Just checking the average preferred price today we note that the average share is off 6 cents–if this holds that will make it 3 days in a row we have moved lower by 6 cents. An orderly move lower–on average (for what averages are worth).
American Homes 4 Rent preferreds have been a bit “wild” lately and today the ‘E’ issue is off 2%. This issue was over $26 just 6 weeks ago, but just has not been able to recover pricing after the 3/15 ex-div date. This issue hit $27.50 at the start of the year—ouch.
REITs are off a 1/2% as are MLPs. Guess that means we have somewhat of a clean sweep on all income issues falling just a bit. We are happy for orderly selloffs–sure beats panics.
The 10 year is holdings at the 3.02% level which is plenty as far as we are concerned. Our forecast for the end of year is 3.25% and we will hold onto this forecast–we will be like Wall Street Analysts–when our target is breached we will just move our target higher.
Let’s hope for a calm afternoon—calm is good.