant concessions."

GNL SEC Filings

2020 Annual Report

10-Q for the Q/E 6/30/21 

GNL Website: Overview | GNL

Investment Category: Equity REIT Common and Preferred Stock Basket Strategy

Management: External

Last Buy Discussions:  Item # 1.I. Added to GNL-Bought 5 at $16.9 (1/23/21 Post);  Item # 1.E. Bought 1 GNL at $13.19 and 1 at $12.61 (5/23/20 Post);  Item # 4.A. Added 5 GNL at $17.65; 5 at $16.87, 5 at $16.3; 5 at $14.6; 5 at $14; 10 at $13.5; 5 at $12.94; 2 at $12.66; 2 at $12.1; 2 at $11; 1 at 10.1; 4 at $11.48 and 2 at $10.8  (4/4/20 Post)

Last Sell Discussions: Item # 2.E  Sold Highest Cost 10+ Shares in Fidelity Account at $19.91 (6/25/21 Post); Item # 1.J. Pared GNL in Fidelity Taxable- Sold 20 GNL at $19.49 (5/16/21 Post)

New average Cost per share this account: $14.34 (102+ shares)

Snapshot as of close on 9/10/21 after 2nd Add

These purchase increased my AC from $14.21 per share. 

I own GNL in several of my accounts, including 2 Roth IRA accounts. 

Dividend: Quarterly at $.40 per share

Global Net Lease  (GNL) Dividend History | Nasdaq

I turned dividend reinvestment back on due to the price decline. 

Yield at $14.34 AC = 11.16%

Last Ex-Dividend: 7/9/21

Last Earnings Report (Q/E 6/30/21): SEC Filing 

AFFO per share = $.44, unchanged from the 2020 second quarter

Portfolio 99.7% leased with 8.5 years of weighted average remaining lease term 

Contractual rent increases embedded in 94.0% of leases

GNL "collected 100% of the original cash rent from U.K. based assets, 100% from European tenants and 100% of tenants located in the U.S. and Canada. Cash rent collected includes both contractual rents and deferred rents paid during the period."

Other Sell Discussions: Item # 1.A. Pared GNL-Sold 20 at $19.1 (3/20/21 Post); Item # 2.B. Pared GNL-Sold Highest Cost 50 Shares at $20.05 (12/11/19 Post)

I also own a GNL preferred stock, though I sold most of my shares in August 2020 which proved to be in hindsight a mistake. Item #2.A. Eliminated GNLPRB in Schwab Account-Sold 100 at $24.93; 5 at $24.92 (8/22/20 Post)(profit snapshot = $63.54; contains snapshot of 25 share current position in Fidelity taxable with an average cost per share of $15, creating a dividend yield at that AC number of 11.46%);  Global Net Lease Inc. 6.875% Preferred Series B Stock Quote  

Based on the stock price movements and current dividend yield, investors capable of moving the stock up or down have a low opinion of this company. Possibly that is due to the external managers. 

As previously discussed, GNL reduced it quarterly dividend from $.533 per share to the current $.40 per share effective for the 2020 second quarter. The prior penny rate was, as I recall, never supported by cash available for distribution. It was IMO an unsustainable teaser dividend rate for the Mom and Pop investors initiated when this company first went public. 

H. Pared VTV - Sold 1 at $142.31: 

Quote: Vanguard Value ETF Overview

Closing Price 9/16/21: VTV $138.97 -$0.59 -0.42% 

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

Sponsor's website: VTV - Vanguard Value ETF

Expense Ratio = .04%

Number of Stocks as of 7/31/21: 351

Some Top Holdings as of 7/31/21: 

Last Buy Discussions: Item # 4.M. Started VTV-Bought 10 shares in 1 share lots (8/29/20 Post)(average cost per share then at $102.89) 

Last Sell Discussions: Item # 2.B. Sold 1.228 VTV Shares at $141.94 (5/28/21 Post)(profit snapshot = $43.07);Item # 1.H. Pared VTV in Fidelity Taxable-Sold 1 at $117.26 and 1 at $122.12 (1/23/21 Post)(profit snapshots= $28.21). I have been selling my highest cost lots.  

Profit Snapshot: +$35.96 (8/25/21 sale only)

Average Cost per share after pare this account: $100.88 (6 Shares)

Snapshot Intraday on 8/25/21 after pare

The AC was reduced from $101.66.  

Dividends: Quarterly and variable 

Dividend reinvestment has been turned off.

I. Added to ORKLY-Bought 5 at $8.8: 

Quote: ORKLY

Closing Price 9/16/21: ORKLY $8.96 -$0.10 -1.10% 

Investor Relations

I discussed the second quarter report in a recent post and nothing to add here. Item # 2 K. Restarted ORKLY in Schwab Taxable-Bought 20 at $9.01 (8/6/21 Post) 

J. Eliminated LRGF in Vanguard Taxable-Sold 5 at $44.66: 

Quote: iShares Edge MSCI Multifactor USA ETF Overview

Closing Price 9/16/21: LRGF $44.12 -$0.02 -0.05% 

Sponsor's website: iShares Edge MSCI Multifactor USA ETF | LRGF

Expense Ratio: .2%

Profit Snapshot: +$67.47 

Last Discussed: Item # 1.H. Restarted LRGF-Bought 5 at $31.19 (7/3/2020 Post); Item # 3.B. Sold 15 at $32.47(11/6/19 Post)

K. Added to GLD-Bought 1 at $167.78: 

Quote: GLD | SPDR Gold Shares Overview

Gold took a hit yesterday: GLD $164.03 -$3.80 -2.26% 

Sponsor's Website: Get the Performance of Gold with GLD

This fund owns gold bullion. 

Last Buy Discussion: Item # 2.E. Bought 1 GLD at (4/24/21 Post) 

As previously discussed, I play the long secular precious metals trends with actual bullion ownership. The last gold and silver coin sales occurred in September 2011 and January 2012. Item # 8 (1/31/12 Post); Item # 1 (9/15/11 Post) 

The last gold and silver coin purchases were made when gold was in the $300 - $400 per ounce range and silver was trading under $7 per ounce. 

The ETFs are simply viewed as trading vehicles.  

L. Eliminated VEU: Sold 1 VEU  at $63.29 and 5 at $63.57: 

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

Closing Price 9/16/21: VEU $63.68 -$0.34 -0.53% 

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

Expense Ratio = .08%

Holdings as of 7/31/21: 3,525 stocks 

In other words, a quick and inexpensive way to gain access to a broad index of non-U.S. stocks

Profit Snapshots: +$84.71

Last Discussed: Item #1.K. Bought 4 VEU at $49.41 (8/1/2020 Post) 

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

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

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

VEU Realized Gains to Date: $1,785.54 

M. Issuer Redemption of 3% First Mortgage Bond at Maturity: 

This 3% bond was originally issued by Carolina Power & Light that was later acquired by Progress Energy based in Florida. Progress was then acquired by Duke Energy. Item # 3.A. Bought 2 Carolina Power & Light d/b/a Progress Energy Carolinas 3% First Mortgage Bond at a TC of 99.691 (5/28/21 Post) 

I own a number of first mortgage bonds issued by wholly owned operating subsidiaries of utility holding companies. This is just a reminder for conservative income investors that these securities are available for purchase. Most of them are $1K par value bonds but there are several $25 par value exchange traded first mortgage bonds issued by Entergy subsidiaries.  

Two of those $25 par value bonds can be called at par value now. Entergy Louisiana LLC Mortgage Bonds 4.875% Series due 2066  (ELC); Entergy Arkansas LLC First Mortgage Bonds 4.875% due 2066  (EAI) 

While I have not seen a redemption notice yet, the prices are currently hugging the $25 par value indicating a consensus opinion that both will soon be called. 

2. Lexington Realty Early Bond Redemption Subject to Make Whole: 

I owned 2 Lexington Reality 4.25% senior unsecured bonds that would have matured on 6/15/23. The issuer made a make whole payment of $129.17 to exercise its optional redemption right in addition to the accrued and unpaid interest and the $2,000 in principal amount: 

The annual interest payment for 2 bonds was $85 paid semi-annual installments. 

So the penalty attached to the early redemption was slightly more than 1 1/2 years of interest paid in advance.   

I had bought these 2 bonds at a total cost of 99.45. Item # 3.A. (6/7/2018 Post) 

Profit Snapshot:  $140.17

LXP was willing to pay the penalty after successfully selling $400M in 2.375% senior unsecured bond maturing in 2031. Prospectus This is a common phenomenon now. The issuer pays the make whole payment, extends the maturity (almost 8 years in this example) and lowers the coupon (4.25% to 2.375% here).  

The common stock closed yesterday at $13.35, which would produce a 3.17% dividend yield at that price. Lexington Realty Trust (LXP). While I have bought and sold the common shares many times, I do not have a position now and have no interest in acquiring one at that price. 

I am no longer bothering to see what bonds can be bought with the proceeds from those that have matured or redeemed early by the issuers. The yields are not worth the effort, nor do they provide adequate after tax compensation for credit and interest rate risks. The primary interest rate risk, as I see it, is the risk of lost opportunity which occurs when funds are tied up in a very low yielding bond when rates are in a persistent uptrend.  

3. Early Bond Redemption by Select Income REIT: 

I owned two Select Income REIT 4.15% SU bonds that would have matured on 2/1/22. Select Income REIT no longer exists, and its bonds are now obligations of Office Properties Income Trust (OPI).

 The redemption was subject to a make whole payment of $12.49: 

Profit: $51.95

Item # 3.A. Bought 2 Select Income REIT 4.15% SU Maturing on 2/1/22 at a Total Cost of  98.027 (5/30/20 Post)

As noted in previous posts, I dislike Office Properties REIT (OPI) with significant fervor. Yet, I currently own 10 common shares and 6 other OPI SU bonds. 

Snapshots as of close Using Third Party Pricing rather than actual closing trade: 

Item # 2.A. Bought 2 Office Properties 4% SU Maturing on 7/15/22 at a Total Cost of 98.609 (6/20/20 Post): 

 

Item # 3.B. Bought 2 Select Income REIT 4.25% SU Maturing on 5/15/24 at a Total Cost of  94.149 (5/23/20 Post):

FINRA Bond Detail

Item # 1.A. Bought 2 Select Income REIT 4.25% SU Maturing on 5/15/24 at a Total Cost of 99.491 (6/14/17 Post): 

Fidelity Third Party Price at 106.99

Item # 2.D. Restarted OPI-Bought 5 at $20.25; 2 at $18.95; 3 at $17.9 (11/13/20 Post): 

AC at $19.29/Annual Dividend = $2.2 per share/Yield at AC = 11.4%

OPI redeemed at par value its $25 exchange traded bond earlier this year. Item # 3.B. Bought 10 OPINI at $18.45; 2 at $15.6 3 at $14.38 (3/21/2020 Post)

Previous OPI Bond Transactions: Item # 2.A. Sold 2 Select Income REIT 4.5% SU Maturing on 2/1/25 at 102.452 (9/4/2019 Post)(profit = $83.99); Item # 3.A. Sold 2 Select Income REIT 4.5% SU Bonds (9/11/17 Post)(profit snapshot = $67.06) and Sold 2 Select Income REIT 4.5% SU Maturing on 2/1/25: 

2016 Select Income (2) +$46.12

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.