Monday, October 2, 2017

New Preferred Stock IPOs, September 2017

Preferred stock issuers have come to the conclusion that the low-rate gravy train is finally coming to an end (whether they are correct or not is yet to be seen). We started to see the first hint of this last June when the number of new issues ticked up to eight that month. That was followed by seven new issues during July but then a whopping fourteen during August. Offering an average dividend (coupon) of 6.15 percent, twenty new preferred stocks were issued during September, the most robust crop that we have seen since March 2013...

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Tuesday, September 5, 2017

New Preferred Stock IPOs - August 2017

There were two pieces of great news for preferred stock buyers during August - (1) prices realized the second largest drop of the year and (2) issuers treated us to the largest menu of new preferred stock issues that we have seen since June 2014. After June’s eight new offerings and seven new preferred stocks introduced during July, August brought 14 new issues with an average coupon of 6.45 percent for the consideration of preferred stock investors...

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Thursday, August 3, 2017

New Preferred Stock IPOs - July 2017

After June's eight new offerings, seven new preferred stocks were introduced during July for the consideration of preferred stock investors. There are currently 97 high quality preferred stocks selling for an average price of $26.09 (July 31), offering an average coupon of 5.60% and a current yield of 5.35%. And, 12 of these high quality issues are selling below their $25 par value, providing an average yield-to-call of...

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Monday, July 3, 2017

New Preferred Stock IPOs, June 2017

Preferred stock investors have ignored the last three interest rate hikes from the Federal Reserve. Despite three rate hikes over the last seven months, preferred stock buyers have pushed the average price of these securities up by $1.23 per share so far this year, a 10.0 percent annualized value gain for preferred stock investors. There are currently 100 high-quality preferred stocks selling for an average price of $25.92 per share. 16 of these high-quality (investment grade, call-protected, cumulative dividends) issues are selling below their $25 par value, providing an average yield-to-call of 6.04 percent...

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Friday, June 2, 2017

New Preferred Stock IPO’s, May 2017

Preferred stock investors have ignored the last two interest rate hikes from the Federal Reserve. Despite two rate hikes over the last six months, preferred stock buyers have pushed the average price of these securities up by $1.10 per share so far this year, a 10.7 percent annualized value gain for preferred stock investors. Those investing in U.S.-traded preferred stocks since the beginning of 2017 are currently on pace for a total annualized return of 17.2 percent...

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Monday, May 1, 2017

How Preferred Stock Investors Can Keep Up With Increasing Rates

A period of increasing rates is great for preferred stock buyers - the higher coupons that come with increasing rates puts more money in your pocket. With the Fed increasing the federal funds rate twice over the last five months – with additional increases predicted to be on the horizon – the technique that I describe here allows preferred stock investors to turn the known inverse relationship between rates and prices to your advantage during such periods...

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Monday, April 3, 2017

New Preferred Stock IPO’s, March 2017

The March 15 hike in the federal funds rate had little-to-no effect on the average market price of preferred stocks. There are currently 105 high quality preferred stocks selling for an average price of $25.24 per share. 41 of these high quality (investment grade, call-protected, cumulative dividends) issues are selling below their $25 par value, providing an average yield-to-call of...

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