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.