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iStar Financial Inc. Message Board

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  • foreverwhiteroses foreverwhiteroses Jun 3, 2009 5:32 PM Flag

    I just want to say thanks

    Do you happen to know if there's been any correlation recently(say in the past three dividend payouts including this one) between dividend ex-dividend payment date on the preferreds and their price depreciation immediately thereafter (excluding ex-div adjustment from the calculation)? It would seem to me that there could be a whole category of nervous preferred players who buy in anticipation of the dividend but are unwilling to hold six months for the next one. With a relatively dicey divvy paying preferred (as measured by the market determined current yield) such as ours, I could see the potential for that kind of trade pattern but I haven't researched it....yet. Also, remembering the couple of 100k trades a in early May on E's and F's well below the then market but around these current levels plus the giant one day jump on the preferreds to these current levels on May 8, would you suspect relieved pressure on price around this level?

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    • I must confess that I loaded up on a bunch of extra SFIprI shares a few days before the ex-dividend date. I already owned some but was trying a strategy of buying just before the ex-dividend date, holding until the price recovers to my buy price ($7.50-$7.70), selling those and moving on to another preferred nearing its ex-dividend date, etc
      Thus far, my experiment is not working at all. I still hold all of the shares, am collecting $0.47 per share but am down about a dollar a share on price.
      I am a little nervous about holding a lot of the preferred shares around the SFI reporting date.
      I don't profess to have done a lot of due dilligence on this stock, although I have read through the 10K and 10Q and listened to the conference call. Many of the rest of you have done one heck of a job with information (both the pros and the cons). It is a pleasure to read posts that have data and where the person posting uses logic instead of one-liner comments. You can also find some of this over on the HRP board and the HPT board.
      Stephen

    • It just so happens this pattern did play out during the last div pmt. The pfd's largely traded down over the following 7 trading days (from 2/26 to 3/9), but then it was off to the races from 3/10 on.

      OTOH, this also corresponded perfectly with the market bottom :-)

      We're five days past the ex-div, so I guess we'll see next week whether the pattern repeats itself.

    • > in anticipation of the dividend but are unwilling to hold six months for the next one.

      Preferred dividends are declared and paid quarterly

 

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