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Flaherty & Crumrine Preferred S Message Board

  • rlaimbeer rlaimbeer Feb 2, 2013 8:02 AM Flag

    Annual Report Results

    FFC just released its annual report and the results are strong. For the last three months of the year NII was .145931 which is 107% of the .136 monthly dividend. UNII rose to .100765. In the last dividend announcement FFC is keeping the dividend at .136. Based on these results FFC's dividend should remain at the current level and depending on the NII results for the next two quarters it might be possible that they would raise their dividend to .14. This is an outstanding closed end fund. For those concerned about the interest rates of new preferred issues, they are high enough that when FFC turns over a portion of their portfolio the NII should not be negatively impacted.

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    • I am long FFC and a number of individual Bank TRUPS. When rates rise I am wondering how these will perform relative to mid and long term Treasurys and long term Corporates. I have owned TRUPS during prior periods when rates rose the the prices dropped. Todays interest rate scenario is so different I wonder if prices will hold up better on these long term debt issues. I have been buying adjustable bank loan funds but yields are 1/2 that of the TRUPs.

      Sentiment: Hold

      • 1 Reply to mittnewt
      • Prices and interest rate returns are always inversely proportional as yields move up and down. Long term bonds are dangerous except for professional traders in the secondary market. I think the Fed is getting close to reversing its raping of savers and seniors. Bernake threw old retired people into the fire for the benefit of governments and spenders.

        Sentiment: Hold

    • "For those concerned about the interest rates of new preferred issues, they are high enough that when FFC turns over a portion of their portfolio the NII should not be negatively impacted."

      The above is what I'm keeping an eye on. Thanks for sharing your thoughts...

 
FFC
18.48+0.01(+0.05%)Jul 31 4:02 PMEDT