Economy:
U.S. service firms grow at slowest pace in 5 months but most still upbeat despite tariffs, higher rates, ‘political claptrap,’ ISM finds - MarketWatch
The December ISM services index was reported at 57.6, down from 60.7 in November. The December number is still a strong one. The new orders component was a very strong 62.7, up .2 from the prior month. ISM Report - December 2018 Non-Manufacturing
The December ISM services index was reported at 57.6, down from 60.7 in November. The December number is still a strong one. The new orders component was a very strong 62.7, up .2 from the prior month. ISM Report - December 2018 Non-Manufacturing
German industrial production unexpectedly slumps - MarketWatch
Jamie Dimon says the stock market overreacted, no recession ahead
U.S.-China Trade Talks Extend to Wednesday, Trump Sees Progress - Bloomberg
Will U.S. Housing Prices Crash? This Bear Says Worst Yet to Come - Bloomberg
Consumer credit has second straight big jump in November - MarketWatch
++++++
Markets and Market Commentary:
Investors who give up on bull market will get hurt, PNC says
Goldman Sachs sees these high-quality stocks as 2019 market leaders
Samsung warns fourth-quarter operating profit will fall nearly 30% - MarketWatch; LG Electronics Q4 guidance: Profits likely fell 80 percent
Apple Faces `Informal Boycott' From China Consumers, BAML Says - Bloomberg
Goldman Sachs sees these high-quality stocks as 2019 market leaders
Samsung warns fourth-quarter operating profit will fall nearly 30% - MarketWatch; LG Electronics Q4 guidance: Profits likely fell 80 percent
Apple Faces `Informal Boycott' From China Consumers, BAML Says - Bloomberg
++++++
Trump:
Fact Check: Did the U.S. catch 4,000 terrorists at the southern border in 2018? This is just another knowingly false narrative advanced by Demagogue Don and his minions to rile the easily manipulated Trumpsters into supporting the massive wall build.
Only six immigrants in terrorism database stopped by CBP at southern border in first half of 2018 Trump is lying of course. Even those 6 persons may not have been terrorists but people whose name matched someone on some nation's watch list.
Just more false statements made by Lying Don for the same purpose: Trump's Border Blunders - FactCheck.org; President Trump’s nonsensical claim that Mexico is paying for the wall - The Washington Post
Trump's address to the nation last night contained the now standard exaggerations, fear mongering and fabrications designed to manipulate the uninformed and gullible. The majority of heroin enters through legal points of entry. 2017 National Drug Threat Assessment: DOJ/DEA.pdf
Trump's own opioids commission reported last November that we are losing that fight predominately through China. Final_Report President's Commission on Combating Drug Addiction and the Opioid Crisis 11-1-2017.pdf
The State Department confirmed recently that there is "no credible evidence" that terrorist groups have sent operatives to enter the U.S. through the Mexican border. Page 205.pdf
Migrant crossings have been declining for two decades. Border Crossings Have Been Declining for Years, Despite Claims of a ‘Crisis of Illegal Immigration’ - The New York Times
And, illegal immigrants are less likely to commit crimes than native born Americans. The Myth of the Criminal Immigrant - The New York Times
Fact-checking President Trump’s Oval Office address on immigration - The Washington Post
Trump touts 'thriving' steel and manufacturing, but insiders disagree
Trump Administration Distorts the Facts On Climate Report- FactCheck.org
No, Mexico isn't paying for border wall through USMCA trade deal, despite Donald Trump's claims | PolitiFact
Donald claimed that he can relate to those federal workers who are no longer receiving a paycheck and are consequently having difficulties paying bills. President Donald Trump says he 'can relate' to federal workers going without pay - ABC News Donald can only experience empathy for himself when he is wallowing in his self-pity. When everyone recognizes Donald as a Stable Genius, a truth teller unparalleled in the universe's history since the big bang, the greatest leader in U.S. history, and start to praise him daily in the most effusive terms imaginable, then and only then will Donald feel empathy for no one.
White House promises tax refunds despite shutdown, but who will do work? I am expecting that the GOP's shutdown will delay tax refunds since the IRS is one of the agencies impacted by a lack of funding.
In a democracy, the party who wants to fund a new program has to have the votes or is willing to bargain. When the party lacks the votes to pass legislation, shutting the government down as a form of blackmail to achieve a policy objective is irresponsible, even reprehensible. The republicans did not have the votes to repeal Obamacare so they shut the government down in 2013 unless the democrats agreed to repeal that law. The GOP caused the most recent shutdown since they lack the votes to fund their wall.
Trump falsely claimed Obama, Carter, Bush, and Clinton told him they wanted to build a wall - The Washington Post
Most Americans don't support building the wall - CBS News
Trump Administration Distorts the Facts On Climate Report- FactCheck.org
No, Mexico isn't paying for border wall through USMCA trade deal, despite Donald Trump's claims | PolitiFact
Donald claimed that he can relate to those federal workers who are no longer receiving a paycheck and are consequently having difficulties paying bills. President Donald Trump says he 'can relate' to federal workers going without pay - ABC News Donald can only experience empathy for himself when he is wallowing in his self-pity. When everyone recognizes Donald as a Stable Genius, a truth teller unparalleled in the universe's history since the big bang, the greatest leader in U.S. history, and start to praise him daily in the most effusive terms imaginable, then and only then will Donald feel empathy for no one.
White House promises tax refunds despite shutdown, but who will do work? I am expecting that the GOP's shutdown will delay tax refunds since the IRS is one of the agencies impacted by a lack of funding.
In a democracy, the party who wants to fund a new program has to have the votes or is willing to bargain. When the party lacks the votes to pass legislation, shutting the government down as a form of blackmail to achieve a policy objective is irresponsible, even reprehensible. The republicans did not have the votes to repeal Obamacare so they shut the government down in 2013 unless the democrats agreed to repeal that law. The GOP caused the most recent shutdown since they lack the votes to fund their wall.
Trump falsely claimed Obama, Carter, Bush, and Clinton told him they wanted to build a wall - The Washington Post
Most Americans don't support building the wall - CBS News
++++++++
A. Started Small Ball Buying Program For FNB-Bought 30 at $10.98; 20 at $10.49; 10 at $9.9 and 20 at $9.42-Used Commission Free Trades:
Quote: FNB Stock Quote
Closing Price Yesterday: FNB $10.62 +$0.06 +0.57%
FNB Analyst Consensus Estimates (as of 1/7/19)
2019: $1.16
I own another 100 in my Schwab account, bought in two fifty share lots using commission free trades.
Quote: FNB Stock Quote
Closing Price Yesterday: FNB $10.62 +$0.06 +0.57%
FNB Analyst Consensus Estimates (as of 1/7/19)
2019: $1.16
I own another 100 in my Schwab account, bought in two fifty share lots using commission free trades.
I will not be making any additional open market purchases in that account, but will reinvest the dividend.
This 30 share purchase starts a small ball buying program in my Fidelity account, where I still have commission free trades.
Maximum Position in this Account: 100 shares + Shares purchased with dividends
Current Position: 80 Shares
Average Cost Per Share: $10.33
Current Position: 80 Shares
Average Cost Per Share: $10.33
Purchase Restriction: Small Ball Rule 20 share lot remaining
Dividend: Quarterly at $.12 per share ($.48 annually)
Dividend Yield at Average Total Cost = 4.65%
Dividend Reinvestment: Yes at less than $13 per share, starting with next payment
Likely Liquidation Range: $13 to $14
Last Discussed: Item # 1.A. (10/31/18 Post) I discussed the last earnings report in that post and have nothing to add.
FNB Trading Profits to Date: $1,172.38
Last Sell Discussions: Item # 1.A. Sold 50 FNB at $13.65-Used Commission Free Trade (9/5/18 Post); Item # 1.D. Sold 50 FNB at $13.9-Used Commission Free Trade (6/18/18 Post); Item 2.A. Sold 60 FNB at $14.59 (3/5/2018); Item # 4.A. Sold 100 FNB at $13.94-Satellite Taxable Account (10/23/17 Post)
5 Year Financial History: 2017 Annual Report at page 40
Dividend: Quarterly at $.12 per share ($.48 annually)
Dividend Yield at Average Total Cost = 4.65%
Dividend Reinvestment: Yes at less than $13 per share, starting with next payment
Likely Liquidation Range: $13 to $14
Last Discussed: Item # 1.A. (10/31/18 Post) I discussed the last earnings report in that post and have nothing to add.
FNB Trading Profits to Date: $1,172.38
Last Sell Discussions: Item # 1.A. Sold 50 FNB at $13.65-Used Commission Free Trade (9/5/18 Post); Item # 1.D. Sold 50 FNB at $13.9-Used Commission Free Trade (6/18/18 Post); Item 2.A. Sold 60 FNB at $14.59 (3/5/2018); Item # 4.A. Sold 100 FNB at $13.94-Satellite Taxable Account (10/23/17 Post)
5 Year Financial History: 2017 Annual Report at page 40
B, Added 10 HBAN at $12.85 and 10 at $11.8-Used Commission Free Trades:
Last Discussed: Item # 3.A. (11/11/18 Post) I discussed the last earnings report in that post and have nothing to add.
HBAN Consensus Analyst E.P.S. Estimates (as of 1/7/19)
2019: $1.37
Current Position in this Account: 50+ Shares
Maximum Position in this Account: 100 Shares + shares purchased with dividends
Average Cost Per Share in this Account: $13.49
Purchase Restriction: Small Ball Rule
Dividends: Quarterly at $.14 per share ($.56 annually)
Dividend Yield at Average Total Cost = 4.15%
HBAN Trading Profits to Date: $434.13
Last Elimination: Item # 3.A. Sold 100 HBAN at $16.12 (2/3/18 Post)
2. Short Term Bond/CD Ladder Basket Strategy:
$6K in Purchases:
A. Bought 1 Dominion Energy 2.962% SU Maturing on 7/1/19:
Finra Page: Bonds Detail (prospectus linked)
Issuer: Dominion Energy Inc. (D)
D Analyst Estimates
Dominion Energy Announces Third-Quarter 2018 Earnings, Additional Non-Core Asset Sale; Provides Atlantic Coast Pipeline & Supply Header Updates
Dominion Energy is a holding company that owns Virginia Electric Power (VEPCO) and Dominion Gas. Dominion Energy is in the process of acquiring SCANA, a large utility operating in South Carolina that was formerly known as South Carolina Energy and Gas. "Under the terms of the SCANA Merger Agreement announced in January 2018, Dominion Energy has agreed to issue 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock upon closing. In addition, SCANA’s debt, which currently totals approximately $ 7.1 billion, is expected to remain outstanding." 10-Q page 32
VEPCO and Dominion Gas have higher credit ratings than the holding company. VEPCO is the largest electric utility operating in Virginia and has some operations in northeastern North Carolina that are not contiguous with SCANA's service territory. DE also currently owns assets locates outside of Virginia and North Carolina. 10-K
Dominion Energy Completes Previously Announced Asset Sales (12/14/18)
Credit Ratings:
Bought at a Total Cost of 99.914 (includes $1 commission)
YTM at Total Cost Then at 3.131%
Current Yield at TC = 2.9645%
B. Bought 1 Bank of Ozarks 2.55% CD (monthly interest payments) Maturing on 10/4/19:
Holding Company: Bank OZK (OZK)
OZK Analyst Estimates
C. Bought 1 Morgan Stanley 2.375% SU Maturing on 7/23/19:
FINRA Page: Bond Detail (prospectus linked)
I now own 2 bonds.
Issuer: Morgan Stanley (MS)
MS Analyst Estimates
Form 10-Q (Q/E 9/30/18)
Credit Ratings:
Bought at a Total Cost of 99.742
YTM at TC Then at 2.84%
Current Yield at TC = 2.3811%
D. Bought 1 Bank of China 2.45% CD Maturing on 4/15/18:
Finra Page: Bonds Detail (prospectus linked)
Issuer: Dominion Energy Inc. (D)
D Analyst Estimates
Dominion Energy Announces Third-Quarter 2018 Earnings, Additional Non-Core Asset Sale; Provides Atlantic Coast Pipeline & Supply Header Updates
Dominion Energy is a holding company that owns Virginia Electric Power (VEPCO) and Dominion Gas. Dominion Energy is in the process of acquiring SCANA, a large utility operating in South Carolina that was formerly known as South Carolina Energy and Gas. "Under the terms of the SCANA Merger Agreement announced in January 2018, Dominion Energy has agreed to issue 0.6690 shares of Dominion Energy common stock for each share of SCANA common stock upon closing. In addition, SCANA’s debt, which currently totals approximately $ 7.1 billion, is expected to remain outstanding." 10-Q page 32
VEPCO and Dominion Gas have higher credit ratings than the holding company. VEPCO is the largest electric utility operating in Virginia and has some operations in northeastern North Carolina that are not contiguous with SCANA's service territory. DE also currently owns assets locates outside of Virginia and North Carolina. 10-K
Dominion Energy Completes Previously Announced Asset Sales (12/14/18)
Credit Ratings:
Bought at a Total Cost of 99.914 (includes $1 commission)
YTM at Total Cost Then at 3.131%
Current Yield at TC = 2.9645%
B. Bought 1 Bank of Ozarks 2.55% CD (monthly interest payments) Maturing on 10/4/19:
Holding Company: Bank OZK (OZK)
OZK Analyst Estimates
C. Bought 1 Morgan Stanley 2.375% SU Maturing on 7/23/19:
FINRA Page: Bond Detail (prospectus linked)
I now own 2 bonds.
Issuer: Morgan Stanley (MS)
MS Analyst Estimates
Form 10-Q (Q/E 9/30/18)
Credit Ratings:
Bought at a Total Cost of 99.742
YTM at TC Then at 2.84%
Current Yield at TC = 2.3811%
D. Bought 1 Bank of China 2.45% CD Maturing on 4/15/18:
E. Bought 2 Marsh & McClennan 2.35% SU Maturing on 9/10/19:
Finra Page: Bond Detail (prospectus linked)
Issuer: Marsh & McLennan Cos. (MMC)
MMC Analyst Estimates
Marsh & McLennan Companies Reports Third Quarter 2018 Results
Credit Ratings:
Bought at a Total Cost of 99.687
YTM at TC Then at 2.811%
Current Yield at TC = 2.3574%
3. Income Generation-BDCs:
A. Bought 30 PFLT at $11.99-Used Commission Free Trade:
This starts a small ball buying program for PFLT in my Fidelity Account.
This starts a small ball buying program for PFLT in my Fidelity Account.
Quote: PennantPark Floating Rate Capital Ltd. (PFLT)
Closing Price Yesterday: PFLT $12.28 +$ 0.02 +0.16%
Closing Price Yesterday: PFLT $12.28 +$ 0.02 +0.16%
SEC Filings
Annual Report for the F/Y Ending 9/30/18 (risk factor summary starts at page 14 and ends at page 30)
Annual Report for the F/Y Ending 9/30/18 (risk factor summary starts at page 14 and ends at page 30)
Last Discussed: Item # 3.A Bought 50 PFLT at $13.16 and 50 at $12.78-Used Commission Free Trades in Schwab Taxable Account (10/17/18 Post)
Current Position in this Account: 30 Shares
Maximum Position= 100 shares
Purchase Restriction: Small Ball Rule (each subsequent purchase has to be at the lowest price in the chain)
Dividends: Monthly at $.095 per share ($1.14 annually)
PennantPark Floating Rate Capital Ltd. (PFLT) Dividend Date & History - NASDAQ.com
Dividend Yield at $11.99 = 9.51%
Dividend Reinvestment: I will not reinvest dividends in this account but will continue to reinvest in the Schwab account.
Net Asset Value Per Share History: Relatively Stable for a BDC
9/30/18: $13.82
6/30/18: $13.82
9/30/17: $14.10
9/30/16: $14.06
9/30/15: $13.95
9/30/14: $14.40
9/30/13: $14.10
9/30/12: $13.98
IPO at $15 in April 2011 (net after underwriters discount = $13.95)
Discount to Net Asset Value Per Share = -13.24% (using NAV of $13.82 and $11.99 average total cost per share)
5 Year Operating History (through 9/30/18)
Last Ex Dividend Date: 12/18/18 (day after purchase)
Last Earnings Report: Q/E 9/30/18
"As of September 30, 2018, our portfolio totaled $1,000.6 million and consisted of $913.3 million of first lien secured debt (of which $101.1 million was invested in PSSL), $21.2 million of second lien secured debt and $66.1 million of preferred and common equity (of which $44.8 million was invested in PSSL). Our debt portfolio consisted of 100% variable-rate investments. As of September 30, 2018, we had no portfolio companies on non-accrual. Overall, the portfolio had net unrealized depreciation of $0.9 million. Our overall portfolio consisted of 88 companies with an average investment size of $11.4 million, had a weighted average yield on debt investments of 8.8%, and was invested 91% in first lien secured debt (of which 10% was invested in PSSL), 2% in second lien secured debt and 7% in preferred and common equity (of which 4% was invested in PSSL). As of September 30, 2018, all of the investments held by PSSL were first lien secured debt." (emphasis added)
SEC Filed Press Release
Current Position in this Account: 30 Shares
Maximum Position= 100 shares
Purchase Restriction: Small Ball Rule (each subsequent purchase has to be at the lowest price in the chain)
Dividends: Monthly at $.095 per share ($1.14 annually)
PennantPark Floating Rate Capital Ltd. (PFLT) Dividend Date & History - NASDAQ.com
Dividend Reinvestment: I will not reinvest dividends in this account but will continue to reinvest in the Schwab account.
Net Asset Value Per Share History: Relatively Stable for a BDC
9/30/18: $13.82
6/30/18: $13.82
9/30/17: $14.10
9/30/16: $14.06
9/30/15: $13.95
9/30/14: $14.40
9/30/13: $14.10
9/30/12: $13.98
IPO at $15 in April 2011 (net after underwriters discount = $13.95)
Discount to Net Asset Value Per Share = -13.24% (using NAV of $13.82 and $11.99 average total cost per share)
5 Year Operating History (through 9/30/18)
Last Ex Dividend Date: 12/18/18 (day after purchase)
Last Earnings Report: Q/E 9/30/18
"As of September 30, 2018, our portfolio totaled $1,000.6 million and consisted of $913.3 million of first lien secured debt (of which $101.1 million was invested in PSSL), $21.2 million of second lien secured debt and $66.1 million of preferred and common equity (of which $44.8 million was invested in PSSL). Our debt portfolio consisted of 100% variable-rate investments. As of September 30, 2018, we had no portfolio companies on non-accrual. Overall, the portfolio had net unrealized depreciation of $0.9 million. Our overall portfolio consisted of 88 companies with an average investment size of $11.4 million, had a weighted average yield on debt investments of 8.8%, and was invested 91% in first lien secured debt (of which 10% was invested in PSSL), 2% in second lien secured debt and 7% in preferred and common equity (of which 4% was invested in PSSL). As of September 30, 2018, all of the investments held by PSSL were first lien secured debt." (emphasis added)
SEC Filed Press Release
B. Added 10 OFS at $9.95 and 20 at $9.61-Used Commission Free Trades:
Quote: OFS Capital Corp. (OFS)
Closing Price Yesterday: OFS $11.30 +$0.44 +4.05%
Website: Homepage - OFS Capital
Investments - OFS Capital
I did not see any publicly available news to explain this drop. BDCs were in general much weaker on 12/17/18 than major market indexes that were down over 2%.
Last Discussed: Item # 4.B. Bought 10 OFS at $11.07 and 10 at $10.75 (11/11/18 Post)
I discussed the third quarter report in that post and have nothing to add.
Current Position This Account: 81+ Shares
Maximum Position: 100 shares + Shares Purchased with Dividends
Purchase Restriction: Small Ball Rule
Average Cost Per Share: $10.7
Last Reported Net Asset Value Per Share = $13.75 as of 9/30/18
Discount to NAV Per Share at Average Total Cost Per Share = -22.18% (using NAV as of 9/30/18)
Last Ex Dividend: 12/14/18
Dividend: Quarterly at $.34 ($1.36 Annually)
Dividend Yield at $9.95 = 13.67%
Dividend Yield at $9.61 = 14.15%
Dividend Yield at Total Average Cost = 12.71%
Quote: OFS Capital Corp. (OFS)
Closing Price Yesterday: OFS $11.30 +$0.44 +4.05%
Website: Homepage - OFS Capital
Investments - OFS Capital
I did not see any publicly available news to explain this drop. BDCs were in general much weaker on 12/17/18 than major market indexes that were down over 2%.
Last Discussed: Item # 4.B. Bought 10 OFS at $11.07 and 10 at $10.75 (11/11/18 Post)
I discussed the third quarter report in that post and have nothing to add.
Current Position This Account: 81+ Shares
Maximum Position: 100 shares + Shares Purchased with Dividends
Purchase Restriction: Small Ball Rule
Average Cost Per Share: $10.7
Last Reported Net Asset Value Per Share = $13.75 as of 9/30/18
Discount to NAV Per Share at Average Total Cost Per Share = -22.18% (using NAV as of 9/30/18)
Last Ex Dividend: 12/14/18
Dividend: Quarterly at $.34 ($1.36 Annually)
Dividend Yield at $9.95 = 13.67%
Dividend Yield at $9.61 = 14.15%
Dividend Yield at Total Average Cost = 12.71%
C. Added 5 BIZD at $14.95-Commission Free for Vanguard Brokerage Customers:
Quote: VanEck Vectors BDC Income ETF Overview
Closing Price Yesterday: BIZD $15.36 +$ 0.19 +1.25%
Sponsor's Website: BIZD - VanEck Vectors BDC Income ETF | Snapshot | Income ETF- VanEck
Holdings as of Date of Purchase (12/17/18):
Last Discussed: Item # 3.A. Bought 10 BIZD at $16.03 and 5 at $15.66-Commission Free To Vanguard Customers (10/31/18)
Dividends: Quarterly at a variable rate
2018 Dividends: $1.5276 per share
Last Dividend and Ex Date: 12/27/18 at $.4066 per share (all shares participated)
Announcing VanEck Vectors ETFs' December 2018 Distributions
Dividend Yield at Total Average Cost of $16.68 (using 2018 total dividend of $1.5276) = 9.16%
Dividend Reinvestment: Yes
Current Position: 83+ Shares
Maximum Position: 100 Shares + shares purchased with dividends.
Purchase Restriction: Small Ball Rule
D. Added 10 TPVG at $11.2-Used Commission Free Trade:
Quote: TriplePoint Venture Growth BDC Corp. (TPVG)
Closing Price Yesterday: TPVG $11.97 +$0.18 +1.53%
Website: TriplePoint Venture Growth
TPVG SEC Filings
2017 Annual Report
Last Substantive Discussion: I discussed the last earnings report in this post: Item # 4.A. Bought 50 TPVG at $12.11-In A Roth IRA Account (12/5/18 Post)
This 10 share purchase was made in my Fidelity account where I have a small ball buying program underway using commission free trades.
Current Position in This Account: 32+ shares
Average Cost Per Share in This Account: $11.66
Maximum Position This Account: 100 Shares
Position in All Accounts: 300+ shares (largest BDC dollar position currently)
Dividends: Quarterly at $.36 per share ($1.44 annually)
Special Dividends: $.1 per share with a 12/19/18 ex dividend date
TriplePoint Venture Growth BDC Corp. Announces Special Distribution of $0.10 per Share
2017 Dividend Classifications: No ROC and No Qualified Dividends
TPVG Trading Profits to Date: $237.56
Quote: VanEck Vectors BDC Income ETF Overview
Closing Price Yesterday: BIZD $15.36 +$ 0.19 +1.25%
Sponsor's Website: BIZD - VanEck Vectors BDC Income ETF | Snapshot | Income ETF- VanEck
Holdings as of Date of Purchase (12/17/18):
Last Discussed: Item # 3.A. Bought 10 BIZD at $16.03 and 5 at $15.66-Commission Free To Vanguard Customers (10/31/18)
Dividends: Quarterly at a variable rate
2018 Dividends: $1.5276 per share
Last Dividend and Ex Date: 12/27/18 at $.4066 per share (all shares participated)
Announcing VanEck Vectors ETFs' December 2018 Distributions
Dividend Yield at Total Average Cost of $16.68 (using 2018 total dividend of $1.5276) = 9.16%
Dividend Reinvestment: Yes
Current Position: 83+ Shares
Maximum Position: 100 Shares + shares purchased with dividends.
Purchase Restriction: Small Ball Rule
D. Added 10 TPVG at $11.2-Used Commission Free Trade:
Quote: TriplePoint Venture Growth BDC Corp. (TPVG)
Closing Price Yesterday: TPVG $11.97 +$0.18 +1.53%
Website: TriplePoint Venture Growth
TPVG SEC Filings
2017 Annual Report
Last Substantive Discussion: I discussed the last earnings report in this post: Item # 4.A. Bought 50 TPVG at $12.11-In A Roth IRA Account (12/5/18 Post)
This 10 share purchase was made in my Fidelity account where I have a small ball buying program underway using commission free trades.
Current Position in This Account: 32+ shares
Average Cost Per Share in This Account: $11.66
Maximum Position This Account: 100 Shares
Position in All Accounts: 300+ shares (largest BDC dollar position currently)
Dividends: Quarterly at $.36 per share ($1.44 annually)
Special Dividends: $.1 per share with a 12/19/18 ex dividend date
TriplePoint Venture Growth BDC Corp. Announces Special Distribution of $0.10 per Share
2017 Dividend Classifications: No ROC and No Qualified Dividends
TPVG Trading Profits to Date: $237.56
4. Income Generation- Equity REIT Common and Preferred Stock Basket Strategy:
A. Added 10 DEA on Ex Dividend Date at $17.43 and at $15.74-Used Commission Free Trades:
Quote: Easterly Government Properties Inc.
Closing Price Yesterday: DEA $16.65 +$0.51 +3.16%
Website: Easterly Government Properties, Inc.
Last Discussed: Item # 4.B. Bought 10 at $17,76-Used Commission Free Trade (10/24/18 Post) I discussed the second quarter earnings report in that post. I still have the same concerns expressed in that post which explains my go slow and average down in small lots approach.
Last Earnings Report: Q/E 9/30/18
2019 Outlook:
Easterly Government Properties Reports Third Quarter 2018 Results
Current Position this Account: 40+ shares
Maximum Position: 100 Shares + shares purchased with dividends
Purchase Restriction: Small Ball Rule
Average Cost Per Share in this Account = $17.44
Dividend: Quarterly at $.26 ($1.04 annually)
Dividends | Easterly Government Properties, Inc.
Dividend Yield at Average Cost: 5.96%
Last Ex Dividend: 12/12/18
A. Added 10 DEA on Ex Dividend Date at $17.43 and at $15.74-Used Commission Free Trades:
Quote: Easterly Government Properties Inc.
Closing Price Yesterday: DEA $16.65 +$0.51 +3.16%
Website: Easterly Government Properties, Inc.
Last Discussed: Item # 4.B. Bought 10 at $17,76-Used Commission Free Trade (10/24/18 Post) I discussed the second quarter earnings report in that post. I still have the same concerns expressed in that post which explains my go slow and average down in small lots approach.
Last Earnings Report: Q/E 9/30/18
Current Position this Account: 40+ shares
Maximum Position: 100 Shares + shares purchased with dividends
Purchase Restriction: Small Ball Rule
Average Cost Per Share in this Account = $17.44
Dividend: Quarterly at $.26 ($1.04 annually)
Dividends | Easterly Government Properties, Inc.
Dividend Yield at Average Cost: 5.96%
Last Ex Dividend: 12/12/18
Last Sell Discussions: Sold 10 DEA at $21.44-Used Commission Free Trade (5/17/18 Post); Item 5. A. Sold 50 DEA at $21.59-Used Commission Free Trade (12/11/17 Post)
Total Realized Gain to Date: $120.4
DEA had stock offering last and has been putting that money to work over the past several months.
Easterly Government Properties Acquires 83,676 SF U.S. Department of the Treasury Facility in Birmingham, Alabama (12/10/18 Post);
Easterly Government Properties Completes Acquisition of 50,978 SF Drug Enforcement Administration Laboratory in Upper Marlboro, Maryland (11/19/18);
Easterly Government Properties Acquires Eight of the Fourteen Properties in Previously Announced Portfolio Acquisition (9/17/18)
Easterly Government Properties Completes Acquisition of 90,085 SF Department of Veterans Affairs Outpatient Facility in San Jose, California (7/12/18)
Easterly Government Properties Announces Pricing of Common Stock Offering (6/19/18)("public offering of 18,000,000 shares of its common stock, consisting of 11,000,000 shares offered directly by the Company and 7,000,000 shares offered in connection with the forward sales agreements described below, at a price to the public of $19.25 per share. The Company has also granted the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of the Company's common stock at the public offering price.")
I would not want to see another public offering anywhere near the current price.
B. Added 10 GOOD at $17.7-Used Commission Free Trade:
Quote: Gladstone Commercial Corp. (GOOD)
Closing Price Yesterday: GOOD $19.56 +$0.63 +3.33%
Website: Gladstone Commercial | Monthly Dividend REIT
Management: External
Last Discussed: Item # 4.A. Bought 10 GOOD at $18.35 and 10 at $18.15-Used Fidelity Commission Free Trades (10/24/18 Post)
Last Substantive Discussion: Item # 3.A. Bought 50 GOOD at $19.4-Used Schwab Commission Free Trade (8/8/2018) I may average down in this account with another 50 share purchase.
Current Position in Fidelity Account: 61+ Shares
Maximum Position in this Account: 100 Shares
Purchase Restriction: Small Ball Rule
Average Total Cost Per Share = $18.69
Dividend: Monthly at $.125 ($1.5 annually)
Gladstone Commercial Corporation Announces Monthly Cash Distributions for January, February and March 2019
Dividend Yield at Average Total Cost = 8.03%
Last Ex Dividend Date: 12/19/18
Gladstone Commercial Corporation (GOOD) Dividend Date & History - Nasdaq
Dividend Reinvestment: Yes.
Last Earnings Report: Q/E 9/30/18
Gladstone Commercial Corporation Reports Results for the Third QuarterEnded September 30, 2018
Other Recent News:
Gladstone Commercial Corporation Announces $21.3 Million Industrial Portfolio Acquisition in Detroit Area
Gladstone Commercial Corporation Acquires $8.3 Million Industrial Property in Delaware, Ohio
5. Added 50 DPG at $12.87 in Roth IRA:
Quote: Duff & Phelps Global Utility Income Fund Inc. (DPG)
Closing Price Yesterday: DPG $13.14 +$0.39 +3.06%
DPG is a leveraged CEF. Leverage generally hovers around 30%.
The name of this fund fails to suggest that it owns energy infrastructure companies which most individual investors IMO would not classify as utilities And, those holdings have caused this fund to substantially underperform the market since the they entered a bear market in 2014.
Holdings as of 10/31/18:
Duff & Phelps Global Utility Income Fund Inc.
Top 10 Holdings as of 10/31/18:
Sponsor's Website: Duff & Phelps Global Utility Income Fund Inc.
The fund uses leverage which only compounds the performance problem when a large number of holdings are in a bear market. The management fee is too high as well.
The result is a 1 star rating from Morningstar. The 5 year annual average total return was .65% through 1/7/19.
So why bother? I am making a small bet that the energy infrastructure stocks will have their day in the sun. And, I am averaging down in this account in an effort to escape with a share profit after harvesting several quarterly dividend payments.
Data Date of Purchase (12/18/18):
Closing Net Asset Value: $14.73
Closing Market Price: $12.42
Discount: -15.68
Sourced: DPG Duff & Phelps Global Utility CEF Connect
Dividend: Quarterly at $.35 per share with substantial ROC support which has no tax consequences in a Roth IRA
Last Ex Dividend Date: 12/14/18
Current and Maximum Position in this Account: 100 shares + shares purchased with dividends.
Average Cost Per Share = $15.21 (113+ shares)
Dividend Yield at Average Cost = 9.2%
Some Prior Discussion Links:
Item # 1 Sold 100 of 200 DPG at $20.74 (2/17/15 Post); Item # 1 SOLD 50 DPG at $22.42-Roth IRA (11/2914 Post)(snapshot profit $124.99)-Item # 2 Bought Roth IRA: 50 DPG at $19.64 (10/20/14 Post); Item # 8 Sold 113+ DPG at $21.19-Roth IRA (8/19/14 Post)(snapshot of profit=$403.07; total return $662.61 or 38.15%)-Item # 3 Swap Trade Roth IRA: Sold 100 of 150 GYB at $18.03 & Bought 100 DPG at $17.31 (12/12/14 Post)
Total Realized Gain to Date: $120.4
DEA had stock offering last and has been putting that money to work over the past several months.
Easterly Government Properties Acquires 83,676 SF U.S. Department of the Treasury Facility in Birmingham, Alabama (12/10/18 Post);
Easterly Government Properties Completes Acquisition of 50,978 SF Drug Enforcement Administration Laboratory in Upper Marlboro, Maryland (11/19/18);
Easterly Government Properties Acquires Eight of the Fourteen Properties in Previously Announced Portfolio Acquisition (9/17/18)
Easterly Government Properties Completes Acquisition of 90,085 SF Department of Veterans Affairs Outpatient Facility in San Jose, California (7/12/18)
Easterly Government Properties Announces Pricing of Common Stock Offering (6/19/18)("public offering of 18,000,000 shares of its common stock, consisting of 11,000,000 shares offered directly by the Company and 7,000,000 shares offered in connection with the forward sales agreements described below, at a price to the public of $19.25 per share. The Company has also granted the underwriters a 30-day option to purchase up to an additional 2,700,000 shares of the Company's common stock at the public offering price.")
I would not want to see another public offering anywhere near the current price.
B. Added 10 GOOD at $17.7-Used Commission Free Trade:
Quote: Gladstone Commercial Corp. (GOOD)
Closing Price Yesterday: GOOD $19.56 +$0.63 +3.33%
Website: Gladstone Commercial | Monthly Dividend REIT
Management: External
Last Discussed: Item # 4.A. Bought 10 GOOD at $18.35 and 10 at $18.15-Used Fidelity Commission Free Trades (10/24/18 Post)
Last Substantive Discussion: Item # 3.A. Bought 50 GOOD at $19.4-Used Schwab Commission Free Trade (8/8/2018) I may average down in this account with another 50 share purchase.
Current Position in Fidelity Account: 61+ Shares
Maximum Position in this Account: 100 Shares
Purchase Restriction: Small Ball Rule
Average Total Cost Per Share = $18.69
Dividend: Monthly at $.125 ($1.5 annually)
Gladstone Commercial Corporation Announces Monthly Cash Distributions for January, February and March 2019
Dividend Yield at Average Total Cost = 8.03%
Last Ex Dividend Date: 12/19/18
Gladstone Commercial Corporation (GOOD) Dividend Date & History - Nasdaq
Dividend Reinvestment: Yes.
Last Earnings Report: Q/E 9/30/18
Gladstone Commercial Corporation Reports Results for the Third QuarterEnded September 30, 2018
Other Recent News:
Gladstone Commercial Corporation Announces $21.3 Million Industrial Portfolio Acquisition in Detroit Area
Gladstone Commercial Corporation Acquires $8.3 Million Industrial Property in Delaware, Ohio
5. Added 50 DPG at $12.87 in Roth IRA:
Quote: Duff & Phelps Global Utility Income Fund Inc. (DPG)
Closing Price Yesterday: DPG $13.14 +$0.39 +3.06%
DPG is a leveraged CEF. Leverage generally hovers around 30%.
The name of this fund fails to suggest that it owns energy infrastructure companies which most individual investors IMO would not classify as utilities And, those holdings have caused this fund to substantially underperform the market since the they entered a bear market in 2014.
Holdings as of 10/31/18:
Duff & Phelps Global Utility Income Fund Inc.
Top 10 Holdings as of 10/31/18:
Sponsor's Website: Duff & Phelps Global Utility Income Fund Inc.
The fund uses leverage which only compounds the performance problem when a large number of holdings are in a bear market. The management fee is too high as well.
The result is a 1 star rating from Morningstar. The 5 year annual average total return was .65% through 1/7/19.
So why bother? I am making a small bet that the energy infrastructure stocks will have their day in the sun. And, I am averaging down in this account in an effort to escape with a share profit after harvesting several quarterly dividend payments.
Data Date of Purchase (12/18/18):
Closing Net Asset Value: $14.73
Closing Market Price: $12.42
Discount: -15.68
Sourced: DPG Duff & Phelps Global Utility CEF Connect
Dividend: Quarterly at $.35 per share with substantial ROC support which has no tax consequences in a Roth IRA
Last Ex Dividend Date: 12/14/18
Current and Maximum Position in this Account: 100 shares + shares purchased with dividends.
Average Cost Per Share = $15.21 (113+ shares)
Dividend Yield at Average Cost = 9.2%
Some Prior Discussion Links:
Item # 1 Sold 100 of 200 DPG at $20.74 (2/17/15 Post); Item # 1 SOLD 50 DPG at $22.42-Roth IRA (11/2914 Post)(snapshot profit $124.99)-Item # 2 Bought Roth IRA: 50 DPG at $19.64 (10/20/14 Post); Item # 8 Sold 113+ DPG at $21.19-Roth IRA (8/19/14 Post)(snapshot of profit=$403.07; total return $662.61 or 38.15%)-Item # 3 Swap Trade Roth IRA: Sold 100 of 150 GYB at $18.03 & Bought 100 DPG at $17.31 (12/12/14 Post)
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.
