Showing posts with label AZN. Show all posts
Showing posts with label AZN. Show all posts

Saturday, May 2, 2020

BHB, BTZ, DGRO, EBAYL, EPRPRC, GOOD, HTA, IBM, IRM, PFXF, VNOPRM

Economy: 

Real GDP declined at a 4.8% annualized rate in the first quarter according to the government's first estimate. The consensus forecast was for a 3.8% decline. Gross Domestic Product, 1st Quarter 2020 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA); US first-quarter GDP shrank 4.8%, vs 3.5% decline expected

 US weekly jobless claims hit 3.84 million, topping 30 million over the last 6 weeks

 The unemployment checks still aren’t in the mail for millions of jobless workers - MarketWatch The system is just not able to deal with such a gigantic influx of new unemployment claims. 

 Fed decision: Interest rates to be kept near zero until full employment, inflation come back I am expecting the FED to keep the federal funds range at 0% to .25% through at least June 2021. 

 Fed Chair Powell: Second quarter will be "worse than anything we've ever seen" - CBS News

Kevin Hassett: US economy could contract 30% in second quarter His range is a 20% to 30% decline which is a reasonable range.   

 ISM manufacturing index April 2020 The ISM manufacturing index fell to its lowest level in 11 years last month. The April number was reported at 41.5, down from 49.1 in March. The new orders component plunged to 27.1, down 15.1 points. The employment component declined to 27.5. Any number below 50 indicates contraction. ISM - ISM Report - April 2020 Manufacturing ISM® Report On Business®   


 Millions of credit card customers can’t pay their bills and lenders are bracing for the impact - MarketWatch

Case-Shiller: Home prices were gaining before coronavirus shutdown

 Three years of eurozone economic growth wiped away as ECB’s Lagarde forecasts big drop for the year - MarketWatch

German employment survey plummets to record low as coronavirus hits

Coronavirus Relief Often Pays Workers More Than Work I have read several stories where a business owners successfully enrolled in the paycheck protection program, and the employees complained about returning to work since their unemployment payments were higher than the wages. 

The US plans to lend $500 billion to large companies. It won't require them to preserve jobs or limit executive pay.

 Under Fed’s new criteria, Equifax, Nasdaq and Tiffany & Co. are ‘Main Street’ companies - MarketWatch (companies with less than $5B in annual revenues and less than 15K employees qualify under the Fed's $600B "Main Street" lending program. 100 companies in the S & P 500 qualify.  

NIH Clinical Trial Shows Remdesivir Accelerates Recovery from Advanced COVID-19 ("Preliminary results indicate that patients who received remdesivir had a 31% faster time to recovery than those who received placebo". However, there was not much of a difference in mortality: 8% receiving remdesivir and 11.6% in placebo group) This trial confirms my prior impression that this drug will help some patients but is not a game changer. NIH: Critical study of Covid-19 drug shows some  patients respond to treatment There have been conflicting reports of remdesivir's effectiveness: Data on Gilead's remdesivir show no benefit for coronavirus patients (trial in China). Experts are placing more emphasis on the more scientifically rigorous and larger NIH trial.  

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GM suspends dividend, buybacks, takes liquidity actions (NYSE:GM) | Seeking Alpha

 Crane withdraws guidance, sees large sales drop - MarketWatch; Crane Co. Reports First Quarter 2020 Results and Provides Update on COVID-19 Impact 

 Southwest Airlines (LUV) earnings Q1 2020 results in loss and revenue plunge The company sees May revenue down by as much as 95%. 

 Caterpillar (CAT) earnings Q1 2020 (revenues decline 21%; adjusted E.P.S. at $1.6 down from $3.25 in the 2019 first quarter; company does not provide forward guidance due to the pandemic; SEC Filed Press Release)

3M (MMM) earnings q1 2020 (adjusted E.P.S. of $2.16, up 2.7% Y-O-Y due in part to strong N-95 mask demand; withdraws 2020 guidance due to the pandemic; SEC Filed Press Release) 

 Ford (F) earnings Q1 2020 ($2B net loss in the first quarter and expects a $5B loss in the second quarter; adjusted free cash flow declined was -$2.2B; first quarter vehicle sales declined 12.5%; SEC Filed Press Release) 

 Starbucks (SBUX) Q2 2020 earnings (adjusted E.P.S. at $.32, down from $.6 in the 2019 first quarter; SBUX withdrew its 2020 guidance; same store sales fell 10%) 

 Weyerhaeuser suspends dividend, cuts costs, curtails production (NYSE:WY) | Seeking Alpha

TripAdvisor to cut nearly 25% of workforce due to impact of coronavirus shutdown - MarketWatch

 Qualcomm earnings Q2 2020 (predicts a 2nd quarter 30% decline in handset shipments compared to prior estimates)

 Comcast (CMCSA) earnings Q1 2020: Profit drops nearly 40%, issues second quarter warning 

 McDonald's says this quarter's same-store sales will be worse than the 22% plunge in March 

 Honeywell tops profit expectations but misses on sales, suspends guidance - MarketWatch

 Self-storage REITs drop after Public Storage's Q2 warning (NYSE:PSA) | Seeking Alpha

I do not own any of the stocks mentioned in this section. 

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 Reports from Owned Positions: 

 W.P. Carey Q1 beats; collects 95% of April rent (NYSE:WPC) | Seeking Alpha; W. P. Carey Inc. Announces First Quarter 2020 Financial Results (withdraws guidance) 

 Fidus Investment Corporation Announces First Quarter 2020 Financial Results (reduced quarterly dividend to $.30 from $.39 even though net investment income for the quarter was $.71 up from $.39 in the 2019 first quarter; the 2020 first quarter NII was reduced by $.36 to account for capital gain incentive fee paid to the external manager, taking the adjusted NII down to $.35; net asset value per share declined to $15.37 from $16.85 as of 12/31/19; the "weighted average yield on debt investments was 12.0% as of March 31, 2020"; 3 loans were proactively place on non-accrual; "Estimated spillover income (or taxable income in excess of distributions) as of March 31, 2020 of $21.6 million, or $0.89 per share"; FDUS recognized $31.378M in realized capital gains)

 STAG Industrial FFO beats by $0.01, beats on revenue (NYSE:STAG) | Seeking Alpha; STAG Industrial Announces First Quarter 2020 Results ("Collected 99% of March base rental billings and 90% of April base rental billings to date.")

 TC Energy EPS beats by C$0.14, misses on revenue (NYSE:TRP) | Seeking Alpha; TC Energy reports strong first quarter financial results 

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Trump: 

 Kushner calls US coronavirus response a 'success story' as U.S. infections exceed 1.13 million with over 65K Deaths 
As of 5/1/20
Kushner has learned a great deal about chutzpah and reality creations from Donald.  Just because republicans buy into those reality creations is not a reason for anyone else to do so. 

 Trump's approval numbers ticked up in the latest Gallup poll realized on 4/28/20. His approval number is at 49% vs. 47% disapprove. Trump Job Approval So lying all of the time works in America. 

 ‘Our patients are dropping like flies’: 16,000 dead from COVID-19 in U.S. nursing homes

 Trump forcing West Point graduates to risk coronavirus for his ego disrespects their work

 White House blocks Fauci from testifying before House panel, committee spokesman says Why? Fauci is a federal employee who is director of the National Institute of Allergy and Infectious Diseases, part of the U.S. Department of Health and Human Services (HHS).

End of Trump’s social distancing rules spurs fears of virus rebound  


Influential Covid-19 model shouldn't guide U.S. policies, critics say - STAT

VA health chief acknowledges a shortage of protective gear for its hospital workers Interestingly, VA claims that it order 5 million masks but FEMA redirected the shipment to it. Trump administration hijacked 5 million masks from veterans hospitals, chief physician says | Salon.com

 Trump fills briefings with attacks and boasts, but little empathy - The Washington Post The Fake News President is unable to express genuine empathy. The WP calculated that Donald spent 45 minutes out of 13 hours praising himself and 4 1/2 minutes attempting to express empathy condolences for COVID-19 victims. In the 346 questions that he answered, Disgusting Don used the question to attack someone in 113 answers. He offered false and misleading information 25% of the time. He played videos praising himself three times.  

 The White House tried to move a reporter to the back of the press room, but she refused. Then Trump walked out. A WH official ordered CNN's White House correspondent Kaitlan Collins to give up her front row seat in the briefing room before Donald made his appearance. Her seat was designated by agreement among the White House Correspondent's Association. When Ms.Collins refused, she was told that the Secret Service would become involved. Donald cut his attendance short and refused to answer any questions. 

 Governor Stitt (R-OK) asks President Trump to declare coronavirus pandemic an ‘Act of God’ | KFOR.com

Michael Caputo, the new spokesman for HHS, made racist comments about Chinese people in now-deleted tweets; Michael Caputo, Trump’s New HHS Spokesman, Prepped for Job by Writing Wildly Racist Tweets

Trump threatens to block aid for U.S. Postal Service if it does not raise prices for Amazon - Reuters Donald wants to punish Amazon because Bezos owns the Washington Post. Maybe he will allow the USPS to go belly up just in time for the election. The rate increase envisioned by Donald would result in the Postal Service losing more money since companies would switch to other delivery services. Trump says he will block coronavirus aid for U.S. Postal Service if it doesn’t hike prices immediately - The Washington Post (“This is about as catastrophically stupid an idea that anyone could ever imagine,” said Mark Cohen, director of retail studies at Columbia University Business School. “As if anyone from Amazon to the local mom and pop delivery businesses would ever put up with a rate increase like that when they have alternatives.”)

 Trump’s claim the Postal Service loses money on every e-commerce package it delivers - The Washington Post (rated as false)

 Why Did Fox News’s Laura Ingraham Relentlessly Push Hydroxychloroquine?

 Trump Speaks At Fourth-Grade Level, Lowest Of Last 15 U.S. Presidents, New Analysis Finds

 Trump’s Disinfectant Remark Raises a Question About the ‘Very Stable Genius’  I was listening to  Donald's rift on disinfectants in real time. He was not being sarcastic of course. My only comment, spoken to my computer, was "Doofus Don" strikes again". I did not need to have that piece of information to form an opinion about his true mental stability, knowledge and intellect. 

 Since Trump has negative credibility, any statement made by him must be assumed to be false or at best misleading until proven with competent and reliable evidence that is truthful and accurate. 
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 Some Recent Tweets from the Unstable Demagogue Don: 

 Donald has figured out finally that his rants and ramblings at the daily coronavirus briefings were hurting his reelection chances. So how does he explain to the Trumpsters that he is going to cut back his appearances without mentioning on the real reason:  
Demagogue Don Tweet: 4/24/20
Donald's tweets and other public statements reveal that he is an unstable, narcissistic demagogue with strong authoritarian tendencies. No other conclusion is possible. 

 One of the common claims among Trumpsters is the number of COVID-19 related deaths are being inflated by a deep state conspiracy to hurt Trump's reelection chances. Donald retweeted one of those claims made by someone who claims to be an ex-cop:   
Deaths attributable to COVID-19 are most likely underreported according to several studies. U.S. coronavirus deaths in early weeks of pandemic exceeded official number - The Washington Post; Provisional Death Counts for Coronavirus Disease (COVID-19): Data Updates by Select Demographic and Geographic Characteristics

 The following are just more examples from 4/26: 
Donald is referring to this NYT article in the last snapshot: Trump and the Coronavirus: A Sour President, Home Alone at the White House - The New York Times The two reporters who wrote that article are women.  

 Examples of "narcissistic injury and "narcissistic rage" are becoming more frequent and worrisome.

 Understanding Narcissism and Narcissistic Rage | Psychology Today 

 Donald's narcissistic injury and rage is significantly greater when he is challenged by a woman. 

 Freed of briefing duty, wounded Trump airs full collection of grievances on Twitter, retweeting claim of ‘coup attempts' Don the Authoritarian can not stand having a free press challenge his reality creations with facts. 

 260,000 Words, Full of Self-Praise, From Trump on the Virus - The New York Times By far the most recurring statements made by Donald relating to the pandemic "are self congratulations, roughly 600 of them, which are often predicated on exaggerations and falsehoods". This article is a very exhaustive study of Trump's statements.  

 President’s intelligence briefing book repeatedly cited virus threat in January and February-The Washington Post According to this report and many others, Donald refuses to read his daily intelligence briefing unlike all prior Presidents and has trouble paying attention to a brief oral summary that occurs 3 times a week. The intelligence community has not yet adopted the colored flash card approach which was so successful for the EU President when trying to explain something to Donald. Trump: Trade policy explained to him by EU using colorful flash cards - Business Insider I would suggest using those flash cards, possibly including a picture of a naked porn star (e.g. Stormy Daniels) on each one to help Donald maintain focus when giving him national security briefings. 

 Trump Makes Crucial 2020 Bet on States Reopening If things go downhill after reopening, Trump will try to shift the blame to the states. If things go right, he will take the credit.  

 I agree with David Frum's views expressed in these tweets: 

Trump could care less about the harm that he causes. He can not even feign empathy.  

 Trump tendency to deny past statements becomes more glaring It is common for Donald to deny making a statement that was recorded by video. It is just an absurd version of his out-of-control lying.   

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Trump and other Republican Politicians Show Their True Colors on Worker Safety:  

JBS to reopen Greeley beef plant despite ongoing coronavirus concerns Another report claimed that JBS tested about 200 supervisors, found that over 40% were infected, and decided to quit testing. Promises to test JBS employees in Greeley for COVID-19 from White House, management not kept The reopening was supported by the republican controlled Weld County commission. So far, 5 employees have died. Fifth local JBS employee dies from coronavirus as union, company trade shots

 Nearly 900 workers at Tyson Foods plant in Indiana test positive for coronavirus

 CDC: Nearly 5,000 Meat Plant Workers Infected by Coronavirus with 20 deaths  

 COVID-19 Among Workers in Meat and Poultry Processing Facilities ― 19 States, April 2020 | MMWR The reporting period was 4/9 to 4/27 and included 19 of the 23 states with plants. No mention is made of the number workers tested.  

Trump claimed on 4/29/20 that the meat plants have been treated very unfairly: “They were being very unfairly treated. Very unfairly treated.” April 29 US coronavirus news - CNN  Maybe I would believe him if he said "very unfairly treated" five more times.  

 The Trumpsters have taken control of the CDC. That is evident from this 4/22/20 CDC Memorandum that only makes suggestions for improving worker safety at the Smithfield Foods plant in Sioux, South Dakota. There were more than 700 workers at that plant who tested positive. Smithfield  and the republican governor blamed the workers and the way they lived together. Smithfield Foods Coronavirus Outbreak: Company Blames “Living Circumstances In Certain Cultures” For One Of America’s Largest COVID-19 Clusters

 The CDC goes at great lengths to make it clear that Smithfield does not have to do anything. CDC Smithfield Plant suggestions.pdf It is not possible to read that document and conclude that the CDC is even interested in preventing the spread of COVID-19 when it would cost money for an employer to implement its recommendations. 

 Cory Gardner Boasts He & Vice President Got COVID-19 Tests for Meatpacking Plant. But Workers Never Got Tested

 Workers Afraid Of Coronavirus At Meat Plants Ordered To Open By Trump : Coronavirus Live Updates : NPR

 Republican governors have told workers that their unemployment benefits will be terminated if they refuse to work at unsafe plants that are fertile breeding grounds for the pandemic. 

 Iowa tells workers to return to work or lose unemployment benefits-Business Insider; 

 States tell workers they'll lose unemployment benefits if they refuse to return to jobs | TheHill  

 Iowa, Oklahoma and other GOP controlled states signal they could strip unemployment benefits from people who don’t return to work - The Washington Post
That policy would make sense only when the employer has taken all necessary precautions to protect workers. 

 Without those steps, the clear message being sent by the GOP to American workers is that your health does not matter. 

 Choose between your health or economic survival is the clear message. 

 Trump's labor department run by the anti-labor son of Antonin Scalia, agrees with the message and approach. Unemployment Insurance Relief During COVID-19 Outbreak | U.S. Department of Labor With those threats by the Trump Administration and GOP governors, I would anticipate that most employees will  be forced back to their jobs, even when the workplace is unsafe and potentially lethal to them, their families and communities. 

Trump Signs Executive Order to Prevent Meat Shortage - The New York Times Trump's order does not require the plants to do anything to protect the workers. Executive Order on Delegating Authority Under the DPA with Respect to Food Supply Chain Resources During the National Emergency Caused by the Outbreak of COVID-19 | The White House What Donald is attempting to do with this Executive Order is to prevent state and local authorities from shutting down plants to protect worker health and safety.  

 The companies will claim that everything is being done to protect their workers, a matter of utmost concern to them, even though they successfully lobbied the Trump Administration to make the CDC recommendations mere suggestions that can be ignored.   

 Those plants have been breeding grounds for COVID-19 which have then spread to the workers' families and the communities in which the plants are located. 

 Donald claims that his executive order will protect the companies from liability lawsuits filed by workers and others who contract infections which merely highlight his lack of concern about the workers. It is easy for the Duck to say he has concern, but are his actions consistent with the words? The answer is no except in the Alternate Reality of Trumpworld.    
Trump has refused to make OSHA's guidelines for these plants mandatory, demonstrating again his utter lack of concern for the health of workers, their family members and the community where they reside. Guidance for Meat and Poultry Processing Workers and Employers | CDC (OSHA guidance suggestions are not mandatory or enforceable)
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COVID-19 Updates:

 Why America’s coronavirus testing barely improved in April

 WHO: US just reported deadliest day for coronavirus as GOP states reopen 

Blood-clotting complication is killing coronavirus patients, doctors say - The Washington Post; Blood Clots Are Another Dangerous COVID-19 Mystery

 Testing Remains Scarce as Governors Weigh Reopening States - The New York Times

 WHO says no evidence of Covid-19 immunity from antibodies - CNN

Pence to Limbaugh: Coronavirus crisis could largely be 'behind us' by early June

1 in 5 New Yorkers May Have Had Covid-19, Antibody Tests Suggest

Fact check:  Louie Gohmert (R-TX) touts product, says it kills coronavirus for 2 weeks (ruled Pants on Fire by Politifact)

 Dr. Deborah Birx Says Social Distancing Must Continue Through Summer Months Dr. Birx has lost some of her credibility in her over-the-top efforts to defend ridiculous statements made by her boss. White House Dr. Birx gives absurd excuse for Trump's disinfectant comments: He was having a "dialogue"; Dr. Birx humiliates herself on air over Trump’s “injecting disinfectant” claim - YouTube She did not bother to correct Trump's statements after he made them, preferring to sit in silence.  

 Leader of North Carolina Protests Against Stay-at-Home Has Coronavirus

 German infection rate ticks higher after reopening moves-MarketWatch

Trump's Follies From 'Access Hollywood' to Disinfectant - The Atlantic

IRS stimulus payment recipients lash out against Trump’s ‘vanity letter’ - The Washington Post Trump had to have his signature on the checks and in a "vanity letter" that accompanies the checks.  

 Walmart store ordered closed after 23 employees test positive for coronavirus

 Inmates fear death as Ohio prison is overwhelmed by coronavirus (80% of the inmates have tested positive)

 Over 70 percent of inmates in federal prisons have COVID-19

 US inmate with coronavirus dies weeks after giving birth on a ventilator 

 Testing in prisons reveals hidden asymptomatic infections

 The federal prison system has slow walked testing so far. Coronavirus: Bureau of Prisons has 1,500 COVID-19 cases, 31 deaths

 Coronavirus pandemic misery expected to last two more years, says expert report published by the Center for Infectious Disease and the University of Minnesota; Report. pdf (COVID-19 will continue infecting people until herd immunity reaches 60% to 70%, see page 5)

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 YouTube and Facebook have become the primary distributors of Trumpster conspiracy theories that lack any factual basis. 

Exclusive: She's been falsely accused of starting the pandemic. Her life has been turned upside down - CNN; Conspiracy Theorist Makes Up Fake Story Naming U.S. Army Sgt. As Patient Zero | Crooks and Liars It is unfortunate that this victims do not have the funds to sue for defamation. Perhaps one of Google's multi-billionaire founders will front them the money. 
     
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 All trades are commission free except as otherwise noted.
1. Bought 100 HTA at $22.8; 2 at $22-and Sold 2 at $26.7: 


Quote: Healthcare Trust of America Inc. (HTA)-a Healthcare REIT that owns primarily medical office buildings (MOBs)

 I have been reading some articles that physicians are having trouble paying their rent and have been asking for rent deferrals. That is particularly true for internal medicine doctors and those who perform elective surgeries. 

 Closing Price 5/1: HTA $23.10 -$1.53 -6.21% 

 Website: HTA – Healthcare Trust of America, Inc.

 Dividend: Quarterly at $.315 ($1.26)

 Dividend growth is unimpressive due to anemic growth in funds available for distribution ("FAD") per share. The quarterly dividend rate was at $.29 per share in the 2015 first quarter.  

Last Ex Date: 4/1/20 (owned 100 shares) 

Dividend Yield at Average Cost: 5.53%

HTA SEC Filings

 HTA 2019 Annual Report

 Properties:
5 Year Financials:
5 Year Chart:

 Last Earnings Report (Q/E 12/31/19): HEALTHCARE TRUST OF AMERICA, INC. REPORTS 2019 RESULTS AND 2020 EARNINGS GUIDANCE

 When viewing historical cash flow numbers numbers for HTA, it is important to focus on FAD per share rather than gross "normalized FFO". Both FAD and FFO are growing due to acquisitions but so is the share count. 

 In the 2019 4th quarter, normalized FFO was reported at $88.871M of $.42 per share. FAD was reported at $72.261M or $.34 per share. 
$17.663M in cash expenditures for routine maintenance, tenant improvements and leasing commission is a major expense item deducted from FFO to arrive at FAD. Why would those recurring cash expenditures even be included as part of free cash low? IMO, those recurring and significant cash expenditures render FFO a meaningless number when forecasting dividend safety and growth or applying some multiple measuring stick for valuation purposes.  

 The other important adjustment to FFO is the removal of non-cash revenues created by the straight line accounting convention. Pretend cash is not available to support the dividend.   

 YTD Trading Profits: 42 shares +$233.2

Last Elimination: Item # 2.D. Eliminated HTA-Sold 30 at $32.51 (2/8/2020 Post) That 30 share lot was part of a 50 share purchase: Item # 4 Bought 50 HTA at $26.88 (7/13/19 Post) The other 20 shares were sold in 2 ten share lots: Item # 1.A. Sold 10 HTA at $31.31 (1/29/20) and Item # 2.B. Sold 10 HTA at $30.81 (11/28/19 Post)(substantive discussion)

 Other Trades: Item # 1.A. Sold 15 HTA at $28.57-Used Commission Free Trade(9/12/18 Post)(profit snapshot = $46.12); Item # 2 Sold 50 HTA at $26.25 Update For REIT Basket Strategy As Of 10/28/15 - South Gent | Seeking Alpha (profit snapshot = $124.1)-Item # 5 Bought 50 HTA at $23.45 Update For REIT Basket Strategy As Of 9/8/15 - South Gent | Seeking Alpha

2. Small Ball: 

A. Added 1 IRM at $26.46; 1 at $26.07; 1 at $25; 2 at $23.95; 1 at $23.3; 1 at $23.76; 1 at $24.33; 1 at $22.6; 1 at $21.79:










Quote: Iron Mountain Inc (IRM)

 Closing Price 5/1: IRM $23.60 -$0.58 -2.40% 

 Website: Data & Records Management | Shredding | Iron Mountain

 SEC Filings

 2019 Annual Report (risk factor summary starts at page 16)

 Dividend: Quarterly at $.6185 ($2.474 annually)

 Iron Mountain - Stock - Dividend History and Tax Treatment

 Given the cash flow coverage for this dividend, and IRM's heavy debt financed move into digital records management in competition with entrenched competitors, I view it as likely that the current penny rate will be reduced soon, with the company using the Covid-19 as a cover for a necessary and prudent reduction. I would view a continuation of the current penny rate to be financially irresponsible. 

IRM's senior unsecured debt is currently rated in junk territory according to FINRA:
Finra Page IRM 6% SU Maturing on 8/15/23

 Last Ex Dividend: 3/13/20

 Dividend Reinvestment: Yes when the likely price is below $30

 Current Position: 27+ shares

 Average Cost Per Share = $27.14

 Dividend Yield at Average Cost = 9.12%

 Last Quarterly Report (Q/E 12/31/19):

 "FFO (Normalized) per share was $0.65 for the fourth quarter, compared with $0.56 in the fourth quarter of 2018, or an increase of 16.1%. For full-year 2019, FFO (Normalized) per share was $2.29, compared with $2.26 in 2018."

 "AFFO was $228.0 million for the fourth quarter compared with $193.8 million in the fourth quarter of 2018, an increase of 17.7%. For full-year 2019, AFFO decreased 0.7% to $856.3 million, compared with $862.6 million in 2018."
Guidance: 
SEC Filed Press Release

 Iron Mountain Incorporated (IRM) CEO William Meaney on Q4 2019 Results - Earnings Call Transcript | Seeking Alpha

 Last Sell Discussions: Item # 1.B. Pared IRM-Sold 15 at $33.04 (2/22/20 Post); Item # 1.F. Sold 10 IRM at $32.1 (2/12/20 Post); Item # 1.C. Sold 10 IRM at $33.91-Used Commission Free Trade (12/26/18 Post); Item # 3 Sold 50 IRM at $33.82 Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha

 Last Buy Discussion: Item # 2.B. Bought 10 IRM at $29.51-Used Commission Free Trade (7/17/19 Post)

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

B. Restarted DGRO-Bought 1 at $32; 1 at $31.86; 1 at $31.43; 1 at $30.58;  1at $29.9; 1 at $29.3; 1 at $28.8; 1 at 27.9; 1 at $27.7: 








Quote:  iShares Core Dividend Growth ETF Overview

 Closing Price 5/1: DGRO $35.36 -$1.02 -2.80% 

 Sponsor's Website: iShares Core Dividend Growth ETF | DGRO

 Expense Ratio: .08%

 Dividends: Quarterly at a variable rate
Total Last 4 dividends = $.96 per share rounded

 Last Ex Dividend: 3/25/20 

 Average Cost Per Share: $30.27

 Top 10 Holdings as of 4/30/20: 
Last Round-Trip: Item # 3.A. Sold 30 DGRO at $40.95 (12/4/19 Post)(profit snapshot = $106.21)-Added 5 DGRO at $36.37 (6/5/19 Post); Item # 4.A. Bought 5 DGRO at $37.17 and 5 ant $36.71 (5/15/19 Post); Item # 4.B. Bought 10 DGRO at $38.19 and 5 at $37.84 (5/5/19 Post)

C. Restarted FDVV-Bought 5 at $21.9: 

Quote: Fidelity High Dividend ETF Overview

 Closing Price Yesterday: FDVV $25.10 -$0.83 -3.20% 

 Last Round-Trip: Item # 3.B. Sold 20 FDVV at $31.28 (12/4/19 Post)(profit snapshot =$36.11)-Item 4.B. Bought 5 FDVV at $29.3  (6/5/19 Post); Item # 4.A. Bought 10 FDVV at $30.2 (4/27/19 Post)

 Sponsor's website: FDVV | ETF Snapshot - Fidelity

 Expense Ratio: .29%

 Some Top Holdings: 
D. Added 5 BHB at $17.5; 5 at $14; 2 at $13.8; 2 at $13.5:



Quote: Bar Harbor Bankshares (BHB)

 Closing Price Yesterday: BHB $18.64 +$0.26 +1.41% 

 Investment Category: Regional Bank Basket Strategy

 BHB SEC Filings

 2019 Annual Report BHB is a bank holding company whose operating banks are located in Maine, New Hampshire and Vermont.
Dividend: Quarterly at $.22 per share 

Bar Harbor Bankshares Declares Quarterly Cash Dividend

 Last Ex Dividend Date: 2/14/20

 Next Ex Dividend Date: 

 Average Cost Per Share: $21.53

 Dividend Reinvestment: Yes, viewed as undervalued over the intermediate and long term. 

 Current Position: 93+ shares 

 5 Year Chart as of 4/24/20: 
Stock Splits: In 2017, there was a 3 for 2 stock split that gave me an additional 75 shares. Snapshot in 3/25/17 Post I also received a 3 for 2 split on shares bought in 2012 and owned in 2014. BHB Split History That original lot then split again 3 for 2 in 2017.
Sell Discussions: Item # 3.B. Eliminated BHB-Sold 54+ Shares at $26.34 (5/18/19 Post)(profit snapshot = $131.1)-Item # 1.A. Bought 50 BHB at $24-Used Commission Free Trade (12/16/18 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) 

 Last Substantive Buy Discussion: Item # 1.A.(2/5/20 Post)(discussed 2019 4th quarter report)

 Last Earnings Report (Q/E 3/31/20): This report was released yesterday. SEC Filed Press Release 

 "To date we have over 1,500 PPP loans approved by the SBA with a total balance of $127 million. In addition, we also modified close to 500 existing loans, representing $271 million in balances.  The loans modified under deferment plans are still accruing interest and all contractual principal and interest is expected to be collected.”    
"In the first quarter 2020, the Company elected to defer implementation of CECL as allowed under the CARES Act in an effort to prioritize resources around the various debt and government relief programs.  As result, the Company continues to operate its incurred loss model, which has been adjusted to reflect current economic conditions increasing the allowance for loan loss.  That increase has been offset by an improvement in other credit quality factors including several specifically reserved loans that were settled at approximate book value. The allowance for loan losses to total loans ratio for the first quarter remains at 0.58% with a coverage ratio to non-accruing loans at 152%, up from 133% as of year-end. Past due accounts between 30 to 89 days as a percentage of total loans was 0.84% for the first quarter compared to 0.74% at year-end 2019.  The majority of the customers in that range have a history of making payments on a cycle that is about 30 days overdue and is not likely an indication of deteriorated credit quality."  

 BHB Trading Profits to Date: $4,187.54

 Last Bond Offering: $40M 4.625% Fixed to Floating Rate Subordinated Notes due 2029

E. Added 5 BTZ at $11.19; 5 at $10.96; 5 at $9.7; 5 at $9.29 10 at $11.43: 




Quote: BTZ | BlackRock Credit Allocation Income Trust Overview

 Closing Price 5/1/20: BTZ $13.10 +$0.06 +0.46% 

 Sponsor's Website: BlackRock Credit Allocation Income Trust | BTZ

 SEC Filings

 SEC Filed 2019 Annual Report

 Holdings: 865 as of 3/31/20

 Effective Duration: 6.22 years as of 3/31/20

 Leveraged: Yes at 28.84% as of 3/31/20

 Credit Quality as of 3/31/20:
Dividend: Monthly, currently at $.0839 per share ($1.01 annually, rounded)

 Last Ex Dividend: 4/14/20

 Average Cost Per Share: $12.96

 Dividend Yield at $12.96: 7.79%

 Dividend Reinvestment: Yes, for as long as likely reinvestment price will be at a greater than 5% discount to net asset value per share.

 Last Substantive Buy Discussion: Item # 1.H. Restarted BTZ-Bought 10 at $13.57 (3/7/20 Post)

 Prior Sell Discussions: Sold 103+ at $13.4+ Roth IRA (5/8/17 Post)(contains snapshots of trading profits starting in 2010 through May 2017 = +$870.19); Item #1.B. (2/23/2019 Post); Item # 3.A. (4/4/19 Post)

 Data Date of 3/17/20 Trade: 
Closing Net Asset Value Per Share: $12.6
Closing Market Price: $11.01
Discount: -13.98%
Sourced: BlackRock Credit Allocation Income Trust-CEF Connect 

 Data Date of 3/19/20 Trade: 
Closing Net Asset Value Per Share: $11.65 
Closing Market Price: $10.01
Discount:   -13.33%

 Data Date of 3/23/20 Trade: 
Closing Net Asset Value Per Share: $11.39
Closing Market Price: $9.5
Discount: -16.59%

 Data Date of 4/3/20 Trade: 
Closing Net Asset Value Per Share: $12.73
Closing Market Price: $11.42
Discount: -10.29%

 Sourced: BTZ-CEF Connect

 F. Added 10 PFXF at $15.9; 5 at $14.61; 5 at $13.7 and 5 at $13 : 





 Quote: VanEck Vectors Preferred Securities ex Financials ETF

 Closing Price 5/1/20: PFXF $17.98 -$0.23 -1.26% 

Sponsor's Website: VanEck Vectors Preferred Securities ex Financials ETF

 While this ETF has a "preferred securities" label, the fund owns both equity preferred stocks and exchange traded bonds.

Last Elimination: Item # 1.B. Eliminated PFXF-Sold 110  at $20.51 (1/29/20 Post)

 Restart "Small Ball": Item # 1.I. Restarted PFXF -Bought 10 at $19.38; 10 at $19.3; 10 at $18.8; 10 at $18.4 and 10 at $16.5 (3/14/20 Post)

 Dividend: Monthly at a variable rate
Last Ex Dividend : 4/24/20

 Average Cost Per Share: $17.19 

 Dividend Yield at Average Cost:  6.28% (assumes annual rate of $1.08)

 The yield calculation assumes the next 12 months will be identical to the past 12, which lacks precision. I came up with a $1.083 per share for the last 12 payments, which does not use the rounded numbers on the far right of the preceding snapshot.  

 G. Added 1 IBM at $95; 1 at $100; 1 at $102.75;  1 at 105.5; 1 at $92: 







Quote: International Business Machines Corp.

 SEC Filings

 IBM Consensus Analyst EPS

 IBM Investor relations

 Last Sell: Item # 1.B. Sold 2 IBM at $155.40 (2/16/20 Post)

 Last Purchase Discussion: Item # 1.A. Bought 1 IBM at $108.48 (1/23/19 Post)

 Last Substantive Discussion: Item # 1.A. (11/21/18 Post)

 Current Position: 17+ shares

 Average Cost Per Share: $122.08

 Dividend: $1.63 per share ($6.52 annually)

 The penny rate was just increased from $1.62. IBM Board Approves Increase in Quarterly Cash Dividend for the 25th Consecutive Year

 Dividend Yield at $122.08 = 5.34% 

 Last Ex Dividend: 2/7/20

 Next Ex Dividend:  5/7/20

 Dividend Reinvestment: Yes at less than $150. 

 Last Earnings Report (Q/E  3/31/20): 

 Revenues declined to $17.57B from $18.18B in the 2019 first quarter which did not include the Red Hat acquisition. IBM closes its $34 billion acquisition of Red Hat (7/9/19 article)

 Adjusted E.P.S. was reported at $1.84, down from $2.25, but higher than the consensus estimate of $1.81. 

 IBM withdrew its 2020 guidance due to the pandemic. 

 Highlights: 
Segment Results: 
SEC Filed Earnings Press Release 

 Discussed at IBM stock slips as software sales slumped in March due to coronavirus - MarketWatch

 Purchase Restriction: I am not using the small ball purchase restriction which requires that each subsequent purchase be at the lowest price in the chain. I am allowed to buy when the purchase price lowers my average cost per share. 

 IBM is still counting on Red Hat for growth as coronavirus spreads - MarketWatch (4/13/20 article)

 H. Pared GOOD-Sold 10 at $18.4 (Fidelity Account): 

Quote: Gladstone Commercial Corp. (GOOD)-An Equity REIT

 This lot was my highest cost one, other than shares purchases with dividends, in this account. 

 Rationale: Small Ball Trading Rule: buy the dips, sell the pops.

 Closing Price 5/1/20: GOOD $16.93 +$1.13 +7.15% 

 Website: Gladstone Commercial | Monthly Dividend REIT

 Profit Snapshot:  +$11.44
The taxable profit will be slightly higher when Fidelity adjusts the tax cost basis for 2020 ROC distributions. This lot was bought at $18.35 on 10/11/18 with the tax cost basis at $17.26 as of 12/31/19.  

 Dividend: Monthly at $.12515 per share ($1.50 rounded annually)

 Distribution History | Gladstone Commercial Corporation

 Last Ex Dividend: 4/23/20

 Next Ex Dividend: 5/18/20

 Recent Earnings Report: I discussed this report in a recent  comment.

 Gladstone Commercial Corporation Reports Results for the First Quarter Ended March 31, 2020

 Gladstone Commercial Corporation (GOOD) CEO David Gladstone on Q1 2020 Results - Earnings Call Transcript | Seeking Alpha ("All cash-based rent from March was paid as scheduled and approximately 98% of April schedule based rent has been paid. The company granted rent deferrals to three tenants in April representing approximately 2% of total monthly rental income. These tenants continue to pay partial rent, the deferrals ranged from 1.5 to 3 months and the payback period ranges from 6 months to 9 months." page 3 where the company also discusses recent tenant vacancies and efforts to renew leases for those properties.) 

 Last Buy Discussion:  Item # 3.G. Bought 10 GOOD at $16.7; 10 at $16.4; 10 at $16; 10 at $15.7; 5 at $14.2, 5 at $13.6, 5 at $12.8; 5 at $12.1, 2 at $11.4, 2 at $10.85 and 2 at $9.5(4/11/20 Post)(used small ball purchase restriction)

 Last Sell Discussions: Item # 1.C. Eliminated GOOD in Schwab Account-Sold 50+ at $20.88 and Item # 1.D. Sold Highest Cost GOOD Share in Fidelity Account at $21.36 (3/3/19 Post)

 New Average Cost Per Share Fidelity Account: $14.78

 Dividend Yield at $14.78 = 10.15%

 I. Bought 20 GOOD at an Average Cost Per Share of $10.02 (Schwab Account) and 16 GOOD at an Average Cost Per Share of $10.42 (Vanguard): 

 Both of these accounts are taxable. I also bought GOOD in two Roth IRA accounts. Those taxable account total cost numbers are currently unadjusted for ROC which will be made after GOOD reports the tax classifications for 2020 dividend payments in 2021.  
Share Price Intraday 4/29/20

The non-favored tax characteristics of REIT dividend payments is not that important for GOOD since more than 50% of its dividend payments have been  classified as ROC. The dividend is supported by free cash flow, not GAAP net income. If I sell shares with a ROC adjusted tax basis 1+ years after purchase, any taxable gain associated with the ROC adjustment becomes a long term capital gain. 

 2019 Tax Classification: 

2018: Tax Classification: 
2017 Tax Classification: 

Dividend yield at $10.02 = 14.97%

 Dividend Yield at $10.42 = 14.4%

3. U.S. Equity Preferred Stocks: 

 A. Bought 10 VNOPRM at $19; 5 at $16.5 and 5 at $14.5 


Quote: Vornado Realty Trust 5.25% Preferred Stock

 Closing Price 5/1/20: VNO-PM $22.33 0.00 0.00% 

 Issuer: Vornado Realty Trust (VNO)

 VNO SEC Filings

 VNO 2019 Annual Report

 Last Round-Trip: Item # 2.A. Sold 50 VNOPRM at $22.95 (3/23/20 Post)(profit snapshot = $56.68/sold on ex dividend date)

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

Prospectus

Par Value: $25
Dividends: Quarterly, cumulative and non-qualified as a pass through entity
Optional Call: On or after 12/13/2022 at par value plus accrued and unpaid dividends
Stopper Clause: Yes

 Average Cost per share = $16.67

 Dividend Yield at Average Cost = 7.87%

 Last Ex Dividend: 3/13/20

 B. Added 2 EPRPRC at $15.24; 3 at $14.5; 5 at $13.5; 5 at $12.95; 1 at $11; 1 at 10 and Sold 10 Shares at $17.5 and 5 shares at $16.22: 

 Purchases: 




Reduced Average Cost to $12.54: 
10 Shares Remaining/snapshot intraday on 4/13/20
Quote: EPR.PRC | EPR Properties 5.75% Cumulative Convertible Preferred  Series C Overview 

 Closing Price 5/1: EPR-PC $17.80 -$0.50 -2.73% 

 Issuer:  EPR Properties (EPR) 

 Portfolio Overview - EPR Properties
EPR Properties Reports Fourth Quarter and 2019 Year-end Results 

Last Discussed: Item # 2.A. Bought 10 EPRPRC at $16.55 (3/14/20 Post) That is the 10 share lot that was sold. I have nothing to add to that discussion about this preferred stocks material terms including its conversion feature. 

Given the impact of COVID-19 on the issuer's business, this preferred stock is in the high risk category. A dividend deferral is a possibility when and if operations have to be remained closed through the summer months.  To defer the preferred share dividend, EPR would first have to eliminate in its entirety common share cash dividends.    

 Sold 10 at $17.5 (highest cost lot): 
Sold 5 at $16.22:

 Profit Snapshot (15 shares): +$16.6
I discussed these sells in a 4/13/20 comment.

 Dividend Yield at $12.54 = 11.46%

 Last Ex Dividend:  3/30/20 (paid on all 25 shares) 

 EPRPRC Trading Profits To Date: $579.88  (prior trades +$563.28)

Prior Discussion Links: Item # 3 Sold 50 EPRPRC at $27.49 (10/21/18 Post)(profit snapshot = $178.58)-Item # 1 Bought 50 EPRPRC at $23.78-Used Commission Free Trade (4/23/18 Post)

Item # 1.B. Sold 50 EPRPRC at $28.48 (9/12/18 Post)(profit snapshot = $224.22)-Item # 1 Bought 50 EPRPRC at $24 and 50 at $23.78 (4/23/18)

Item # 3 Sold 50 EPRPRC-Update For Equity REIT Basket Strategy As Of 4/6/16 - South Gent | Seeking Alpha (profit snapshot = $160.48)

EPR may defer preferred stock dividend payments IMO. A deferral of those dividends would require first the elimination of the common share cash dividend. The preferred dividends will still accrue since they are cumulative. That does not mean that the deferred amounts will be paid, but only that the deferred amounts will have to be paid before the company resumed paying cash dividends to common stock owners.  

 I also eliminated my position in EPR's common stock. I had only bought 2 shares, and sold that lot at $31.6 realizing a $9.2 gain. 
SOLD 2 EPR-ELIMINATION
I am not optimistic that theatre chains will return to normal attendance levels this year or even in 2021 unless there is an effective and safe vaccine. 

4. Exchange Traded Bonds: 

 A. Restarted EBAYL- Bought 5 at $22.74: 

 Category: Exchange Traded Baby Bonds, a sub-category of Exchange Traded Bond

 Closing Price 5/1/20: EBAYL $26.10 +$0.08 +0.31%

 Maybe I could have been more adventuresome with this one. 

 Quote:  eBay Inc. 6% Senior Unsecured Notes due 2056

 Last Round-Trip: Item # 2.A. Sold 30 EBAYL at $26.67 (10/2/2017 Post)-South Gent's Comment Blog # 6: Bought 30 EBAYL at $24.99(profit snapshot =$59.28)

 Prospectus
Par Value $25
Makes Quarterly Interest Payments
Coupon: 6%
Optional Call Date: On or After 3/1/21 at Par
Maturity: 2/1/2056
Issuer: eBay Inc. (EBAY)

Last Earnings Report: eBay Inc. Reports Fourth Quarter and Full Year 2019 Results

 Issuer SEC Filings

 2019 Annual Report (debt listed at page F-30)

 5. Short Term Investment Grade Corporate Bonds as an Alternative To MM funds:

 Since I published a list of securities maturing this month (Item # 3), more issuers have elected to redeem bonds maturing later this year during March. 

 One of the new redemption notices was received for the 2.9% Biogen bond, discussed in Item 5.B. below), that was recently bought. That redemption will be subject to a make whole. 

 I received a notice last night from Fidelity that the AT & T bond bond maturing on 6/30/20 will be called on 5/30: 
I own 4 in my Fidelity and 2 in my IB account where I have quit trading bonds. The redemption proceeds total for this month is currently over $120K. 

 I am going to quit listing the securities maturing each month, since so much is changing on the redemption dates due to the plunge in short term rates and issuers exercising their optional redemption rights.  

 A. Bought 10 Virginia Electric Power 3.45% SU Bonds Maturing on 9/1/2022: 
FINRA Page: Bond  Detail (prospectus linked)

 I discussed this purchase in a comment published on 3/24/20. 

 This chart shows how the bottom fell out in March, presenting a few days where this bond was obviously being mispriced: 
For a high quality corporate bond purchase, I would give myself an A+ on this buy. Sure, the Young Turk Stock Jocks will thumb their nose at it, but this is about as good as it gets in bond land now.  

 The last trade was at 104.22. 
Third Party Price Higher at 104.4952
The unrealized gain is about $567. I could probably sell it at that price, but then what do I do with the proceeds deposited in a sweep account with a .01% yield. 

Issuer: VEPCO is a large electric utility whose service territory encompasses most of Virginia. It is a wholly owned subsidiary of  Dominion Energy Inc. (D)
Dominion 2019 Annual Report:
 Credit Ratings: 
Bought at a Total Cost of 98.826
YTM at TC = 3.961%

Current Yield at TC = 3.491%

 On 5/1/20, the 2 and 3 year treasury yields closed at .2% and .25% respectively. 

 B. Bought 2 Biogen 2.9% SU Bonds Maturing on 9/15/20: 
I now own 4 bonds. 

 I received notice that BIIB will redeem this bond in late May. 

 The redemption will be subject to a make whole payment.  

I sold 2 of these bonds at 100.7:  Item # 3.B. (10/8/19 Post)

FINRA Page: Bond Detail (prospectus not linked)

Prospectus

Issuer: Biogen Inc.  (BIIB)
BIIB | Biogen Inc. Analyst Estimates | MarketWatch
Biogen SEC Filings

Credit Ratings: 
Bought at a Total Cost of  99.6 (Includes $1 broker commission)
YTM at Total Cost = 3.769%  

C. Bought 2 Cigna 3.2% SU Bonds Maturing on 9/17/20:
FINRA Page: Bond Detail (prospectus linked)

 Issuer: Cigna Corp. (CI)
CI | Cigna Corp. Analyst Estimates

 Cigna Delivers Strong 2019 Results, Expects Continued Attractive Revenue and Earnings Growth in 2020

 Credit Ratings: Financial Strength and Credit Ratings | Cigna
S & P at A-
Moody's at Baa2
Fitch at BBB

Bought at a Total Cost of 99.6
YTM at TC = 4.051%
Third Party Price as of 5/1: 100.674
D. Bought 2 AstraZeneca 2.375% SU Bonds Maturing on 11/16/20:
I now own 4 bonds.

Finra Page: Bond Detail (prospectus linked)

Issuer: AZN | AstraZeneca PLC ADR Overview

 Credit Rating: A3 Moody's

 Bought at a Total Cost of 98.607
YTM at TC =  4.592%
Third Party Price as of 5/1/20 at 100.632
Disclaimer: I am not a financial advisor but simply an individual investor who has been managing my own money since I was a teenager. In this post, I am acting solely as a financial journalist focusing on my own investments. The information contained in this post is not intended to be a complete description or summary of all available data relevant to making an investment decision. Instead, I am merely expressing some of the reasons underlying the purchase or sell of securities. Nothing in this post is intended to constitute investment or legal advice or a recommendation to buy or to sell. All investors need to perform their own due diligence before making any financial decision which requires at a minimum reading original source material available at the SEC and elsewhere. A failure to perform due diligence only increases what I call "error creep". Stocks, Bonds & Politics: ERROR CREEP and the INVESTING PROCESS Each investor needs to assess a potential investment taking into account their personal risk tolerances, goals and situational risks. I can only make that kind of assessment for myself and family members. 
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