There are a number of earnings reports out for the smaller bankers. I have an interest–not sure if others are as interested as me. Here are a couple of them. There are more to come after market close today.
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11/22/2024
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I have some shares of ONBPP, HTLFP, WSBCP and ZIONL, so count me in too.
I am interested in smaller and regional banks, count me in. I used to avoid bank preferreds because of non-cum feature. IMHO, they are now a safer bet for income than the alternatives because of the current delisting epidemic. Buying the preferred of a good company is now a risky business. Most of my recent adds have been banks. Long Connect, by the way.
Just my opinion.
I’m an ex-banker so we’ve got some of these. But the small guys have their in difficulties with the delisting tide, too. We own some common in HBIA, a pink sheet but solid bank. Vanguard decided last April we couldn’t buy more.
Yes they can be OK if you are willing to hold them. …..but when you buy an issue with only like 25 to 50mm float the bid ask can be WIDE. As in 75 cents to a dollar. Making it hard to move 1000 shares in one trade.
indeed. This stuff is part of the base portfolio, not a good candidate for a ‘trading’ position.
some are getting whacked.. Premier of OH (PFC) and Washington Trust (WASH) of RI, a recent recommendation on SA ..both commons are now yielding over 5% or near 5%..about the same as 6mT’s ..both had raised divs recently too..
I dont see a catalyst to move the shares higher and expect more probably flight of CD deposits or at the very least they have to pay higher rates into 1st/2nd q when a lot of IRA CDs mature/rollover.
Bank pfds too have run up w all pfds and to me there is no incentive to buy -but 6-6.5% is better than 4.8% on 6mT. I guess people can nibble for long term positions but I remain cautious here.
Bea, I also dont presently own any banks. The closest I have is dirtball SLMBP which keeps slowly chugging higher off the ascent of Libor.
There is already a flight of capital from the low-interest rate banks. The FHLB was tapped for an additional 344 billion, last reporting period, doubling borrowings to 661 billion. A tidbit buried 14 paragraphs down in a recent WSJ story on crypto bank borrowings.
“Traditional banks are struggling to retain customers who have been enticed by higher-yielding Treasurys and money-market accounts. Through the first three quarters of 2022, cash balances at small banks, or those with less than $3 billion in assets, fell to 6% of total assets, down from more than 13% just nine months earlier, according to the Federal Reserve Bank of New York. “