Below are some headlines from company’s which have preferred stock or baby bonds outstanding .
Raymond James Financial Reports Fiscal Fourth Quarter and Fiscal 2022 Results
Arbor Realty Trust Schedules Third Quarter 2022 Earnings Conference Call
ARMOUR Residential REIT, Inc. Announces Q3 Results and September 30, 2022 Financial Position
Hersha Hospitality Trust Announces Third Quarter 2022 Results
Teekay Group to Announce Third Quarter 2022 Earnings Results on November 3, 2022
Fidus Investment Corporation Schedules Third Quarter 2022 Earnings Release and Conference Call
Stifel Reports Third Quarter 2022 Results
ARMOUR Residential REIT, Inc. Announces November 2022 Dividend Rate Per Common Share
Schwab Declares Common Stock Dividend and Declares Preferred Stock Dividends
Customers Bancorp Reports Results for Third Quarter 2022
Annaly Capital Management, Inc. Reports 3rd Quarter 2022 Results
AXIS Capital Reports Third Quarter 2022 Results
Popular, Inc. Announces Third Quarter 2022 Financial Results
RE: CUBI-E and F FWIW, I listened in on today’s CUBI CC and also tried to get a question in the queue to ask about the fate of the two preferreds going forward….. There was absolutely no mention of these preferreds during the call nor did my question make it to the floor…. I don’t know what to make of this – whether by implication they are willing to let them survive until March 15, or if it’s a fait accompli they’ll be called. But wouldn’t it be nice if they let ’em ride?????? We’ll know for sure I suppose by November 16… CUBI would have to announce a call before that date approx in order to call them on the dividend payment date of 12/15…. If they don’t, they survive until the next payment date, 3/15. And if I figure correctly, if the 3/15 coupon rate were to be figured today, CUBI-E would go to approx 9.51% and F to 9.13%….
Dang, 2WR, you need a hobby, ha. That takes too long, I scanned the CC transcript in 2 minutes and saw nothing either. Kuddos for you trying to get in the que though!
They have been silent on preferreds past couple CC’s. They are busy using cash to buy common stock float up. The preferred market is no good now. I bet they are good for another quarter. That is my one cent worth opinion.
What the hey, Grid, it’s a good way to keep me from making too many trades, although I was the lucky guy who bot all of 100 F today at 25………but, you know, maybe you’re right – I do need another hobby… Maybe I’ll see what info I can dig up on pre-Civil War bond issues…. Oh wait! I know somebody who already does that….
Customer’s bancorp did ok but not as good as 3rd qtr 2021
But look at what they have done relative to the projections of core earnings they have maintained all year long…. They have already exceeded those projections for the whole year in only 3 quarters…. Also using whatever rationale number you want to throw in for the fourth quarter and come up with a core P/E rate…. Yup, CUBI continues to be the Rodney Dangerfield of banks. I wonder if they’ll address their plans for the preferreds in the CC… I know I’ve submitted a question about them so let’s see what they say…. I think they list the preferreds as having $137 mil outstanding….
Earnings aren’t really that relevant for bank preferreds. The focus should really be on their capital ratios. That’s what determines whether they have to suspend divs. You want to start with a big cushion that hopefully gets you through a default cycle.
ARR not looking too healthy IMO and I have a decent position of the ARR-C. Need to watch that one closely I guess.
All the mreits, pretty much, have been battered. The preferred is always a safer choice compared to the common when discussing getting paid. If they reduce the common’s dividend that is a win for preferred holders. As for a total melt down… well anything can happen I suppose. I do not see that happening. They are just in a rough spot like many others.
LADR and SACH have both raised their dividends since July. LADR twice for a 15% total and SACH once for 16.7%.
Many of their loans are made at floating rates while their debt is at a fixed rate. The increasing spread during periods of rising rates explains their largesse.
fc, Would not touch the common, but best acquistion prices available for the mREIT-pfds in quite a while. Added a bunch of the safer AGNCO in the low $19s and AGNCP in the high $16s. Ready to buy more if the market offers.
Unrated, but AGNC pfds is one of the safest in the biz dealing with some of the best underlying residential mortgage assets ever – all made possible via strict underwriting guidelines put in place post-2010.
I have to say I went with the AGNCL myself. Thankfully I was lucky enough to buy after the big drop but still in the red even then by a wee bit. I learned a lot about mreits during the covid meltdown. Studied them hard/quickly and have quite a few holdings of them at 7-10 bucks a share paying 20% or so. Only the Anworth (RC-D) has been called away. Buying at these current prices is not quite like that but 10% or so is very solid. Why even bother with mreit common. Almost no point in my view.
For a while there back during covid days I was even automatically reinvesting the dividends. hah. That is not something I would do during normal times. Did not even care about the spread. Just grab more until they recovered approx 9 months later.
I agree with you. We haven’t seen better acquisition prices on mReit preferreds since the Covid crash.
I always own some – but I will take advantage of opportunities like this
Like you, I stay away from the common and just buy the preferred. Even during the Covid crash, only the riskiest mreit preferreds suspended dividends for a short time. The majority had no issues
AGNC and NLY are the two safest IMO (but I own some others on a lesser scale as well)
I think ARR made up for most (all?) of their losses by issuing more common stock. So preferreds pretty much enjoying the same high level of coverage. The 7% fixed rate coupon is inadequate in this rate environment, though.