Economy:
Housing Market Reaches Record-High Home Price and Gains in March
How the Biden capital gains tax proposal would hit the wealthy
Global Covid Cases Hit Weekly Record Despite Vaccinations - Bloomberg (4/18/21)
New Covid variant shows signs of antibody resistance, more severe illness in young people
Biden economy and stock market have defied Trump predictions of doom - The Washington Post
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Markets and Market Commentary:
S & P 500 P/E Ratios as of 4/23/21:
TTM GAAP: 42.7
Estimated Forward 12 month Non-GAAP: 23.61
Dividend yield: 1.39%
Sourced: P/E & Yields
S&P 500 Trailing P/E Ratios-Yardeni Calculations (Figure 2 shows trailing S & P 500 P/E ratios using GAAP earnings since 1978; the service used by the WSJ is Birinyi and he arrives at higher P/E numbers than Yardeni)
Shiller PE Ratio = 37.56
Shiller PE Ratio - 150 Year Chart | Longtermtrends
Market Cap to GDP-The Buffett Indicator-Updated Historical Chart | Longtermtrends
The Q Ratio and Market Valuation: March Update - dshort - Advisor Perspectives
Regression to Trend: Another Look at Long-Term Market Performance - dshort - Advisor Perspectives
Priced in? Stocks that top estimates are falling during this earnings season (4/21/21)
Earnings Owned Stocks:
AT&T (T) Reports First-Quarter Results (E.P.S. at $1.04; adjusted E.P.S = $.86 with consensus at $.778 according to Fidelity; revenues = $43.9B; free cash flow at $5.9B; HBO and HBO MAX 2.7M subscriber adds; total net adds in wireless = 3.6M; 2021 adjusted E.P.S. guidance stable with 2020 with free cash flow in the $26B range)
BCB Bancorp, Inc. (BCBP) Earns $7.1 Million in First Quarter 2021; Declares Quarterly Cash Dividend of $0.14 Per Share (E.P.S. at $.40 vs. consensus at $.353 per Fidelity)
Brandywine Realty Trust (BDN) Announces First Quarter Results And Narrows 2021 Guidance (FFO = $60.2M or $.35 per share: "98.9% of total cash-based rent due has been received from our tenants during the first quarter 2021, which represents a 99.1% collection rate from our office tenants"; FFO guidance for 2021: $1.33 to $1.41)
Citizens and Northern (CZNC)(Sourced from multiple SEC Filings Exhibits 99.1; 99.2 and 99.3)(E.P.S. at $.55 with consensus at $.45; NPA ratio at 1.07%;NIM= 4% juiced by accretion and amortization of purchase accounting adjustments; Efficiency ratio = 57.59%; total risk based capital ratio = 18.15: tangible book value per share = $15.24)
Ericsson (ERIC) reports first quarter results 2021 (Net income of SEK3.2B; net sales = SEK49.8B; Diluted E.P.S. at SEK.96; sales adjusted for comparable units and currency grew by 10% YoY; "gross margin excluding restructuring charges improved to 42.9% (40.4%) with margin improvements in all segments despite lower IPR licensing revenues. Reported gross margin improved to 42.8% (39.8%); EBIT "excluding restructuring charges improved to SEK 5.3 b. (10.7%) from SEK 4.6 b. (9.3%) YoY driven by Networks"; consensus EBIT was SEK5B; USD E.P.S. consensus at $.138 according to Fidelity; SEK = Swedish Krona, SEK / USD Currency Chart. Swedish Krona to US Dollar Rates; response on 4/21: ERIC US$14.34 +$0.80 +5.91%)
Fifth Third (FITB) Announces First Quarter 2021 Results (Diluted E.P.S. = $.93, consensus at $.689 according to Fidelity; Net Income = $674M; Efficiency Ratio = 63%; NIM = 2.62%, down from 3.8% in 2020 1st Q; ROA = 1.38%; ROE = 13.1%; ROTE =16.8%; Charge Off Ratio = .27%; NPA Ratio= .72%; tangible book value per share = $22.6; total risk based capital ratio = 14.8%)
First Horizon Corporation (FHN) Reports First Quarter Net Income Available to Common Shareholders of $225 million, or EPS of $0.40; $284 million, or $0.51, on an Adjusted Basis and more complete SEC Filing (Non-GAAP E.P.S. at $.51 with consensus at $.373 according to Fidelity; special items were largely related to FHN's acquisition of Iberiabank; NIM at 2.63%, down from 3.16% in the 2020 1st Q.; adjusted efficiency ratio = 57.5%; adjusted ROA = 1.4%; adjusted ROTE = 20.15%; NPL Ratio = .67%; charge off ratio = .06%; total capital ratio at 12.83%; loan to deposit ratio at 80.09%)
F.N.B. Corporation (FNB) Reports First Quarter 2021 Earnings (GAAP E.P.S. = .28, consensus at $.257 according to Fidelity; NIM = 2.75%, down from 3.14% in 2020 1st Q; efficiency ratio = 58.67%; ROE = 7.62%; ROTE = 14.66%; ROA = 1%; tangible equity to tangible assets = 7.36%; tangible book value per share = $7.06, down from 7.36% in 2020 1st Q; Coverage Ratio = 362%; Non-performing loans / loans and leases, excluding PPP loans (non-GAAP) = .68%; Charge off Ratio = .13%; loan-to-deposit ratio was 84.1% at March 31, 2021, compared to 87.4% at December 31, 2020.)
Huntington Bancshares (HBAN) Reports 2021 First-Quarter Earnings (E.P.S. at $.48 with consensus at $.347 according to Fidelity; net income at $532M; NIM at 3.48%; efficiency ratio = 57%; ROA = 1.76%; ROE = 18.7%; ROTE = 23.7%; charge off ratio = .32%; NPA Ratio = .68%; tangible book value per share = $8.64; "First-quarter results were favorably impacted by a $144 million positive mark-to-market of interest rate caps within the hedging program, $60 million of negative credit provisioning related to the improving economic outlook, and $45 million of accelerated accretion from Paycheck Protection Program (PPP) loan forgiveness, partially offset by $21 million of costs related to the pending TCF Financial acquisition."; the $144 mark-to-market referenced above juiced NIM)
IBM Reports 2021 First-Quarter Results (Operating E.P.S. at $1.77, consensus at $1.632 according to Fidelity; GAAP E.P.S. from continuing operations = $1.06; "Revenue of $17.7 billion, up 1 percent (down 2 percent adjusting for currency); Total cloud revenue of $6.5 billion, up 21 percent (up 18 percent adjusting for divested businesses and currency); net cash from operating activities of $4.9 billion, up $0.4 billion; adjusted free cash flow of $2.2 billion, up $0.8 billion; Debt reduced by $5.1 billion since year end 2020")
KeyCorp (KEY) Reports Record First Quarter 2021 Net Income Of $591 Million, Or $.61 Per Diluted Common Share (E.P.S. of $.61 with consensus at $.479 according to Fidelity; Net Income = $591M; NIM = 2.61%, down from 3.01% in the 2020 1st Q; ROTE = 18.25%; ROA = 1.44%; Charge off ratio = .46%; NPA Ratio = .78%: NPL Ratio = .72%; Coverage Ratio = 222%; tangible common equity to tangible assets =7.5%; branches = 1,068; cost of total deposits = .06% down from .62% in the 2020 1st quarter)
Kinder Morgan (KMI) Increases Dividend 3 Percent and Raises 2021 Guidance (E.P.S. at $.62, consensus at $.24 per Fidelity; DCF per share = $1.02 ; "For 2021, KMI now expects to generate net income attributable to KMI in a range of $2.7 billion to $2.9 billion, declared dividends of $1.08 per share, a 3% increase from the 2020 declared dividends, DCF in a range of $5.1 billion to $5.3 billion, and Adjusted EBITDA in a range of $7.6 billion to $7.7 billion. KMI also now expects to end 2021 with a Net Debt-to-Adjusted EBITDA ratio in a range of 3.9 to 4.0.")
Lockheed Martin (LMT) Reports First Quarter 2021 Results (E.P.S. = $6.56, consensus at $6.31 according to Fidelity; raises 2021 E.P.S. guidance to $26.4-$26.7 from $26-$26.3; total net sales = $16.258B, slightly below the consensus at $16.33B)
National Bankshares, Inc. (NKSH) Reports First Quarter Earnings (E.P.S. = $.74 with consensus at $.62 according to Fidelity; net income of $4.77M)
Orrstown Financial Services, Inc. (ORRF) Reports First Quarter 2021 Results (E.P.S. = $.92, consensus at $.688 according to Fidelity; NIM 3.38% from 3.73% in the 2020 4th Q. due in part to lower accretion income; efficiency ratio at 60%; ROA = 1.4%; Covid related "loan deferrals fell to $7.5 million at March 31, 2021 from $18.2 million at December 31, 2020 and $239.3 million at June 30, 2020"; Charge off ratio = .01 excluding PPP loans; loss provision reversal of $1M; NPL Ratio- .48%; Coverage Ratio = 192%; total risk based capital ratio = 16.3%; loan growth of 13% annualized excluding PPP loans; total risk based capital holding company = 16.3%; tangible book value per share = $20.59; deposit costs = .23%; maintained quarterly dividend at $.18 per share)
Union Bankshares (UNB) Announces Earnings for the three months ended March 31, 2021 and Declares Quarterly Dividend (E.P.S. at $.64; net recovery of $8K; no analyst coverage)
United Bankshares, Inc. (UBSI) Announces Record Earnings for the First Quarter of 2021 (E.P.S. at $.83 with consensus at $.725 according to Fidelity; net income at $106.9M; Efficiency Ratio = 52.52%; NIM = 3.3%, flat Y-O-Y; NPL Ratio = .67%; NPA Ratio: .5%; ROA = 1.64%; ROE = 9.97%; ROTE = 17.2%)
Verizon (VZ) reports strong start to 2021 as company accelerates 5G growth (GAAP E.P.S. at $1.27; Non-GAAP E.P.S. at $1.31, with consensus at $1.289 according to Fidelity; net income $5.4B; revenues at $32.9B, up 4% from the 2020 1st Q; cash flow at $9.7B; unsecured debt balance increased year over year by $42.9 billion to $147.6 billion in first-quarter 2021; guides 2021 non-GAAP E.P.S. to $5.00 to $5.15 )
Washington Trust (WASH) Reports First Quarter 2021 Earnings (E.P.S. at $1.17, consensus at $1.044 per Fidelity; net income at $20.5M; NIM = 2.51%; efficiency ratio = 59%; ROA = 1.45%; ROE = 15.55%; ROTE = 17.91%; NPL ratio = .31%; Charge offs = $18K; tangible book value per share = $26.79; loans to deposits .93%; total risk based capital ratio = 13.85%; tangible equity to tangible assets = 8.21%)
Webster Financial (WBS) Reports First Quarter 2021 Earnings Of $1.17 Per Diluted Share (GAAP E.P.S. OF $1.17; Non-GAAP at $1.25 with the consensus at $.919 according to Fidelity; NIM = 2.92%; Efficiency Ratio = 58.5%; ROTE = 16.79%; ROA =1.31%; Charge off ratio = .10%; NPL Ratio = .71%; Coverage Ratio = 218%; tangible book value per share = $26.46; total risk based capital ratio = 14.09%)
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'Passion Of The Christ' actor thinks kids are being drained for blood
Opinion | The Republican Party is beyond salvation — even without Trump - The Washington Post (opinion column by Max Boot - Wikipedia) I would agree with that opinion. I would add that the GOP is not salvageable as a conservative party.
America's authoritarian leaning party is becoming increasingly bold and obvious in their anti-democracy efforts. G.O.P. Bills Target Protesters (and Absolve Motorists Who Hit Them) - The New York Times
Opinion | Why Trump Still Rules the Republican Party - The New York Times ("Trump’s centrality guarantees that large numbers of resentful, truth-denying, conspiracy-minded, anti-democratic, overwhelmingly white voters will continue to find aid and comfort in the Republican Party.")
Republican candidate for Virginia's governor says Chauvin verdict makes her ‘sick’; republished from Amanda Chase, Republican candidate for Virginia governor, says Chauvin verdict made her "sick" - The Washington Post
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1. Canadian Reset Equity Preferred Stocks:
A. Added to ENBPRP:CA-Bought 100 at C$17.14 (C$1 IB Commission):
This brings me up to 400 shares.
Buy Discussions for Current 400 share position: Item # 3.A. Added to ENBPRP:CA Bought 50 at C$11.98 and 50 at C$11.76 (6/13/20 Post); Item # 3.A. Added to ENBPRP:CA-Bought 50 at C$16.47 (2/16/20 Post); Item # 2.A. Bought 50 ENBPRP at C$15.68 (11/27/19 Post); Item # 4.A. Bought 100 ENBPRP:CA at C$16.5 (3/20/19 Post)
Average Cost per share = C$15.41
Par Value: C$25
Current Coupon: 4.35% to but excluding 3/1/24 when the coupon resets unless redeemed at that time by the issuer
Annual Dividend 400 Shares = C$435
Reset: 2.5% Spread to the 5 year Canadian government bond.
The prospectus can be found here: Preferred Shares and Hybrid Securities - Enbridge Inc.
Yield at C$15.41 AC = 7.06% based on current coupon
Last Ex Dividend: 2/11/21
Sell Discussions: Item # 4.A. Sold 200 ENBPRP at C$19.91 (3/25/17 Post)(realized gain snapshot= C$963). That post also contains a snapshot of a 300 share round-trip that netted U.S.$1,458.25. That 300 share lot was bought at C$12.39. Update For Exchange Traded Bond And Preferred Stock Basket Strategy As Of 2/29/16 - South Gent | Seeking Alpha Fidelity converts the CAD profit into USDs while I have to wait for IB to send out a 1099 showing the reportable USD profit. The IB reportable profit in 2017 was US$606.07:
That profit amount is not arrived at by applying the CAD/USD exchange rate to the C$963 profit but by assigning USD value to both the CAD purchase and sell amounts when made.
In the past, I have had a U.S. tax reportable loss with a CAD profit, a result created in part by the CAD losing value against the USD during the ownership period. (e.g. assume a 100 share buy at C$10 when the CAD/USD was at 1 to 1 and a sell at C$11 with the CAD/USD at .8. The USD value for the purchase was US$11 and at $8.8 when sold. While the Canadian profit was C$100, the reportable tax loss as a U.S. taxpayer would be -$220)
I own the common shares in 5 of my accounts. Enbridge Inc. Stock Quote The largest position is in my Fidelity taxable account where I currently own 46+ shares:
 |
| Average Cost = $30.98 |
Today, I have turned off reinvestment. The purchase prices in that account are between $23 to $35.
Previously, I have been paring this position in the $35 to $40 range but currently view the stock as more attractive compared to others due in significant part to its dividend yield. I now have a consider to pare range between $40 to $45. The highest cost lot was a 5 share purchase with a tax cost basis of $34.55 which will be sold in that range along with fractional shares purchased with 2 dividend payments at similar prices. When and if done, the new AC will be $30.39.
B. Added to EBGEF-Bought 10 at US$19.15:
Quote: EBGEF
Close on 4/23/21: US$19.65 (100 shares traded)
Issuer: Enbridge Inc
Link to ENB Preferred Stock Prospectuses and Current Penny Rates: Preferred Shares and Hybrid Securities - Enbridge Inc.
This brings me up to 150 EBGEF shares and raised my average cost per share slightly to US$18.68.
EBGEF is priced in USDs, and is traded on the U.S. Grey Market.
Dividends are paid by Enbridge in USDs after a 15% withholding tax.
Previous Discussions: Item # 4.A. Added to EBGEF -Bought 5 at $15.4; 5 at $15.25 (11/7/20 Post); Item # 2.A. Added to EBGEF-Bought 5 at $16.5 and 5 at $16.23 (9/12/20 Post); Item # 3.B. Bought 10 EBGEF at $14.81 (7/3/20 Post); Item # 2.C. Added 10 EBGEF at US$13.1 (5/23/20 Post): Item # 1.A. Bought 100 EBGEF at $20.1 (5/26/19 Post) I intend to sell the 100 shares bought at $20.1 when and if I can do so profitably.
Par Value: US$25
Coupon: 2.82% spread to the 5 year U.S. Treasury note with a five-year reset.
Next Reset: March 2024.
Dividends: Cumulative and Paid Quarterly
Current Coupon: $.33596 per share ($1.34 rounded)
Current Yield at $18.68 = 7.17%
Last Ex-Dividend: 2/11/21
Pricing will be impacted by investor perceptions and concerns about the next reset coupon rate.
The current coupon is about 5.36% applied to the $25 par value.
That would indicate that the 5 year U.S. Treasury note was close to 2.56% when the coupon reset in 2019 but then the next reset is almost 3 years in the future.
The 5-year treasury yield is nowhere near that level now. Daily Treasury Yield Curve Rates
2. Small Ball:
A. Bought 5 IFRA at $34.55:
Quote: iShares U.S. Infrastructure ETF Overview
Closing Price 4/23/21: IFRA $35.69 +$0.42 +1.19%
I mentioned this purchase in a 3/31/21 comment.
Sponsor's Website: iShares U.S. Infrastructure ETF
Expense Ratio: .40%
Dividends: Quarterly and Variable
Yield at Cost based on $.48 per share: 1.39%
Some Top Holdings as of 4/15/21:
This ETF has an abundance of utility companies. I do not consider them to be properly characterized as infrastructure companies.
The components of the ETF PAVE are a better fit for what I would consider infrastructure companies. U.S. Infrastructure Development ETF
B. Started ACWV as a Placeholder in Vanguard Taxable Account-Bought 1 at $97.48:
Quote: iShares Edge MSCI Minimum Volatility Global ETF Overview
Closing Price 4/23/21: ACWV $102.12 +$0.42 +0.41%
Sponsor's Website: iShares MSCI Global Min Vol Factor ETF
Expense Ratio: Currently at .2% due to a fee waive of .12% through 12/31/23.
Dividends: Semi-annually in June and December
Some Top Holdings as of 4/16/21:
Number of Holdings: 378 as of 4/16/21
C. Bought 1 MTB at $152.4; 1 at $150-Schwab Taxable Account:
 |
| PBCT Schwab Account As of Close 4/23/21 |
Quote: M&T Bank Corp.
Investment Category: Regional Bank Basket Strategy
Average Cost this Account: $151.2 (2 shares)
Dividend: Quarterly at $1.1 per share; last raised from $1.00 effective for the 2019 4th quarter payment.
Yield at AC = 2.91%
Dividend History:
Last Ex Dividend: 2/26/21
Last Earnings Report (Q/E 3/31/21): SEC Filed Press Release
GAAP E.P.S. = $3.33
Add Back : $.02 amortization of intangibles and $.06 merger related costs
Non-GAAP E.P.S. = $3.41
Net Income = $447M
ROA = 1.22%
ROE = 11.57%
Charge off ratio = .31%
NPL Ratio = 1.97% (HIGH)
NIM = 2.97%, down from 3.65% in the 2020 1st Q
Efficiency Ratio = 60.3%
D. Bought 5 SJI at $22.26-Vanguard Taxable Account:
Quote: South Jersey Industries Inc
SJI - South Jersey Industries Inc Profile | Reuters
SJI Analyst Estimates | MarketWatch
Closing Price 4/23/21: SJI $24.92 +$0.15 +0.61%
Last Discussed: Item #1.D. Pared SJI-Sold 5 at $23.91 and Item # 1.E. (2/27/21 Post) I discussed the last earnings report in that post. SEC Filed Press Release
Last Buy Discussion: Item # 3.A. Started SJI-Bought 5 at $23; 5 at $22.6; 5 at $22.2; 5 at $20.87; 5 at $20.5 (1/1/21 Post) I own a few shares in several accounts.
E. Bought 1 GLD at $156.68:
Quote: GLD | SPDR Gold Shares Overview
I mentioned this purchase in a 4/1/21 comment.
Closing Price 4/23/21: GLD $166.40 -$0.64 -0.38%
I view gold as one alternative to fiat currencies.
I will trade the short cycles in precious metals through bullion funds like GLD.
I trade bullion only in long cycles with the last transaction being to sell gold and silver in September 2011 when gold went over $1900 per ounce and in January 2012. Item # 1 (9/15/11 Post); Item # 8 (1/31/12 Post)
F. Bought 2 CMCSA at $54.5; 1 at $52.73:
Quote: Comcast Corp. Cl A
Closing Price 4/23/21: CMCSA $54.39 -$0.01 -0.02%
CMCSA Analyst Estimates | MarketWatch
Sourced from 2020 Annual Report at page 35
5 Year Financials:
 |
| Page 33 Annual Report |
Map of Cable Distribution Footprint:
Comcast owns several cable networks:
Several of these businesses have been adversely impacted by the pandemic.
Dividend: Quarterly at $.25 per share
Yield at $54.5: = 1.83%
Last Ex Dividend: 4/6/21
Last Earnings Report (Q/E 12/31/20): The 2021 first quarter report is expected on 4/29/21.
Broker reports (available to Schwab customers):
Credit Suisse (3/17/21): Outperform with a $67 PT
Argus (2/4/21): Buy with a $60 PT
S & P (1/24/21): 5 stars with a $60 PT
G. Bought 2 AIRR at $40.58:
Quote: First Trust RBA American Industrial Renaissance ETF Overview
Closing Price 4/23/21: AIRR $41.77 +$0.91 +2.23%
Sponsor's Website: First Trust RBA American Industrial Renaissance® ETF (AIRR)
Expense Ratio: .7% (too high)
Some Holdings:
H. Bought 10 MAC at $11.83:
Quote: Macerich Co.
Closing Price 4/23/21: MAC $12.98 +$0.30 +2.37%
Stock Information as of 4/23/21:
5 Year Chart: Major Bear Market
"The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of December 31, 2020, the Operating Partnership owned or had an ownership interest in 47 regional shopping centers and five community/power shopping centers. These 52 regional and community/power shopping centers (which include any related office space) consist of approximately 50 million square feet of gross leasable area (“GLA”)"
Recent News: This news release caused me to start a Lotto position in this troubled owner of shopping malls. Macerich Substantially Improves and Clarifies Liquidity Position (3/26/11) "Through March 25, 2021, the Company has sold 36.0 million shares of common stock under its “at the market” equity program at a weighted average price of $13.54 per share, generating gross proceeds of approximately $487.3 million. . . . The Company is under contract to sell a 95% interest in Paradise Valley Mall, a non-core asset in Phoenix, AZ, for $100 million to a newly formed joint venture. The transaction is expected to close in late March 2021, and is anticipated to generate net proceeds of approximately $95 million to the Company. The Company will retain a 5% joint venture interest in this multi-year redevelopment." (this press release was also filed with the SEC)
The company has repositioned itself over the past decade as an owner of Class A malls.
Investment Category: Lottery Ticket Basket/Contrarian Value
This is my first purchase.
Dividend: Quarterly at $.15, slashed to $.10 from $.71+ effective for the 2020 second quarter and then raised to $.15 effective for the 2020 3rd quarter.
Yield at $11.83: 5.1%
Last Ex Dividend: 2/18/21
Last Earnings Report (Q/E 12/31/21): SEC Filed Press Release
Broker Reports:
S & P (3/27/21): 2 stars with a 12 month PT of $12
Morningstar (3/30/21): 5 stars with a FV of $29.5
Maximum Position: 30 shares
Purchase Restriction: Each subsequent purchase must lower my average cost per share.
Goal: Dividend +2% annualized
I. Bought 2 SCHC at $40.65:
Quote: Schwab International Small-Cap Equity ETF Overview
Closing Price 4/23/21: SCHC $41.58 +$ 0.46 +1.12%
Sponsor's Website: Schwab International Small-Cap Equity ETF
Expense Ratio: .11%
Holdings: 2,289
Dividends: Annually
This stock sector has significantly underperformed U.S. small cap stocks over the past 5 and 10 year periods. Through 4/20/21, the annual average total return for SCHC was 9.13% which is respectable. The Vanguard Small-Cap ETF (VB), which owns U.S. stocks, produced an average annual total return of 15.26% over the same 5 year period.
J. Sold All BXMX Shares in Fidelity Taxable Account Bought with Dividends at $13.63:
Quote: Nuveen S&P 500 Buy-Write Income Fund Overview - a CEF
I have turned off dividend reinvestment.
Sponsor's Website: BXMX - Nuveen S&P 500 Buy-Write Income Fund
Nuveen S&P 500 Buy-Write Income Fund-SEC Filed 2020 Annual Report
Buy Discussions: Item L. Added to BXMX-Bought 10 at $10.96 (11/13/20 Post); Item # 2 Bought 100 BXMX at $11 (6/27/20 Post)
Profit Snapshot: +$13.63
For this CEF, this is my first sell.
New Average Cost Per Share this account = $10.47 (110 shares)
 |
| Snapshot Intraday on 4/5/21 after pare |
The AC was reduced from $10.58.
Dividend: Quarterly at $.215 per share ($.86 annually)
Heavy ROC support.
Yield at new AC = 8.21%
Last Ex Dividend: 3/12/21
Data date of 4/5/21 Trade:
Closing Net Asset Value Per Share: $14.42
Closing Market Price: $13.64
Discount: -5.41%
Sourced: BXMX- CEF Connect
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.
