The new Priority Income Fund 6% term preferred is now trading under OTC temp ticker PRIIP and last traded at $25.00
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7/26/2024
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Sold the H for a profit and picked up some more of PRIIP at Schwab. Had to wait for the III orders to fill as it temporarily drove up the price (doh). I saw several 1 share trades. Ha ha
I was able to make a large pizza and a pitcher of beer at least and go up slightly in yield. YMMV
Picked up 100 shares at $24.91 on Schwab at the open. Hopefully I can buy more lower.
I put a limit order at Schwab today for $25. It never executed so I had to place a market order that filled at $24.91. Very strange?
I have had cases where a limit order would not execute and I would raise the limit only to get a BETTER execution price than the original, lower price.
I want to Thank everyone for their speedy replies. Atleast now I don’t feel like the Lone Ranger.
ChuckP:
I have also not received my June 15 IPLDP dividends from Schwab. I did receive them from Fidelity on June 15. Schwab is always one day late in depositing dividends into my account. But 2 days is atypical. Note: the LNT website shows the dividends are “payable on June 15, 2021.” I plan on waiting one more day before calling them. But that is just me. I have found that it is not worth my time calling Schwab on these types of things – until several days have passed.
Fidelity shows this as “PRIIP”
Same at TDA. I entered PRIIF, but it changed it to PRIIP. Nabbed some…
If I computed correctly, it should rise to about $25.60.
The OTC market has it listed as PRIIP also…
FWIW – Schwab shows PRIIF and PRIIP, but neither will actually transact – system will take orders, but not transact anything.
Been on the phone for an hour and counting.
If anyone has found a fix (besides finding a better broker), please post.
As stated above if you enter as a market order it executes on Schwab. I’ve been buying in 100 share lots. I don’t want to put in an order for 1000 and have it fill at $27. It has executed this way at $24.88 about a minute ago.
I understand the “my limit order will not execute at Schwab, but my market order will” argument. I am pretty sure everybody posting that changed to market orders, but for newbies, it is not what we normally recommend. Particularly for OTC and or PINK issues, where the dealers are NOT bound to use the NBBO. You think you will get filled at say 24.90, but the dealer might not treat you so fairly.
I do not offer any solution if Schwab is really the problem, other than changing brokerages. Their trading group is very knowledgeable about “market micro-structure” and routing, so somebody somewhere in Schwab could explain exactly why this occurs. Good luck finding that person(s), having them explain what goes wrong and actually fixing it so it does NOT occur in the future. I have my own theory of why this is occurring, but it is NOT provable from data we can see.
Same exact here. Schwab. Won’t execute…
Thanks to all for the comments.
Market order is the secret at schwab.
I put through a market orders for one share and got a fill, so I put through more and picked up 500 @ 24.88.
I HATE doing market orders, but schwab’s system seems unable to handle limit orders on this one.
I bought mine at the open with a limit order on Schwab. No issues here.
KJN–must have made a change–sorry. They had it as PRIIF originally.
06/16/2021 11:39:25
06/16/2021 00:00:00
PRIIF
PRIORITY INCOME FD INC TERM PFD SER I Preferred Stock
Other OTC
Y
Dave in Texas–sorry they must have made a change from a couple days ago.
06/16/2021 11:39:25
06/16/2021 00:00:00
PRIIF
PRIORITY INCOME FD INC TERM PFD SER I Preferred Stock
Other OTC
Y
Sorry Gary–I see they had it as PRIIF on the OTC Daily List, but must have changed it.
Does anyone have thoughts on this issue? it looks like the existing series have held up well with good coverage ratio.
“In addition, if we fail to maintain an asset coverage ratio of at least 200%, we will be required
to redeem the number of shares of our preferred stock (which at our discretion may include any number or portion of the Series
I Term Preferred Stock) that, when combined with any debt securities redeemed for failure to maintain the asset coverage
required by the indenture governing such securities, (1) results in us having asset coverage of at least 200%, or (2) if fewer, the
maximum number of shares of preferred stock that can be redeemed out of funds legally available for such redemption.”
I know this is completely unrelated but is anyone else having a problem with SCHWAB getting paid for their June 15th payment of IPLDP??? I’ve been fighting with them since yesterday morning on where’s the money??? They keep telling me they are waiting for it to come in from IPLDP. I suspect there’s more to the story here.
My Fidelity acct shows IPLDP paid on time. I hope they solve your issue soon.
Chuck – I have not received mine either at Schwab, but did receive it at Ameritrade. I have noted in the past that Schwab can be a few days late posting my dividends from time to time, but it always gets there eventually.
I too find that Schwab posts payments a day late…probably posting at the end of the issued day using an old “Batch” oriented method…and therefore does not post until the next day…
Just my SWAG on the issue…
Cheers…