... to see what the range is tomorrow.
If you wanted to sell 1000 shares for the best price tomorrow, where would you set your limit order, assuming average share basis is exactly $12.77?
I wouldn't sell it under $12.40, but does anyone think it might touch a higher price tomorrow?
12.40? no way today; but, as soon as the market realizes there is no SO; it will rally. It is a 20% dividend here; analysts have already said it will continue at.60/qtr; and the P/B is just slightly over 1.0. At some point the market will compare this to the other Mreits and want in.
share price will rally "as soon as the market realizes there is no SO". Agree with this sentiment, but we have to hope that there is no follow-on offering. I tend to agree that there won't be (for reasons I've articulate in previous posts), but mgmt certainly surprised us with the last one. my guess is that the mkt may be in 'wait and see' mode over the next week or so.
On a serious note, when the market opens (MONDAY ;-)), I think the pps will be today's close less the $0.60 dividend - at least that's a starting point in my estimation. Not sure what impact today's after hours trades and pre-market trades Monday will have.
Sorry I meant Monday.
The thing is, look at the volume for this stock today, about 4 times the daily average and not really volatile enough to interest many day traders.
There are three types of investors here (at least).
Type 1 holds the stock through thick and thin and collects the dividend.He/she may a few extra points of interest by selling covered calls.
Type 2 buys BEFORE the dividend, takes the dividend, and tries to get out as soon as the stock recovers sufficiently. Even a 3% return in two weeks definitely beats CDs.
Type 3 buys AFTER the dividend and sells before the dividend, probably to avoid taxes.
Today we saw quite a lot of volume of both buying and selling, presumably largely driven by type 2 and 3 investors exchanging shares.
Can we expect to see the same thing again on Monday in reverse, and where will it take the stock?
I'm certainly taking notes, because there is every chance that the same pattern will repeat in the next quarterly dividend cycle.
Since people seem to be so sure that the stock will lose 60 cents monday, I wonder why i would not short my long position today, coast till monday and cover the short and still collect the div when paid?
I am glad at least here in AMERICA we all rest and recreate at least one day a week.
I don't think I could deal with this 24/7.
My internal electrical amps would be very very dull..
But Monday comes around again once a week whether I like it or not.
Sunday I will be hitting the spreading financials again.
Looking for my loaf of bread.