sommart Introduction One of my readers suggested I look at Merchants Bancorp (NASDAQ:MBIN), specifically at one of its preferred stocks. They actually have several, one is fixed rate, the others float. While none are in their Callable period, one of the floating issues does start later this year. The three issues are: Merchants Bancorp 8.25%…
bankerwin Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that…
Trygve Finkelsen/iStock Editorial via Getty Images Co-authored by Treading Softly. Lifebuoys are often overlooked on watercraft such as boats, yachts, or cruise ships. However, these lifebuoys and the buoyant heaving lines they are attached to can be crucial in the event of an emergency. Even if you don’t think you’ll ever need it, it’s important…
MicroStockHub Investment Case for Pembina Pipelines Series 5 PPL.PR.E fixed dividend preferred shares I expect a strong upside for the Pembina Pipelines Series 5 (TSX:PPL.PR.E:CA) (OTCPK:PPLAF) preferred shares over the next six to twelve months. The five-year fixed dividend for these shares will be recalculated on May 2, 2023, 30 days before June 1, 2024,…
Pgiam/iStock via Getty Images Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as…
Pgiam/iStock via Getty Images Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as…
AerialPerspective Works Vornado Realty’s (NYSE:VNO) 1-year rally has been incredible with the REIT now trading for 11.4x its annualized fiscal 2023 fourth quarter FFO. The Manhattan-focused office REIT generated fourth-quarter FFO of $0.63 per share, down 9 cents from its year-ago comp but outperforming consensus estimates by roughly 2 cents. The REIT’s common shares staged…
deepblue4you Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that…
ligora/iStock via Getty Images Introduction As explained in a previous article, the business model of Gladstone Land (NASDAQ:LAND) is very straightforward: the REIT owns farmland and leases it to farmers. It is not exposed to successful or disappointing harvests other than the impact it has on the tenants. At the end of 2023, Gladstone Land…
thitivong In our last coverage of Brookfield Infrastructure Partners L.P. (BIP), (BIPC), we highlighted some interesting opportunities in the secondary securities. In the US, there are two preferred shares listed. Brookfield Infrastructure Partners L.P. 5.125 CL A PFD13 (NYSE:BIP.PR.A) and Brookfield Infrastructure Partners L.P. 5.00% PFD A 14 (NYSE:BIP.PR.B). The two preferreds were on a…
tumsasedgars On our last coverage of Global Net Lease, Inc. (NYSE:GNL), we spoke about the reasons we exited the common shares in a timely fashion. We also covered the preferred shares, which are listed below. Global Net Lease, 7.25% Series A Cumulative Redeemable Preferred Stock (NYSE:GNL.PR.A) Global Net Lease 6.875% Series B Cumulative Redeemable Perp…
Evkaz Preferred securities are trading at attractive discounts, however, just as many are looking to manage their Mag 7 exposure, we believe the same risk management applies to preferreds as well. Preferred securities prices were hit hard during the rate hiking cycle, leading to valuations not seen since the Global Financial Crisis and creating an…
LSOphoto/iStock via Getty Images Introduction Global Medical REIT (NYSE:GMRE) is an internally managed REIT focusing on healthcare facilities which are leased out to physicians and other healthcare-related groups. GMRE Investor Relations The REIT owns 185 buildings in 34 states with a 5.8 year WALT. Unlike other healthcare REITs, Global Medical’s tenants appear to be well-managed,…
Lemon_tm/iStock via Getty Images Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well…
NNehring/iStock via Getty Images I’ve been buying Eagle Point Credit’s Series D Preferreds (NYSE:ECC.PR.D) since the tail end of 2023. This has come in response to the continued weakness of preferreds whose sensitivity to higher base rates from positive duration risk has opened up historic discounts to their intrinsic value. The series D preferreds, which…
adamkaz Rithm Capital (NYSE:RITM) is a buy as the mortgage REIT grows and diversifies its business and looks to close what’s currently a 15% discount to book value at the end of its last reported quarter. Book value was $5.95 billion, $12.32 per share, growing by 16 cents sequentially and by 1.78% over the year-ago…
Justin Sullivan Since I placed a buy rating on PG&E (NYSE:PCG) stock in February 2022, the stock has risen 59.6%. My thesis, expressed in May 2022, was that wildfire safety improvements that followed the 2019 bankruptcy filing were not being fully appreciated by the market. Since then, the Northern California electric and gas utility has…
Darren415 Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes…
Dilok Klaisataporn Investing in equities and bonds is a common strategy for many investors. However, there’s a third category of securities that combines characteristics of both equities and bonds – Preferred Stocks. And there are some good funds that focus on this part of the marketplace. The Global X Variable Rate Preferred ETF (NYSEARCA:PFFV) is…
serts Introduction As I have been shifting my focus on buying fixed income in the past few months as I was expecting “peak interest rates” to have been achieved, I’m having a closer look at some of the preferred shares I either already own in my portfolio or the preferred shares I would like to…
Darren415 Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as the top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes…
M. Kaercher/iStock via Getty Images The broad collapse of preferreds from the Fed’s fight with inflation has created an intense opportunity to build positions in tickers with high dividend yields and significant capital growth potential wrapped within the safety of the quasi-fixed income instrument. Preferreds rank higher on a company’s capital stack than common shares…
Brian Moynihan Drew Angerer Bank of America (NYSE:BAC) is a stock I’ve had some great experiences with lately. I bought it heavily during the Spring 2023 banking crisis, then again during the treasury yield panic, eventually making the stock the biggest holding in my portfolio. I thought it was a good buy because it was…
RoschetzkyIstockPhoto/iStock via Getty Images Entergy Corporation (NYSE:ETR) is a Fortune 500 utility holding company, headquartered in New Orleans. It has six divisions including Entergy Arkansas, Louisiana, Mississippi, New Orleans, Texas, and Energy Resources, Inc., or SERI, the subsidiary that owns the Grand Gulf nuclear station. Entergy New Orleans and Entergy Louisiana are regulated gas and…
Onfokus/E+ via Getty Images Vornado Realty Trust (NYSE:VNO) has had one of the most disruptive fiscal years as a publicly traded REIT; the dividend was suspended, the commons are down 8%, and higher interest expenses have led to funds from operations weakness versus year-ago figures. While the Fed funds rate has been left unchanged at…
ablokhin Investing in preferreds shares is in many ways one of the stock market’s most underrated ways of building income and RLJ Lodging Trust’s (NYSE:RLJ) Series A Convertible Preferred Shares (NYSE:RLJ.PR.A) offers a compelling investment proposition for defensively minded yield-seeking investors. There’s a lot to like here with the preferreds paying out a fixed $1.95…
simonkr/E+ via Getty Images I’ve closed my Series C preferreds position in Hudson Pacific Properties (NYSE:HPP) (NYSE:HPP.PR.C) at a decent gain on the back of the suspension of talks between the actors union and the Alliance of Motion Picture and Television Producers (AMPTT), a trade association representing US television and film production companies including Netflix…
FilippoBacci/E+ via Getty Images Global Medical REIT Inc. (NYSE:GMRE) is a medical office building play that we have covered before. After two buy ratings, we moved to the sidelines in our last piece. Seeking Alpha There was really nothing strongly negative about the company. In fact, we appreciated how management had managed to focus on…
Darren415 Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that…
Tom Werner A few months ago, I wrote a bullish article on Gladstone Land Corporation (LAND), an agricultural-focused REIT. Farmland had historically protected investors against inflation and LAND had fallen to a discount to NAV. This article looks at a related investment in preferred shares issued by Gladstone Land, specifically, the Gladstone Land Corporation 6%…
Cecilie_Arcurs/E+ via Getty Images Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as…
Darren415 Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that…
Art Wager/E+ via Getty Images Via Renewables (NASDAQ:VIA) last declared a quarterly cash dividend of $0.7592 per share on its Series A fixed-to-floating rate preferred shares (NASDAQ:VIASP). This was a 2.6% increase from the prior quarterly and meant an 18.4% annualized forward yield. The company, previously known as Spark Energy, has had a rough 2023…
Darren415 Welcome to another installment of our Preferreds Market Weekly Review, where we discuss preferred stock and baby bond market activity from both the bottom-up, highlighting individual news and events, as well as top-down, providing an overview of the broader market. We also try to add some historical context as well as relevant themes that…