We have a spreadsheet which we use–but it is not posted on the “preferred stock” page that is “$25 Preferreds At or Near New Highs” which is a listing of all preferred stocks and it compares current price to the 25 week high for the shares.
This spreadsheet is now showing 154 of 462 issues followed within 1% of a new high.
When I reset the formula to show all issues within 2% of a new high 250 issues show up. More than 1/2 the $25 preferred issues are within 2% (50 cents) of a new high–no wonder we search in vain for “bargains”.
Of course we see that in our own holdings–in particular in the investment grade CEF preferreds. Our AllianzGI Convertible and Income 5.62% Preferred (NCV-A) is now trading at $25.81. Some of this quality issue (rated AAA by Fitch) we purchased last December in the $23.50 area and more of it we purchased in March/April for around $24.50. Never dreamed we would have such capital gains in these issues.
I hate to wish for an “event” of some sort, but honestly we either need an event to set prices lower or we need to recalibrate our expectations. Patience I keep saying–patience.
We will try to post this “new high” spreadsheet in the next day or 2.