The longer they wait to announce the split details, the more this thing just flounders. It's really missed out on a continuous run up by the market because they are waiting so long to announce the split details. It's really quite annoying to sit and watch, but it is what it is I guess.
It's this simple guys. February 29th we hit $11.38, we are now only at $11.47. I will say that a few of the other price comparable REITs have done roughly the same, but I would expect that from some of them (RSO, RAS, SFI). NRF is up big, CT up big, GKK up big. None of them have had the news that NCT has had though over that same period, yet we are only up .09 cents in that time period. I think we actually finish down today on the news that the dividend is remaining the same.
No great pre market action this morning, 2k shares unchanged BUT the bid/ask shows very strong upward bias with about 20k shares at ll.48, with the asks very strong upwards of 11.64. We'll see at the open. That there was no knee jerk reaction to the same divvy bodes well.
The latest deals! I am sure when they announce they will want to add additional details regarding the latest deals! The deal with the partnership, i am sure (well not too sure), is still in flux. Possibly bringing in limited partners and debt! I think announcing the split without being able to flesh out these deals would leave a little cloud over the split.
If they haven't heard from the SEC yet or gotten all their ducks in a row there's no reason for them to put out information that may have to be corrected quickly. Treading water is not the worst thing, especially if, as we expect, the stock will jump when spin off and valuations are announced. Hope you're feeling better.
Bob I'm not so sure that we haven't already seen the pop based on the announcement. Obviously I would like to see more, but my gut tells me it's going to be a "show me its profitable" trade looking forward, after the spin off. I hope I'm wrong, but I am willing to hold even if it doesn't pop, since I think the prospects going forward are positive.
I wouldn't call this floundering. The stock outperformed (greatly) the overall market before the run-up. The news is out there regarding expectation regarding future dividends. Not including dividends returns in excess of 100% over the past year. I have no problem with the stock re-basing at this level.
They did put out two presentations for shareholder about the split details. What they are waiting now is for the SEC review and the NYSE listing processes before distribute share of New Residential, They expect should be done this month we should hear about this anytime now.