it's to be expected high dividend payers underperform the market. meanwhile, RAS has crushed the broader market the last few months.
you bought ARCC at the worst possible time.... but you've still made way more in dividends than you've lost in market value.
if you bought $10K worth of ARCC at $20.45 in 2007, you've made roughly $5200 in dividends, while the market value is only down $1400. you've made money, not lost it.
nav is up 18 cents year over year. up 5 cents over previous quarter. conference call 10am eastern time tuesday....... should be positive.
i'm extremely interested in seeing what happens to the share price after the ex-date. will the large drop carved-out from the special dividend be viewed as a buying opportunity, or will it have no bearing on performance? or will the announcement of the huge special div cause a spike in the share price ahead of the ex-date?
this is a remarkably dysfunctional group here in RAS-yahoo land, with years-old battles and bickering of which i know precious little. the stock itself is pretty interesting... almost compelling. but the civil war within the forum, with its mega alt-user accounts and general nonsense are a bummer.
KBW is one of the big boys. their opinion carries weight. on a positive note (i use that term loosely), UBS came into today with a $10.50 target price for FSC, down from $11.50....... they reiterate a "buy" rating. still way better than the ugly-ugly target from KBW.
i think most of us dingalings here know about PSEC. there are a bunch of good BDCs that are presumably less risky than PSEC. i agree with you, none of the BDCs are a bargain right now. i'm long FSC, PSEC, TCPC, NMFC, ARCC, PFLT.
good point. in fact, it gets stranger than that. last week wunderlich downgraded TCPC from buy to hold, but upgraded the target price from $17.50 to $18.00
that happened 5 days ago. it was downgraded purely on valuation. the same analyst actually raised the target price to $18.0 from $17.50
downgrades have to come. up to now, the average target price for FSC among analysts is $11.40. you think they're going to let that stand? no way.
looks like someone big wanted out. TCPC did nearly twice its daily volume on a day where the market as a whole had lower than normal volume.
from their year-end financial report:
On November 21, 2013, our Board of Directors terminated our existing $50 million stock repurchase program and approved a new $100 million stock repurchase program. Any stock repurchases under this program would be made through the open market at times and in such amounts as our management would deem appropriate, provided they are below the most recently published NAV per share. Unless extended by the Board, the program will expire on November 21, 2014 and may be limited or terminated at any time without prior notice.