Preferred Stock Investing-The Good , The Bad and The In Between 2015 - 2020

[Texas Proud]

Thanks Re, but now u get another question....Can I buy out of both accounts or do I have to move into one of them? I really never even paid attention to begin with to know which is the new one...I assume Federal?

I do not know about your account, but my account clearly states which is the settlement fund...

Also, it is now inside the brokerage section... my old settlement was inside my ROTH IRA account..

 

[Mulligan]

Yes the new one states it off to the right... I just never really paid attention as I only had a money market fund and never really paid attention to the name. It just seemed like the money split apart on its own without my doing. But unlike Sunset, I just had a "well timed" trade where it naturally transferred to new account without me doing anything. So I just need to treat the old money market fund like a mutual fund and sell it so it can go with the other money.

 

[Mulligan]

Ok, I transferred it. We will see when it hits the new one....I really dont like change...I guess this old fund will just sit empty now as I see no use for it.

 

[Mulligan]

Sold out half my AES-C and locked down the quick profits at $51.10 this morning... Sold off my ill fated PJS flip that netted a minus $10 basically breaking even that they would not call....they did... I should have flipped the other half when I had a chance as I made money on those 400 shares...Got greedy, oh well. There are worse things in life than complaining about a $10 loss, ha.

 

[Sunset]

So I go through all the money moving to get it back into the settlement fund and try to buy MONMP at Vanguard, and it says I have to phone in as cannot do it online

 

[Mulligan]

So I go through all the money moving to get it back into the settlement fund and try to buy MONMP at Vanguard, and it says I have to phone in as cannot do it online

Sun, you must have some type of restriction that can be lifted...I bought my MONMP online through Vanguard.

 

[MooreBonds]

So I go through all the money moving to get it back into the settlement fund and try to buy MONMP at Vanguard, and it says I have to phone in as cannot do it online

It's because it's currently trading in the gray market (the wild, wild west of finance). To cover their asses, they make you state on a recording that you are aware of the risks associated with gray market securities (which isn't a big deal, since the only reason it's trading gray market is because it's before it's listed on the exchange, likely tomorrow). But lucky for you, it's dropped some! I picked up my standard initial preferred position size of 100 shares at 24.95 yesterday, but it shows last at 24.85!

 

[Sunset]

I was thinking the same thing, either because while the money says available to trade, it is not really in the settlement fund yet ? Perhaps the grey market gets the cash immediately and not in 3 days. ?

Perhaps it's because this is the first thing I would be buying for this account on the OTOTC market. As CBB-B is on the NYSE ?

So I put it off and instead just bought another little Dog with fleas - CBB at $50.26

 

[Sunset]

MooreBonds - our posts crossed.

 

[Mulligan]

Preferred Stock Investing-The Good , The Bad and The In Between

I was thinking the same thing, either because while the money says available to trade, it is not really in the settlement fund yet ? Perhaps the grey market gets the cash immediately and not in 3 days. ?

Perhaps it's because this is the first thing I would be buying for this account on the OTOTC market. As CBB-B is on the NYSE ?

So I put it off and instead just bought another little Dog with fleas - CBB at $50.26

All restrictions usually reside with Pink sheets and Greys...But not always...GJP is a NYSE and I used it have to call it in. But I imagine I can buy Russian pork belly futures now online as they must have got tired of me. I can buy anything online with them now..Its really not a big deal to call plus they give online rate...MONMP is coming to market at a jittery time, so I wouldnt be surprised if it dropped more as the shares need to be pushed into the market when the sellers are out .

 

[Coolius]

So I go through all the money moving to get it back into the settlement fund and try to buy MONMP at Vanguard, and it says I have to phone in as cannot do it online

Now that's strange - I have been able to enter/cancel/change MONMP orders online at Vanguard, and in fact have an open buy in effect at this time.

 

[Mulligan]

Now that's strange - I have been able to enter/cancel/change MONMP orders online at Vanguard, and in fact have an open buy in effect at this time.

Its probably because Sunset hasnt traded them before. Mine was blocked for a while too when I first started buying.

 

[Free To Canoe]

I guess they sold them all.

FREEHOLD, N.J., Sept. 13, 2016 /PRNewswire/ -- Monmouth Real Estate Investment Corporation (NYSE: MNR) (the "Company"), a real estate investment trust (REIT) specializing in single-tenant, net-leased industrial properties, today announced the closing of its previously announced underwritten public offering of its 6.125% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock"), liquidation preference of $25.00 per share. A total of 5,400,000 shares of Series C Preferred Stock were sold, for gross proceeds of approximately $135,000,000 before deducting the underwriting discount and estimated offering expenses. The Company has applied to list the Series C Preferred Stock on the New York Stock Exchange under the symbol "MNRprC." The net proceeds from the offering, after deducting underwriting discounts (before other transaction costs), were approximately $130.7 million.

Monmouth Real Estate Investment Corporation Announces Closing Of Preferred Stock Offering

I got 400 at 24.95 yesterday.

 

[Mulligan]

Good price Free! Glad to hear they are all outstanding. But Im sure there will be a lot of flipping out of the issue though and liquidity will be there for quite a while.

 

[Coolius]

I guess they sold them all.


Monmouth Real Estate Investment Corporation Announces Closing Of Preferred Stock Offering

I got 400 at 24.95 yesterday.

Good buy. You'll be assured of a 6.1% yield for the next 5 years.

Guess the redemption of the MNR-A issue should be any day now. No sense for them to wait, since they have the cash already.

 

[Texas Proud]

I guess they sold them all.


Monmouth Real Estate Investment Corporation Announces Closing Of Preferred Stock Offering

I got 400 at 24.95 yesterday.

If it is like any other issue that I know of, all were 'sold' to the investment banks and then they sell them on the open market...

 

[Mulligan]

If it is like any other issue that I know of, all were 'sold' to the investment banks and then they sell them on the open market...

That makes sense. The cumulative daily trading volume since it started trading wasnt near 5 million shares.

 

[Free To Canoe]

Thanks. Hope for the best. I am always learning stuff on this thread.

 

[Mulligan]

Well, my money is on what Texas said... Volume is up today more than any day so pressure is still on the issue...almost tempting to get more...However, I have made some purchases today and yesterday to align with rising rates a bit... Bought 500 of Ally-a yesterday, which is an adjustable with high floater, and believe it or not actually bought 500 shares of MNR-B. Bought with anticipation of the call next summer. So will grind out a safe yield to call. If rates jump and they dont call I am protected with a considerably higher yield. A good place to hide out while market sentiment figures out what is going on.

 

[Coolius]

I added to MNR-C this morning, at $24.69. Underwriters needing to offload the overhang, plus general fear in the market, has driven this one below reasonable prices. Yield is now around 6.2% or so.

Update: The selling pressure on this issue, and many others, has been very heavy. And all this because of fear of a 25 bps rate hike? Insane......

 

[Mulligan]

Ok, about got my portfolio rearranged again with enough cash for one more purchase. Sold off my AES-C yesterday for quick flip profits. Since I bought IPWLK and plan on keeping long term wasnt keen owning it also with both connected (IPL loosely) to AES.
Bought 400 shares of RNR-C... Been tracking awhile with this and wanted to make sure a call didnt occur after last divi. Should be in clear. Bought at $25.24, 6.03% divi and Baa2, and also cumulative (not normal anymore as it is an old issue) Dont mind it may be "short roped" . But another reinsurer is coming to market with a middish 5% issue, Ba1 and non cum... Way better value as the call risk is of no concern to me.

 

[Running_Man]

OK so the market after about 5 minutes was at 2120 on the S&P500 and the ten year bond yield was at 1.68 percent. Will review final numbers and see how much a delay costs Wednesday night!

And pretty much a non-event as S&P500 closed at 2125 and 10 year bonds are at 1.70.

 

[Freedom56]

I also bought some RNR-C yesterday at 25.19. There is no call protection on this one. New issues coming to market have very low yields relative to their duration. I recently picked up Qwest and US West bonds maturing in 2031 and 2028 (both part of Centurylink) at 96.10 and 90.30. The coupons are 7.75 (YTM 8.03) and 6.875 (YTM 7.5) respectively. I also own Centurylink 7.5% notes that mature in 2024 (bought at 97.2 now at 107). All rated Ba1, BB+.

 

[aja8888]

Sold off my AES-C yesterday for quick flip profits.

Any reason for others to sell off this security so soon after buying it?

 

[youbet]

Now that MNR has announced the final numbers on MNR/PRA, I can calculate my final losses and prepare my recovery strategy.

Call = $25.233 paid per share on 10/14/16. That means I'm out approximately 10 bux on my recently purchased 200 shares.

Recovery Strategy = I'll drink cheap beer for 2.5 days which will pull me to break even.

I now have 1,500 shares of MNR/PRC at just a tad under par, average cost. Hope this works out better. Drinking cheap beer doesn't suit me well..........

This is fun stuff.......