Below are some press releases from company’s with preferred stock or baby bonds outstanding.
First Internet Bancorp to Announce Third Quarter 2022 Financial Results on Wednesday, October 19
First Republic Declares Dividends on Five Series of Perpetual Preferred Stock
Prudential Financial, Inc. to Announce Third Quarter 2022 Earnings; Schedules Conference Call
Lumen Technologies sets third quarter 2022 earnings call date
While Lumen has just disposed of legacy operations in 16 states (ILECs in phone jargon.), it is still operating in Florida according to its map. IMHO, odd not to see any corporate level press releases on a big topic like Hurricane Ian. (Contrast other utilities eg, Duke Power, Verizon Wireless.)
No expert here but as I see it — ILEC=legacy=land line =copper wire to houses=poles=expensive rebuild. Lumen has taken over a hurricane-area warehouse to use as a command center. From the local newspaper:
“Lumen technicians have restored more than 60% of services knocked out by the storm. The focus is now on repairing approximately 99,000 home internet services and 22,000 home phone services still impacted in the central/southwest Florida area.” – October 5
LUMN yields ~13% vs VZ and T in the 6-7% range. A dividend cut is a worry. LUMN is off 42% YTD more than VZ or T, off 17-24%-ish. (Say who said utilities were a defensive investment?)
Disclosure: no position in Lumen. Long telcos. DYODD.