Amada Hoffler Preferred Takes Wild Ride

While we didn’t personally have interest in buying the new 6.75% perpetual preferred from REIT Armada Hoffler (trading under OTC Grey market ticker AMAHP) we were watching it a bit yesterday.

The shares were very strong, climbing as high as $26.30 before plunging with a couple of larger trades right near the close to close at $25.15, although we do see some sites reporting different closing prices.

The reported volume on the shares was not very large, but we don’t know how many shares institutions may have picked up that were not exchange traded.

We are going to watch the trading today–maybe there is another trade to be made here. In fact I am sure many folks bought and sold yesterday for nice profits and they likely are interested at a re-entry.

5 thoughts on “Amada Hoffler Preferred Takes Wild Ride”

  1. AMAHP is first new issue I have bought in some time. Being a first issue for the company they left a bit of fat on it.

    Bought at 25.40 mid-day on June 12. When I first tried to place an order on Vanguard (online and phone) it was selling at 25.10. Vanguard’s delay in getting the issue up cost me 30 cents/share.

    TDA was faster but I didn’t have any money at TDA and everything I have there is non-marginable. Takes 5 business days to get tradable funds to TDA.

    Gotta be a better way.

    1. Bob, I agree had some fat…..I was thinking should be 6.4%ish so will trade to $26.50 relatively quickly. Just a hunch. If it makes you feel any better I had $25.15 bid in before market open and didn’t hit and I chased as it was trading apart from bid/ask. I wound up at $25.30 so you are only $.10 off me. Hopefully we are both sitting pretty.

    2. Bob-In-DE, I had the same problem with both Vanguard and Schwab. It was also the first new issue I’ve bought in some time. TD had the ticker symbol up and running first thing on 6/12.

      At least for me, I have a margin account at TD and try to keep funds available on my margin line. That allowed me to make a purchase first thing on Tuesday morning and then gave me a few hours to sell off another security. Much of my stuff there is non-marginable as well, but try to keep a few securities there that allow me to trade on margin when needed.

  2. I bought some yesterday and was puzzled by the volume. Same today. Appears like institutions sopped up unusual quantity. There are always deals being made in dark hallways at OTC that ignore bid/ask.

  3. Re: AHT cuts its distribution by 50%, to $0.06

    Ashford Hospitality Trust (NYSE: AHT) declares $0.06/share quarterly dividend, -50% decrease from prior dividend of $0.12.

    I bailed on my AHT-D shares. This company is losing waaaay too much money. 3+yrs roughly, of negative earnings from what I saw. Looking to SWAN, not SWAN DIVE.

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