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Old 03-08-2016, 11:00 PM   #461
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Golden Sunsets, you are indeed fortunate that you do not pay Transaction fees.

I had the same thing happen to me, but had to pay the brokerage commission of $7 for that 1 share. Fortunately, Customer Services waived the commission for me as a long time client, when I called to express my disappointment.

KCC goes Ex-Dividend on Thursday March 10. The price may adjust down by $1.02 that day, so you might want to crank down your bid price if you have open bids at close of business Wednesday evening.

I will probably try to buy more around $28 if it gets down that afr - and will have my bid as AON.

I thought that they adjusted the bid price on an open order when it goes ex dividend.... am I mistaken
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Old 03-08-2016, 11:38 PM   #462
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I thought that they adjusted the bid price on an open order when it goes ex dividend.... am I mistaken
Texas Proud, yes, you are correct; brokerages do adjust the bid down for the ex-dividend.

I had a bad experience a long time ago when a small brokerage ( which no longer exists ) did not do that, and I got stuck with a stock as a result. I remember that I raised a stink and they corrected the error, but it was an unpleasant surprise, I tell you.

So I tend never to assume my open bids will be automatically adjusted on ex-div day - just being ultra careful.
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Old 03-12-2016, 07:21 AM   #463
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Texas Proud, yes, you are correct; brokerages do adjust the bid down for the ex-dividend. I had a bad experience a long time ago when a small brokerage ( which no longer exists ) did not do that, and I got stuck with a stock as a result. I remember that I raised a stink and they corrected the error, but it was an unpleasant surprise, I tell you. So I tend never to assume my open bids will be automatically adjusted on ex-div day - just being ultra careful.
Yup. This just happened to me. I had changed my bid to reflect the x dividend but noticed the day after xdiv date that the brokerage did as well.
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Old 03-12-2016, 08:56 AM   #464
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Yup. This just happened to me. I had changed my bid to reflect the x dividend but noticed the day after xdiv date that the brokerage did as well.

I cancelled my open order the night before, and entered a new order reflecting the adjusted ex-div price right after the market opened.

Didn't do much good, as the price barely moved the entire day. IIRC, the ask came down to $29.44 - not attractive, so I passed.

Were you able to get any shares ?
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Old 03-12-2016, 09:17 AM   #465
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I cancelled my open order the night before, and entered a new order reflecting the adjusted ex-div price right after the market opened.

Didn't do much good, as the price barely moved the entire day. IIRC, the ask came down to $29.44 - not attractive, so I passed.

Were you able to get any shares ?
I rethought the plan and decided to cancel the order entirely. I sold the 1 share that had filled. Instead I'm going to either buy a bond for my bond ladder to mature in 2024, the next slot that I need to fill for planned RMD in my IRA, or dump it into a bond fund that I own in my IRA, DLTNX. I don't like bond funds due to their tendency to depreciate when rates rise. The expense ratio is pretty high too. I'd rather buy an individual maturity for a targeted withdrawal date, but rates are so abysmal I don't know what I'll do.
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Old 03-12-2016, 09:27 AM   #466
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I rethought the plan and decided to cancel the order entirely. I sold the 1 share that had filled. Instead I'm going to either buy a bond for my bond ladder to mature in 2024, the next slot that I need to fill for planned RMD in my IRA, or dump it into a bond fund that I own in my IRA, DLTNX. I don't like bond funds due to their tendency to depreciate when rates rise. The expense ratio is pretty high too. I'd rather buy an individual maturity for a targeted withdrawal date, but rates are so abysmal I don't know what I'll do.

I floated a 300 share bid of KCC right after exD in low $28 range just to see if post Div sellers were out... Everything stayed dried up. Many times trading locks up right after exD on illiquids because sellers still want same price, but buyers want the loss of dividend accounted for. There were too many shares on bid price way above what I was willing to pay and they were nit getting a sniff, so I pulled after 2 days.
This is a good one to buy in upper 28's after about 3 months into next divi, but not at this point due to being past call.
I did a quick flip on my SSW-C I bought last month. Bought at $23.75 and sold yesterday at $25.09. My funds are building back up. I did buy $5k of DJCI which is not a preferred, but an ETN that tracks the gamut of the commodities in whole from oil to crops.


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Old 03-17-2016, 08:44 PM   #467
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Had a little extra cash and 3000 shares of CNLPL was being dumped at a fair price of $53, so I added a 100 more to the collection. Still about 80% preferreds but my other 20% has shifted over to a couple common stocks, commodity fund note DJCI, and Ag fund PAGG. Will mostly use additional free cash to devote to this 20% unless some big Ute preferred goes on sale.
Preferreds are mostly same...AILLL/AILNP, CNLPL/CNTHP, BGEPF, KTH, KCC, UEPCO, CVB, GJP.


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Old 03-17-2016, 09:40 PM   #468
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Had a little extra cash and 3000 shares of CNLPL was being dumped at a fair price of $53, so I added a 100 more to the collection


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Nice I saw this after the close and thought what is going on wish I would have seen it as I would have picked up some more also.
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Old 03-17-2016, 09:45 PM   #469
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Nice I saw this after the close and thought what is going on wish I would have seen it as I would have picked up some more also.

Cap, this all happened right in last hour of trading and a few were right at close. There may be more left to sell in the morning. Seller was hiding back behind a $55 plus 100 share ask price, but jettisoned them any time a $53 plus bid was offered. Whenever high bid was below $53 no sale would take place.


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Old 03-17-2016, 10:54 PM   #470
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Difficult to bring myself to buy more at higher prices, but it is possible that this is now the new "normal" and $53 will be the pivot around which the price will remain for a while.

The entire Preferred sector seems to have firmed up quite a bit, especially after this latest Fed meeting. Folks must be getting more used to the idea that we won't see too many Fed rate Hikes for 2016.

I know there were many of us on this forum that expected this to be the case - hopefully most, if not all, are by now fully invested in income issues at lower prices.
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Old 03-17-2016, 11:04 PM   #471
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Difficult to bring myself to buy more at higher prices, but it is possible that this is now the new "normal" and $53 will be the pivot around which the price will remain for a while.

The entire Preferred sector seems to have firmed up quite a bit, especially after this latest Fed meeting. Folks must be getting more used to the idea that we won't see too many Fed rate Hikes for 2016.

I know there were many of us on this forum that expected this to be the case - hopefully most, if not all, are by now fully invested in income issues at lower prices.

$53 isnt rock bottom, but fair if wanting them. I have paid between $51 and $53.20... Speaking of CNLPL, I hadnt really noticed, but I have not seen a dividend declaration...It technically is past exD date for April payout, but nothing has been mentioned anywhere I can find. Have you read anything? I see no call notice in SEC filings. Kind of odd, though it is hard to find this info on these illiquids.. No mention of a declared dividend for any of the entire series of preferreds.


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Old 03-17-2016, 11:22 PM   #472
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$53 isnt rock bottom, but fair if wanting them. I have paid between $51 and $53.20... Speaking of CNLPL, I hadnt really noticed, but I have not seen a dividend declaration...It technically is past exD date for April payout, but nothing has been mentioned anywhere I can find. Have you read anything? I see no call notice in SEC filings. Kind of odd, though it is hard to find this info on these illiquids.. No mention of a declared dividend for any of the entire series of preferreds.


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Hmm, My go to site from Fidelity still showing the Dec. 2015 ExD date. But Marketwatch I just checked shows the March date. Usually I can dig deep into internet bowels and find an official press release but haven't located.. Im sure its fine. Life of tracking old illiquids... They pay but you never know anything about them.


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Old 03-17-2016, 11:48 PM   #473
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The CL&P investor site has previous Dividend Declarations, I noticed this paragraph in the announcement dated Dec 18, 2015.
CNLPL is the $3.24 Series G Preferred.



For the following issues, the payment date is April 1, 2016, and the record date is March 10, 2016:
•Holders of the 5.28% Series preferred stock will receive a dividend of $0.66 per share.
•Holders of the $3.24 Series G preferred stock will receive a dividend of $0.81 per share


https://www.eversource.com/Content/d...5.pdf?sfvrsn=0


Sure reads like a Dividend declaration to me. Ex-Div must have happened March 7, and we are all unaware of it.



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Old 03-18-2016, 07:08 AM   #474
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Yes, I knew it was past exD date, but Fidelity wasnt showing it all. I forgot all of their various issues are strung out over 3 months... Its already time for them to declare the next batch as CNTHP goes exD early next month.


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Old 03-18-2016, 01:34 PM   #475
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Trying to get into so long term solid PS plays for income. Any suggestions? I've been trying to get into the WF one, but doesn't seem to want to come back down to around 1150 or so. Any other ones I should look into? Looking for companies that will be here for the long term. Solid companies if you will. Am I hoping for too much?
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Old 03-18-2016, 01:59 PM   #476
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intl,


As you read through this thread, you'll see names being mentioned, plus reasons why some of us like them.

Too complex to summarize here, but in general, yield-trapped and ring-fenced Ute Preferred Stocks ( especially the T&D ) would fit a long term stable income objective. The only real risk is of the issue being called, but do review past posts for why we feel some of them will not be called anytime soon.

Because of their illiquidity, these do not often present themselves as bargains. You'll have to be quick to recognize when a seller is dumping, and be prepared to bid promptly.

Here are some of the names we've discussed:

AILNP AILLL CNTHP CNLPL KTH KCC HE-U WFC-L EYMXP

Target buy prices are also in past posts, but feel free to ask here if you need particular prices.

Put these on your watchlist and WATCH them !!

Good that you found this thread - you'll learn a lot about our rationale and income philosophy from the very experienced guys here, especially Mulligan.

But - I am concerned that Lord Darth Mulligan may have wavered in his convictions lately - and gone over to the Dark Side of the Evil Empire - he was recently talking about buying a common ( ) that has had poor financials ( ) - so as to capitalize on a possible merger buyout. ( )

Please remember Lord Mulligan in your entreaties & supplications to the Force.......
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Old 03-18-2016, 05:02 PM   #477
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Coolius, your being tough on me. My 2 commons consist of play money. A couple hundred shares of BGS Foods and 500 of Pepco. Heck they are up 30 cents since I bought it. Its not like I am buying Valeant. Bill Ackman would love dearly to have my portfolio returns the past few years including this year. Besides I had to buy Pepco because I have so many shares of Peco.... I just now at the age where I will be able to get confused between the two. I will be talking about Peco when I meant Pepco and get it all messed up now.
We better warn Intl to scratch AILNP from list. I am the only lucky guy there. He has a better chance of growing a 3rd eye in his head than getting any of that.
Capjack, I noticed a few hundred more shares of CNLPL traded today. Did you purchase any of those?


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Old 03-18-2016, 05:34 PM   #478
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Yep, AILNP is probably as scarce as Pink Unicorns in Central Kansas.

The only issue within reasonable price is EYMXP; but of course that has Call Risk as a top consideration. I calculated that call proceeds total about $25.13 minimum ( par plus 30 days accrued interest ), so max exposure is about $0.17 per share. EYMXP is one of my holdings.

Unfortunately, the others seem to be on the high side; just have to be patient and wait for the next interest rate scare.
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Old 03-18-2016, 05:46 PM   #479
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Yep, AILNP is probably as scarce as Pink Unicorns in Central Kansas.

The only issue within reasonable price is EYMXP; but of course that has Call Risk as a top consideration. I calculated that call proceeds total about $25.13 minimum ( par plus 30 days accrued interest ), so max exposure is about $0.17 per share. EYMXP is one of my holdings.

Unfortunately, the others seem to be on the high side; just have to be patient and wait for the next interest rate scare.

I agree EYMXP is probably a good entry point into one due to someone patiently selling off thousands of them with zero urgency at $25.40.
I just havent had the conviction to buy them, though I have toyed trying to get them on the cheap.
Mostly just being hard headed, but mostly from 1) Not understanding the company. Entergy has kind of swallowed it up and incorporated it into its family so I havent be able to see its stand alone makeup. 2) I didnt dig too deeply but I havent figured out how much of a power producer or T&D it is or if there are any "ring fenced" measures. 3) Still ticked off ELUOP was called on us after owning it a few months and wasting time breaking even on a call. The preferred I now own companies have had no history of calls.
Weak excuses, but that is mostly why.


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Old 03-18-2016, 06:27 PM   #480
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WFC-L is up like a rocket, was $1170 went ex-div $18.75 and shot up to close at $1190, almost to $1200 today intraday. Crazy.
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