Introducing the New “At or Near New Low” Page

We have noted some folks always looking for new lows on preferred shares so we have taken that as a signal to present a new page that may (or may not) be helpful to some folks.

The page does a real time sort (each time you load the page it sorts) of all $25 preferred shares that are at or near a new 52 week low.

This is NOT a new low list as it will NOT SHOW an issue that drops to a new low and then immediately bounces higher.  It will show all issues that are within 1% of their 52 week low.  The 1% is an arbitrary number chosen by me–I could change it to 2 or 3%, but it seems 1% gives the best results for investor that are interested in potential bargains right near new lows.

Today the list is composed of many of the banking pure floating rate issues, some of the CHS issues that have been knocked down lately on news, and troubled issues like those from AmTrust Financial and Maiden Holdings. It also shows issues like Ashford Hospitality and Capital One–maybe they are bargains.

We present this page for those that may want to have such information, but for those who don’t find it of use simply ignore it.  We have found that if we presented data in 100 different ways someone would have a use for it while 95% of folks don’t give a damn.

Right now there are 105 issues near 52 week lows.

The list can be found here.

We will add a link on the Preferred Stock Index page for this list.

28 thoughts on “Introducing the New “At or Near New Low” Page”

      1. Tim, Thank you very much, very helpful especially during tax loss selling. Some of COF, BAC and C preferreds seem like bargains compared to recent past.
        Are you planning to include baby bonds in that list at some point in the future?

        1. Hi MPZ–the problem I have with the baby bonds is the quote reliability is so bad–I would like to do the whole ‘master list’ and will be looking at it, but it contains baby bonds as well so quote reliability is marginal.

  1. Execellent job, Tim…You deserve to charge us! I noticed you have SOCGM on your 52 week low list…That was compliments of me this week. Somebody was fishing to sell 218 shares and I made him catch me to sell them. It was rather fun game of hide and go seek. I just did that one just because… An old $600,000 total value float that has only only traded a couple thousand shares all year.

    1. Grid, I know that SOCGM is owned by SRE; but a perpetual non-callable yielding 5.46%….hmmmm Any color you’d like to share my friend? Wishing you profitable investing, Nomad

      1. Lol, like I said above Nomad…Just because! I was a fun little game of hide and go seek to amuse me for a couple days. It was amusing watching the 218 shares dancing around trying to seduce me. I made him go below the 52 week low at $27.48. Previous last trade was $28.20 and $28.37 both for 177 shares on 10/26… I can think of a 100 better issues to buy. That is why I didnt mention it when I bought it, lol.

      2. Nomad, you will love this….Seems we pay attention to preferreds more than the company officals do. I had a guy ask me about the terms of SBNCM that I own. He said he talked to CFO a few times, and CFO asked the president. He said they didnt knkw anything about the terms of the preferreds and couldnt find it as they were issued long before they ever worked there…And I am sure thats true since they were issued in 1987. My I found them…Only I am crazy enough to dig into SEC filings from 1987 and find it, lol.

        1. Just OUTSTANDING! I always think of 2 preferred issues I have owned (I am sadly not long now) that were issued around the time of Abraham Lincoln; when I have told people about them, they always have that look on their face like they ate something extremely sour. I have tried to get information on both of them through the years (they are old railroad issues) and the company has no clue what they really are. Too funny, Nomad

          1. I know which one you are talking about. I actually stumbled across an 1860s newspaper that had the overall thumbnail terms of it. Amazing issue…It actually decided an 1860s landmark state court decision over the taxation rights of the preferreds. Court ruled against the state and prefereds remained untaxed. Remember there was no income tax at the time, but a small state tax on bonds was in force then.

            1. Ahhhh, the good old days when their was no Federal Reserve, IRS or state Tax Collector and all preferred income was not tax. A guy can dream…. right?

              1. Yes it was a different world! Hey Nomad you may want to consider one more bite of the ALLY-A to add to your stash. They have already determined Feb. interest payment..This is set up for another easy money flip again come February. I got an online friend on another forum and he sent me the info direct from ALLY.

                The Feb 15, 2019 distribution per share will be $0.536739. < < <

                Thanks,
                Sam Ramsey
                ally | Investor Relations

                  1. Steve, this is just me, but this is the perfect flipper. As it approaches about 2 weeks shy of payment date it peaks out in 26.30s, and then you dump, collect full divi, and then wait for the next scare of “will they call it”, and then buy again to get the next flip again for more than holding just for income. It also helps expose one less to getting caught holding the “call bag”. I also notice frequently this issue will start to rise like it is now, and then a couple days shy of 30 days from payment date it will dip in fear of redemption/payment notice. I stole a hole interest payment last month just holding a couple weeks. Buying in 25.80s during that time period and then dumping in mid 26.30s collecting basically entire interest payment and getting out. This issue wont be around forever. But in conference call they said they would be running off $5 billion debt and planning to use depositors money as cheaper capital. A is $3 billion so its the lions share. So if they were dumping this quickly they wouldnt be so interested in mentioning 2020.
                    It is part of their current fiscal capital plan sent to Fed Reserve…It is grandfathered Tier 1 debt. This info is why the odds tilt in favor to “play the game”. Especially at this price point.

      3. Hi Grid–I saw you mention that one so I tried to pull some data on it–leave it to you to find these little issues.

        1. Yes Tim this a sweet little issue. Im in at 8.08% yield. It is par 9% from ‘87 and uncallable. Kaptain Lou did a little deciphering for me also. Some times I buy after I know it “good enough” and then dig for the minutia later. Thats half the fun. I will surprise you sometimes though, Tim. I jumped in for 1300 shares of ALLY-A again today and the trading volume on it today was 211,787……And that was 211,787 more shares traded than my SOCGM, FIISO, MSEXP, AILLL, SBNCM, CNIGO, and CNIGP combined, lol.

  2. Great info Tim. I get alerts from Merrill each time something drops that I own, so I build my own lists in my head – but this is very helpful as well for bargain shoppers.

    I’m also going to post (like yesterday), when I see downgrades/upgrades on things we talk a lot about here on the forum. Sometimes they move the commons quite a bit, which can certainly move the pfd’s and notes. Hopefully some find it useful.

    1. Sounds great G. I know there are some readers that like more info on credit ratings etc. I hope to get more info on them in the future.

  3. Speaking of:

    Citigroup upgrades PG&E (NYSE:PCG) from Neutral to Buy.

    Morgan Stanley downgrades PG&E (NYSE:PCG) from Overweight to Equal-Weight and lowers the price target from $67 to $31.

    Ladenburg Thalmann analyst Mickey Schlelen upgrades PennantPark Floating Rate (NASDAQ:PFLT) from Neutral to Buy and announces $14.

    Morgan Stanley analyst Richard Hill downgrades American Homes 4 Rent (NYSE:AMH) from Overweight to Equal-Weight and lowers the price target from $22.50 to $21.

    1. I had no business doimg this but I couldnt resist. Bought 400 shares out of gate of SCE-G at 18.45. I want it to hit $20 then get out with my skin intact.

      1. Gridbird,

        Have to say you have nerves of steel in buying SCE. Good luck with them.

        1. Just playing the after market bounce from officials yapping. SCE isnt quite as exposed as PCG is financially. But this is maybe a week play or tops until exD date next month….Probably should sell now and lock in 50 cent gain. I played it because I new the common was bouncing bigly so I knew preferreds would follow along a bit also. And unlike the PCG preferreds, SCE is still paying for now. So thatis why I chose it over the PCG preferreds.

  4. Grid,

    Did you see that EGRKI was called? Didn’t even know until I just saw the shares gone from my acct!

    1. Well thanks to Tim many months ago we knew it would come at some point Entergy Ark took their sweet time. I got in most of mine $5 bucks under par before word got out after Tim told us. I collected a divi and sold most just below redemption price many months ago. I decided not to wait. Yes these old illiquids dont often get mentioned publically on a call. My old watered preferreds this spring got redeemed basically unannounced with a bigly cap gain when a merger was announced.

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