They've been watching mgt issue accretive stock for over a decade and failed to conclude MF&Co keeps a close eye on NAV. Like sheep most of them with their stupid concentration on short term issues jumped on the sell side and couldn't even imagine or anticipate that mgt would revert to BUYING in stock when their all running to the other side of the boat led to discounts. Duh!
Most analysts made the mistake that mgt was going to allow significant discounts to NAV to prevail in the marketplace without taking advantage of it. LOL!
Yep, just watch now. The buy recommendations are coming after a certain period of face saving time.
This stock was $15.27 on Monday. 70 cents will be shed off today's price quickly as sellers will take notice. I am a buyer of this stock as I have been several times over the years, but not at this price.
We only find out for sure what NAV is on a quarterly basis but I'd bet on one thing here. Mgt buys and issues with NAV a major consideration and has now signalled it will try to add value to shares going both ways. If you can buy below NAV like they will and sell if above you should profit over the longer term.
With endless QE's we probably will see our distributions falling further as the spread shrinks but NAV should climb too and share price will likely reflect this with the buybacks, if necessary. Fewer shares should help a bit in maintaining distributions too.