Tuesday, September 30, 2008 2:07:48 PM
CFCpB - Pounding my little finger on the table here. CFCpA pays 6.75% yielding 19.5%, selling at 8.60. Just went ex-div. Not another div for 90 days.
CFCpB - same type preferred paying 7% and currently yielding 23% at 7.55. Goes ex-div the end of Oct. So, 2/3rds of the 44 cent div has been earned. That's 29c cents. The B's should be selling for more than the A's here. From the chart you can see the divergence.
Someone has been sitting on the ask all day holding the price down on the B's. Volume is relatively low so I think someone is trying to get out without destroying the price. Once those shares are absorbed I expect a nice bounce.
A's at 8.60, B's at a dividend adjusted price of 7.25 and it pays a .25% better div.
Joe
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