Cornerstone Progressive Return Fund as of 12/13/13: CFP NAV $4.14 / Price $5.10 / Premium to NAV: 23.19%. Is a 23% Premium to NAV about the historical average for this stock? Thanks
Seems like $5.03 is a great price. I was hoping to establish a large holding, but was waiting for the price to get under $5 during tax sell-off. It does not appear I'm going to get filled so I may have to bump up my target price. Anybody here have 50k shares or more? With the fairly low volume I was wondering if attempting to purchase such a large block was possible. Thanks!
Jdmonte, I appreciate that one needs to know the staff and firm, but I really don't have a firm within driving distance. I've been researching Scottrade and others online and have used the chat with reps feature. Still in the decision process.
Billyjohnson, Thanks, I tend to purchase huge lots and use USAA as my brokerage firm now. They charge $5.95 per 1000 shares and the way I read Scottrade's rules was $7 per actually trade unless split up by different days. I appreciate the confirmation!
I believe this is the correct way to view the situation. The company got very clever here, but in the long run I expect an $.80 dividend, additional shares (dilution) and a $2.35 nose dive on ex-dividend date.
I'm fine with the $.30 dividend, my concern now is what happens after the ex-dividend date. I have a little while to decide if the crooks are determined to take this stock lower or not. The options action would make me say yes, but those strike numbers were prior to the Fed's tapering decision. Hopefully the stock goes up into the ex-dividend date because that would make my decision much easier. Good Luck!
Guess what, you were wrong! Regardless, I believe the taper news will eventually help mreits and CYS because now the unknown has been taking out of the equation. Plenty of the downside to mreits was because of the unknown. Fear of the unknown has now been removed, and that's huge for this sector!
No problem, you are not in my situation and seem to be looking to establish a position. I already have a very large position and receive 3.5k monthly in distributions. I don't worry about the day to day prices, but if it hits my price target, I'm ready to bounce on it and purchase additional shares. I haven't added since this past June, so that gives you an idea where my target price is located. It would take a major market correction or some negative news to get back there, but it normally happens a couple times a year. Good Luck!
Yesterday's short upward swing was just that a short-term swing. With the budget b.s. still to be resolved and the news that the taper will begin in January, I think you can throw out past performance. The markets haven't had a correction in quite some time and I really can't see PSEC going up very much if the market does otherwise. At least we get monthly dividends to off-set any short-term paper losses and I have plenty of saved monthly distributions to re-invest in PSEC at the proper price. Good Luck!
I DO NOT invest my own money based on what Goldman or any other institution may have to say one way or the other. I also certainly don't buy or sell based on anything somebody on this board has to say. It's my money and my decision what I do, so I could care less what Goldman has to say!
I agree, but with the buybacks I believe the dividend price will actually increase going forward. Staying at $.65 for one more quarter isn't going to be the end of the world, but eventually the price increases to where it's no longer prudent to buy back shares.
What are you talking about, I see the stock lower? BTW, isn't that what you were hoping for? I thought you'd be happy with the lower price!
The Company also announced today that in the fourth quarter of 2013, it made open market purchases of approximately 28.2 million shares of American Capital Agency common stock, or 7% of the Company's outstanding shares as of September 30, 2013. The shares were purchased at an average price of $20.82 per share, including expenses, totaling approximately $586 million. Since commencing a buyback program in the fourth quarter of 2012, the Company has purchased approximately 43.0 million shares of American Capital Agency common stock for total consideration of approximately $934 million, including expenses.