We all knew this was coming and it has–First Bancorp (FBP) has called for redemption of ALL of their monthly paying preferreds. The redemption date is 11/30/2021.
There are 5 issues outstanding which can be seen here. All of these have been redeemable for over 10 years.
The 8.35% FBPRO issue is taking a shellacking – off $1.76 today.
FBP has gone through rocky times in Puerto Rico, but more recently their financials have become much improved and it was only a matter of time before these high yield preferreds were redeemed.
The company press release is here.
Fred was right on top of this one this morning.
Very sorry to see these go. I have traded in and out of these for years. Any easy source of short term trading gains and dividend capture. Luckily as of this morning I own zero shares.
Gary Alexander–I had done the same but in recent times they didn’t want to come back down to my buy point.