Economy:
Powell: "Inflation is still too high, further progress in bringing it down is not assured, and the path forward is uncertain".
My Video: Fed's Monetary Policy Statement and Powell Press Conference - YouTube
Personal Income and Outlays, March 2024 | U.S. Bureau of Economic Analysis (BEA)
Annual PCE Inflation: 2.7%
Annual Core PCE Inflation: 2.8%
Month-To-Month PCE and Core PCE Inflation: .3%
Real PCE: +.5%
As I have mentioned previously, the problem is the month-to-month inflation trend.
Note that the month-to-month core PCE inflation was .1% from October to November and .2% from November to December. September to October 2023 was at .2%. The first three months of 2024 had month-to-month core PCE inflation numbers of .5%, .3% and .3%.
It is possible that the first quarter inflation numbers will prove to be a blip, based in part on annual price increases adopted in the quarter. Stalled Inflation Vexes the Fed. Is It Noise or a New Trend? - WSJ
Median Income Household - Home Affordability:
The "Atlanta Fed developed an interactive home affordability tool, the HOAM (Home Ownership Affordability Monitor) Index, which measures the ability of a median-income household to absorb the estimated annual costs associated with owning a median-priced home. Using the HUD standard 30 percent share of income threshold to measure affordability, this tool presents a national view of affordability for the median home owner from January 2006 through the most current data as well as metro-level and county-level (within metropolitan areas) views of affordability for the median home owner from January 2014 through the most current data."
Home Ownership Affordability Monitor - Federal Reserve Bank of Atlanta
S&P Corelogic Case-Shiller Index February 2024 U.S. National Home Price Index was reported a 6.4% annual gain through February.
ADP estimated that the economy created 192,000 new private sector jobs last month. ADP National Employment Report: Private Sector Employment Increased by 192,000 Jobs in April; Annual Pay was Up 5.0%
Earlier today, the BLS estimated that the economy created 175,000 jobs last month. Employment Situation Summary-2024 M04 Results The unemployment rate was at 3.9%. Over the past 12 months, average hourly earnings increased by 3.9% but the increase in April was just 7 cents or .2%. The February job increase number was revised to +236,000 from 270,000; and the March increase was revised up to 315,000 from 303,000.
 |
| In Thousands |
Bureau of Labor Statistics Data
Starbucks, McDonald's, Yum earnings show consumers pulling back
+++
Allocation Shifts Discussed in this Post:
Treasury Bills Purchased at Auction: $20,000 in principal amount
Corporate Bonds: $14,000 in principal amount.
In compiling inflow into Treasury Bills and corporate bonds, I do not net out redemption proceeds.
Outflow Common Stocks: -$2,863.71
(Consisting of $3,142,46 in proceeds minus $278.75 in purchases)
The outflow comes almost entirely from the banking stock sector.
Inflow Stock Funds: +$228,3
Outflow Common Stocks/Stock Funds: -$2,677.21
Equity Preferred Stock: -$186.5
2024 Net Outflow Stocks/Stock Funds: -$21,233.32
++++
Trump and His Anti-Democracy Party:
RealClearPolitics - Election 2024 - General Election: Trump vs. Biden
Donald Trump on What His Second Term Would Look Like | TIME This needs to be required reading for every voter.
'More ruthless': Key takeaways from Trump's TIME interview - YouTube
My video: Trump's Interview with Time Magazine Reporters - YouTube
CNN Poll: Trump maintains lead over Biden in 2024 matchup as views on their presidencies diverge 61% of voters stated in this poll that Biden's Presidency has been a failure, while only 44% made that claim for Trump's term. The two substantive policy problems for Biden is that he is being blamed for inflation and the influx of immigrants across the southern border.
What struck me about the oral argument on the presidential immunity issue was the total lack of interest among the Republican Justices about the insurrection case that was actually before them.
The Trumpification of the Supreme Court - The Atlantic
15 Historians File Amicus Brief in Trump v. US Debunking Immunity Claim | Brennan Center for Justice; Historians Amicus Brief.pdf There is no provision in the Constitution that would grant an ex-President immunity from crimes committed while in office. There is an immunity for legislators in the Speech and Debate Clause. Speech and Debate Privilege-Legal Information Institute
My Video: Presidential Immunity for Crimes and the Hypocrisy of the Originalists - YouTube The Revolutionary War was fought to sever the connection with a King who was above the law. The Republican Justices who are originalists, claiming to interpret the Constitution as it would have been construed when written, want to create in 2024 a Presidential immunity from criminal prosecution. How does that square with the provision in Article 2 that the President is obligated to "take Care that the Laws are faithfully executed" but is then allowed to break the laws with impunity.
Historian says Trump lawyer "deliberatively misleading" SCOTUS: Ben Franklin "would be horrified"
The Supreme Court majority sounds sold on Trump's Big Lie
'That was embarrassing': Tribe torches Trump-friendly SCOTUS justices on immunity - YouTube
Trump is a 'wrecker,' says historian Robert Kagan - YouTube
Barr, who said Trump shouldn’t be near Oval Office, says he will vote for him in 2024; New Ad: Are you or is someone you love suffering from Partisan Derangement Syndrome? - YouTube
S.D. Governor Kristi Noem (R) Says She Shot, Killed Her Puppy in Book Excerpt; Trump VP contender Kristi Noem defends dog killing amid ridicule Noem is one of the contenders for the republican VP nomination.
How Trump’s Rhetoric at Rallies Has Escalated - The New York Times
Michigan AG executes search warrants on Google and X in ongoing 2020 fake electors probe
Eric Hovde, the Trump endorsed Republican candidate for the U.S. Senate in Wisconsin, has repeatedly stated that nursing home residents should not be allowed to vote since he believes they lack the mental capacity to vote. Sen. Baldwin slams Trump-backed rival Hovde: Can't let him ‘anywhere near' the U.S. Senate - YouTube (Hovde" “If you’re in a nursing home, you only have a five-, six-month life expectancy Almost nobody in a nursing home is at a point to vote.")
Trump will never accept an election defeat. Trump gives his strongman’s ambitions free rein on a day off from court
++++
Putin and His Violent Orwellian State:
Losses ∙ Russia ∙ WarSpotting — documented material losses in Russo-Ukrainian war
Ukrainian Drones Hit Oil Refineries in Krasnodar and Smolensk! - YouTube
It is clear that Putin is unable to protect oil refineries and depots from slowi moving drone attacks.
Russian missile hits educational institution in Odessa, kills four in Ukraine's Odesa | Reuters
Russia launched a missile attack against a psychiatric hospital in Kharkiv. Russian Missile Hits Ukrainian Health-Care Compound
Russian missile strike hits Odessa building in Ukraine - YouTube
The second most powerful man in Russia is Nikolai Patrushev who is a far more crazy and violent psychopath than Putin. What Putin’s No. 2 Believes About the West - The Atlantic
Ukraine special forces destroy six BUK launchers worth $600,000,000 in six weeks - YouTube
Javelin missile easily destroys 'famous' Russian T-80BV tank in Urozhaine - YouTube
Putin will continue his war in Ukraine for as long as he remains in power. Having made the mistake of invading Ukraine, based on his delusional forecast that victory would be achieved in a few days, his life, power and wealth are at risk without succeeding in his imperial ambitions irrespective of the costs in Russian lives and the extremely negative long term impacts on the Russian economy. Ukraine is not going to surrender and be absorbed into Putin's totalitarian state.
++++
1. Eliminated TD - Sold 35 at $59.08:
Quotes:
USDs: Toronto-Dominion Bank (U.S.: NYSE)
CADs: Toronto-Dominion Bank (Canada: Toronto)
Canadian Dollar to US Dollar Exchange Rates Chart | Xe
Proceeds: $2,067.78
SEC Filings (foreign company forms)
TD Analyst Estimates | MarketWatch
Profit Snapshot: $280.15
Last Discussed: Item # 2.N. Sold 1 TD at $70.54 (2/20/23 Post)(profit snapshot = $16.25)
Dividend: Quarterly at C$1.02 per share
Last Ex Dividend: 4/10/24 (owned all as of)
Historical Dividends in USDs: The Toronto-Dominion Bank (TD) Dividend History | Seeking Alpha
Last Earnings Report (Fiscal First Q/E 1/31/24): TD Bank Group Reports First Quarter 2024 Results - Feb 29, 2024
All amounts are in CADs.
Some Previous Sell Discussions: Item # 1.F. Sold 2 TD at $82 (1/27/22 Post)(profit snapshot = $55.42); Item # 2.H. Pared TD-Sold 2+ shares at $70.97 (5/28/21 Post)(profit snapshot +$52.81, shares bought with dividends); Item # 2..N. Pared TD-Sold 1 at $60.54 (3/6/21 Post)(profit snapshot = $6.25); Item # 3.J. Sold 2 TD at $58.39 (1/31/21 Post)(profit snapshot = $6.99); Item # 1 Eliminated TD-Sold 53+ Shares at $58.31 (3/19/18 Post)(profit snapshot +$910.82); Item 4.A. Sold 54+ TD at $56.97 (11/4/17 Post)(profit snapshot +$718.78)
TD Realized Gains to Date: $2,047.47
2. Small Ball Stock Purchases:
A. Added to SWZ - Bought 10 at $7.56:
Quote: Swiss Helvetia Fund Inc. Overview - Stock CEF
Cost: $75.6
Sponsor's Website: Schroders | SWZ
New Average Cost per share: $7.687
Data Date of 4/26/24 Trade:
Closing Net Asset Value per share: $9.08
Closing Market Price: $7.56
Discount: -16.74
Average 3 year discount: -14.3%
Sourced: SWZ - CEF Connect
I discussed this CEF in my last post and having nothing further to add here Item # 1. Restarted SWZ - Bought 100 at $7.7 (4/26/24 Post)
B. Added to IDE - Bought 15 at $10.18:
Quote: Voya Infrastructure, Industrials & Materials Fund Overview - A Buy/Write CEF
Cost = $152.7
Investment Strategy: Monthly Income Generation
Earlier this year, I decided to increase my monthly dividend paid by CEFs owned in my Fidelity account to $200. Having hit that target, I am now increasing the goal to $300 per month which will allow me to profitably sell my highest cost shares into rallies while keeping the monthly total above $200.
Last Discussed: Item # 2.D. Added to IDE - Bought 5 at $8.9 (10/14/23 Post); Item # 2.B. Added 5 IDE at $9.31 (6/10/23 Post)
SEC Filed Semiannual Report for the period ending 8/31/23 (Cost of investments then at $158.7+M, valued then at $175.55+M)
Sponsor's website: Voya Infrastructure, Industrials and Materials Fund
Old Average cost per share: $9.28
New Average cost per share: $9.54 (50+ shares)
 |
| Snapshot Intraday on 4/26/24 after add |
Dividend: Monthly at $.10 per share.
This CEF recently switched from paying quarterly dividends. The prior quarterly rate was $.229 per share.
Some ROC Support.
Yield at AC per share: 12.58%
Last Ex Dividend: 5/1/24 (owned all as of)
Data date of 4/26/24 Trade:
Closing Net Asset Value per share: $11.66
Closing Market Price: $10.18
Discount: -12.69%
Average 3 Year Discount: -11.22%
Sourced: IDE-CEF Connect
Largest Gains: Item # 2 Sold 100 of the Stock CEF IDE at $20.3 (3/11/11 Post)(profit snapshot = $227.25);
Item # 5 Sold 100 IDE at $17.47 (3/24/2014 Post)(profit snapshot = $138.39)
Last Elimination: Item # 3. Eliminated IDE - Sold 100 at $13.85 (1/29/2017 Post)(profit snapshot = $46.96)
Some Other Sell Discussions: Item # 1 Sold 50 IDE at $18.7 (9/30/10 Post)(profit snapshot = $49.08); Item # 2 Sold 50 of the Stock CEF IDE at $18.61 (5/10/12 Post)(profit snapshot = $55.58); Item # 3 Sold 50 IDE at $17.12 Roth IRA (7/6/13 Post)(profit snapshot = $34.48).
IDE Realized Gains to Date: $621.55
I highlighted the prior sale dates and prices just to emphasize that this CEF had to be traded to realize acceptable total returns.
C. Added 5 NSA at $34.95:
Quote: National Storage Affiliates Trust (NSA) - Internally Managed Storage REIT
Cost: $174.75
Last Discussed: Item # 2.B. Added to NSA - Bought 5 at $35.25 (4/26/24 Post). I discussed the 2023 4th quarter report in that post.
Website: National Storage Affiliates Trust (NSA)
New Average cost per share: $36.6 (35 shares)
Dividend: Quarterly at $.56 per share ($2.24 annually), last raised from $.55 effective for the 2023 second quarter payment.
Dividend History-National Storage Affiliates Trust (NSA)
Yield at $36.6 AC : 6.12%
Last Ex Dividend: 3/14/24 (owned 25 as of)
Last Earnings Report (Q/E 3/31/24): SEC Filing
Net Income: $95.088M
GAAP E.P.S. = $.65, juiced by $61.173M gain on property sales
Core FFO per share: $.60
The core FFO calculation adds to the net income number the depreciation and amortization non-cash expense of $46.964M and deducts the $61.173M gain.
Wholly Owned Properties: 809
Joint Venture Properties: 241
Same Store Occupancy: 85.6%, down from 89.4% as of 3/31/23.
D. Added to PSEC - Bought 10 at $5.23; 10 at $5.16:
Quote: Prospect Capital Corp. (PSEC) - Externally managed BDC
Cost: $104
Website: Prospect Capital Corporation
After these purchases, I changed my dividend option from payment in cash to reinvestment based on the current discount to the last reported net asset value per share.
Net Asset Value per share as of 12/31/23: $8.92
New Average cost per share: $5.49 (70+ shares)
Dividend: Monthly at $.06 per share ($.72 annually)
PSEC Stock Dividend History & Date
Yield at $5.49: 13.11%
Last Ex Dividend: 4/25/24
I discussed PSEC in my last post and have nothing further to add here. Item # 2.F. Added 15 PSEC at $5.42 (4/26/24 Post) I discussed the last earnings report in that post. SEC Filing and 10-Q
3. Small Ball Sells:
A. Eliminated FISI - Sold 26+ at $17.45:
Quote: Financial Institutions Inc. (FISI)
Proceeds: $459.95
Investment Category: Regional Bank Basket Strategy
FISI is a bank holding company that is the parent company of Five Star Bank which has branches in central and western New York.
FISI somehow became a victim of a check kiting scheme and lost about $18.4M. Check fraud scheme at Five Star Bank highlights growing vulnerability for banks; Crescent Beach owner set up multiple accounts for fraud, bank alleges
FISI Analyst Estimates | MarketWatch
Profit Snapshot: $59.74
Dividend: Quarterly at $.30 per share, last raised from $.29 effective for the 2023 first quarter payment.
Financial Institutions, Inc. (FISI) Dividend History | Seeking Alpha
Last Ex Dividend: 3/14/24
Last Earnings Report (Q/E 3/31/24):
Net income after preferred share dividends of $1.7M or $.11 per share, down from $11.7M in the 2023 first quarter of $.76 per share.
The company recorded a $18.4M pre-tax loss from the check kiting scheme. This was down from a $18.9M previous estimate due to recovery of some funds in late March 2024.
Prior Sell Discussions: Item # 2.B. Pared FISI in Schwab Taxable Account - Sold 5 at $21.48 (1/6/24 Post)(profit snapshot = $24.7); Item #1.F. Pared FISI in Schwab Taxable-Sold 5 at $29.15 (4/17/21 Post)(profit snapshot = $69.85); Item # 3.F. Pared FISI Schwab Taxable Account-Sold 5 at $20.6-highest cost lot (12/4/20 Post)(profit snapshot = $23.26); Item # 3 Sold 50 FISI at $24.71 Update For Regional Bank Basket Strategy As Of 8/21/15 - South Gent | Seeking Alpha (profit snapshot = $442.07); Item # 2 Sold 51+ FISI at $24.1 (5/3/2015 Post)(profit snapshot = $254.18); Item # 5 Sold 50 of 150 FISI at $21.16 (10/11/13 Post)(profit snapshot = $59.15)
FISI Realized Gains to Date: $926.09
B. Eliminated FULT - Sold 31+ at $17.12:
Proceeds: $531.09
Investment Category: Regional Bank Basket Strategy
FULT Analyst Estimates | MarketWatch
Last Discussed: Item # 2.E. Eliminated Duplicate Position in FULT - Sold 31+ at $15.74 (2/23/24 Post)(profit snapshot = $19.44)
Last Buy Discussion: Item # 1.I. Added to FULT - Bought 2 at $13.83 (4/1/23 Post)
I sold into the rally on 4/29 that resulted from an announcement that the FDIC had sold the assets and branches of a failed bank to FULT. Fulton Financial Corporation Acquires Substantially All of the Assets and Assumes Substantially All of the Deposits of Republic First Bank from the FDIC
Profit Snapshot: $62.57
C. Sold 3+ EPRT at $26.33:
Proceeds: $83.64
I sold all shares bought with dividends. This is part of my risk reduction strategy. Given my age and financial objectives, I am more interested in profitably selling shares bought with dividends rather than keeping them for a compounding effect over time which risks losing some of their original value as cash dividends.
10-Q for the Q/E 3/31/24 (Debt is discussed at pages 49-51, 65)
Last Discussed: Item # 3.D. Eliminated Duplicate Position in EPRT - Sold 13+ at $24.22 - Schwab Account (8/19/23 Post)(profit snapshot = $32.9)
Last Buy Discussions: Item # 6.I. Added to EPRT - Bought 2 at $19.19 - Fidelity Account (11/1/22 Post); Item # 4.N. Added to EPRT - Bought 2 at $19.95 (10/11/22 Post)
Profit Snapshot: +$9.89
New Average cost per share: $23.77 (39 shares)
 |
| Snapshot Intraday on 4/29/24 after pare |
Dividend: Quarterly at $.285 per share ($1.14 annually), last raised from $.28 effective for the 2023 4th quarter payment. The quarterly dividend was at $.21 per share in first quarter of 2019.
Essential Properties Realty Trust, Inc. (EPRT) Dividend History | Seeking Alpha
Yield at $23.77 AC = 4.8%
Last Ex Dividend: 3/27/24 (owned all as of)
Last Earnings Report (Q/E 3/31/24):
FFO per share: $.46
AFFO per share: $.40
For a triple net lease REIT, the tenant has the obligation to pay routine maintenance expenses. Consequently, the major reduction from FFO will be to deduct non-cash revenues created by the straight line accounting convention. Pretend revenues are not available to support the cash common share dividend.
Revenues: $103.501M
Number of Properties: 1,937
Weighted average occupancy: 99.9%
Increased 2024 AFFO guidance to $1.72-$1.75 per share.
4. Corporate Bonds: $14,000 in principal amount
The current focus is to build up my 2025 bond ladder. I have quit buying corporate bonds maturing in 2024. I am only nibbling in corporate bonds maturing in early 2026.
The one year treasury bill has continued to move up in yield after I bought these bonds, narrowing their yield advantage over that T Bill. U.S. 1 Year Treasury Bill Advanced Charts | MarketWatch A state cannot tax interest paid by the U.S. Treasury but can tax corporate interest payments. Tennessee does not have a state income tax so I do not need to adjust the yields for corporate by a state tax rate and then compare the result with the yield on a comparable maturity treasury. If I lived in a state with an income tax, I would focus more on buying treasuries in a taxable account and corporate bonds in a retirement account.
A. Bought 2 Southern Copper 3.875% SU Maturing on 4/23/25 at a Total Cost of 98.178 (Interactive Brokers Account):
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa1/BBB+
YTM at Total Cost: 5.79%
Current Yield at TC = 3.947%
B. Bought 2 Brookfield 4% SU Maturing on 1/15/25 at a Total Cost of 98.894 (IB Account):
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Issuer: Brookfield Corp. (Canada: Toronto) | MarketWatch
Website: Homepage | Brookfield Corporation
Brookfield Corporation Reports Strong 2023 Results
Finra Page: Bond Page | FINRA.org
Credit Ratings: A3/A-
YTM at Total Cost: 5.568%
Current Yield at TC = 4.045%
I now own 4 bonds.
C. Bought 1 Public Service Electric & Gas 3% First Mortgage Bond Maturing on 5/15/25 at a Total Cost of 97.629 (Fidelity Account):
%20.png)
Issuer: Operating utility for the utility holding company Public Service Enterprise Group Inc. (PEG)
PEG SEC Filed Earnings Press Release for the Q/E 12/31/23
PEG SEC Filed 2023 Annual Report (operating results and other financial information of operating subsidiary at pages 66-71)
Finra Page: Bond Page | FINRA.org
Credit Ratings: A1/A
Prospectus and General Prospectus for all Medium Term First Mortgage Bonds
YTM at Total Cost: 5.344%
Current Yield at TC = 3.073%
I now own 2 bonds.
Last Bond Issuance (2/24): Prospectus for 5.45% FM due in 2054
D. Bought 2 Discover Financial 3.75% SU Maturing on 3/4/25 at a Total Cost of 98.338 (IB Account):
%203:4:25%203.75%25.png)
Issuer: Discover Financial Services (DFS)
DFS Analyst Estimates | MarketWatch
DFS is in the process of being acquired by Capital One Financial Corp. (COF) I am skeptical that the merger will be approved by regulators. Capital One to acquire Discover Financial Services in $35.3 billion all-stock deal
SEC Filed Earnings Press Release for the Q/E 3/31/24
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB-
YTM at Total Cost: 5.78%
Current Yield at TC = 3.813%
E. Bought 1 GATX 3.25% SU Maturing on 3/20/25 at a Total Cost of 97.841 (Fidelity Account):
%203:30:2025%203.25%25%20.png)
Issuer: GATX Corp. (GATX)
GATX Analyst Estimates | MarketWatch
DGATX SEC Filed Earnings Press Release for the Q/E 3/31/242ocument
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.697%
Current Yield at TC = 3.322%
I now own 4 bonds.
F. Bought 2 J.M Smucker 3.5% SU Maturing on 3/15/25 at a Total Cost of 98.304:
%203.5%25%203:15:25.png)
Issuer: J.M. Smucker Co. (SJM)
SJM Analyst Estimates | MarketWatch
SJM SEC Filed Earnings Press Release for the Fiscal Q/E 1/31/24
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB
YTM at Total Cost: 5.507%
Current Yield at TC = 3.56%
G. Bought 2 Spectra Energy Partners L.P. 3.5% SU Maturing on 3/15/25 at a Total Cost of 98.228:
%203.5%25%20.png)
Issuer: Spectra Energy Partners is now owned by Enbridge Inc. (ENB)
Enbridge and Spectra Merger FAQs - Enbridge Inc. (The merger was completed on 2/27/2017); Enbridge Inc. and Spectra Energy Partners, LP Complete Merger (12/17/2018)
Enbridge later guaranteed the Spectra Energy Partner notes:
ENB 2023 SEC Filed Annual Report at page 86 Spectra Energy Partners also guarantees the ENB notes.
Finra Page: Bond Page | FINRA.org
Credit Ratings: Baa2/BBB+
YTM at Total Cost: 5.604%
Current Yield at TC = 3.56%
I now own 4 bonds.
Last ENB Bond Issuance (4/2024): Prospectus
H. Bought 2 FS KKR 4.125% SU Bonds Maturing on 2/1/25 at a Total Cost of 98.41:
Issuer: FS KKR Capital Corp. (FSK) -Externally Managed BDC
2023 SEC Filed Annual Report Debt is listed at page 60. A summary of investments starts at page 94. Summary of risk factors starts at page 17 and ends at page 46.
I have a position in the common stocks that I last discussed here: Item # 4.B. Eliminated 1 of 3 Duplicate Positions in FSK - Sold 12 at $20.35 (9/16/23 Post)
Finra Page: Bond Page | FINRA.org
Credit Rating: Baa3
YTM at Total Cost: 6.318%
Current Yield at TC = 4.19%
I now own 4 bonds.
The YTMs of BDC SU bonds is not consistent with their ratings. The Bond Ghouls assign a higher risk to them than would be reflected in non-pass through entity with the same credit rating. I view BDC bonds as having an elevated risk due to paying out all or almost all net investment income as common dividends (pass through entity), their leverage, and the inherently risky nature of their loans.
I own 2 FSK 4.625% SU bonds that mature on 7/15/24. So I am basically reinvesting the proceeds in advance of maturity into the bond maturing on 2/1/25. This rolling forward in time, usually by less than 1 year, is a normal process for me. If yields become unattractive, or I become more concerned about credit risk, I will just stop doing it.
5. Treasury Bills Purchased at Auction:
I participated in the 3 month treasury bill auction. The general idea is to reinvest the proceeds received on 8/1/24 into a 6 month T Bill that matures in 2025, thereby shifting the interest income tax recognition to 2025.
A. Bought 10 Treasury Bills at the 4/29/24 Auction (Schwab and Fidelity Accounts):
%208:1%20:24%20Fidelity%20.png)
%208:1:24%20.png){kind=small}
91 Day Bill
Matures on 8/1/24
Interest: $132.7
Investment Rate: 5.395%
B. Bought 5 Treasury Bills at the 5/1/24 Auction- Schwab Account:
%209:3:24%20.png){kind=small}
119 Day Bills
Matures on 9/2/2024
Interest: $86.69
Investment Rate: 5.412%
C. Bought 5 Treasury Bills at the 5/2/24 Auction - Schwab Account:
56 Day Bill
Matures on 7/2/24
Interest: $40.99
Investment Rate: 5.387%
6. U.S. Equity Preferred Stock:
A. Eliminated Duplicate Position in FULTP - Sold 10 at $18.65 (Fidelity Account):
Quote: Fulton Financial Corp. Preferred Series A
Proceeds: $186.5
Issuer: Fulton Financial Corp. (FULT) - A Bank Holding Company
Profit Snapshot: +$25.8
Last Discussed: Item # 2.C. Bought 5 FULTP at $15.09; 5 at $14.64 (5/13/23 Post)
Preferred Stock Prospectus
Coupon: 5.125%
Annual Dividend per share: $1.28, rounded down
Par Value: $25
Dividends: Paid Quarterly, qualified and non-cumulative
Optional Call: On or after 1/15/2026
Stopper Clause: Standard (FULT must eliminate the common share cash dividend before eliminating the non-cumulative preferred stock dividend)
Last Ex Dividend: 3/27/24
I still own 10 shares in my Schwab account with an average cost per share of $14.87:
 |
| Snapshot Intraday on 4/29/24 |
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.
