by the way, there are a few of us that do this all the time. We met on the MTGE message Board so we all post over there.You can look back over the past few months and see what we bought or check each day for new ideas.Best performers have been the big bank preferreds like bac-y, bac-i, jpm-f, bac-w, ally-a, ally-b etc etc
jwells, I started doing this in NOV of 2014 and so far I haven't had a losing trade.Some I had to hang on longer than others before they made the move though. This one has yield of 8.75% so its best compared to NTP-C which is 8.875% and is selling at 25.75 today after going ex-div .
My sell target would be anything above 25 . It might come fast but I see it jump to 25 right away I'll hold onto it a while.Finally NGHCO is paying off today(sometimes ya have to wait a couple weeks)...................and CLNY-C is still a good play here at 24.75
just bought 1000 #$%$ 24.74 using Ameritrade. If you are not familiar with buying Preferreds in 'grey market" google "The Yield Hunter" and they explain the process. You cannot see the bid or the ask in grey market so I watch to see where the trades are being bought and enter my bid accordingly. The 'temporary ticker for this TNP-D issue is TNPZF
$5??? They cost $7.50 here(chicago suburb) and I only went there once never again. Its a good burrito but no burrito in the world is worth $7.50
they just announced a Preferred offering of 3 mil sh. Gonna check the other 2 they have and see if this is a buy in grey market.
that being said, at the current price its not a time I'd wanna add any.Traded it when it got reamed down to 12.60 but watching since then.
like orc but they keep selling those atm shares at a pace that makes me wonder how they can keep profits at that same dividend level. What they doing with all that cash
pacman, a few of us here buy these prefs for trades only although some may hold em for a couple months.Sometimes 'little upside" is fine as it also has 'little downside risk" and pays off within 5-10 trading days. Its a trading strategy not many get involved with, but I like the idea and it has served me well the last 12 months.
Unless you were unfortunate enough to buy the IPO at $16 just a few months ago."hold as an investment for years" is really an oxymoron when Pacman uses it!! I doubt you hold it more than a couple weeks.
my only thought is why did I hold 1/2 my position through ex-div.......................on the other hand, I should be glad I sold 1/2
now is when he should yap about sell, sell, sell.............somebody wants a SPO and is tryin hard to get it there.
new issue prf from NYMT starts trading in grey today symbol NYMMP yield 7.875 is slightly higher than existing prf at 7.75 but I see no compelling reason to own it. Current issue is at 24.80................