Dividends & Income
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BDC Price Targets, Projected Earnings And Recommendations
Thanks Buzz, your continued excellent insight into the complexities of BDCs is much appreciated on this end. Re: analyst recommendations as lagging - I find it amusing that a certain discount broker just posted an "F" (fortuitous?) rating on MCC, ARCC and TCPC. Based on their track record, I'll probably add to my positions. (I am long TCRD, TCPC. and ARCC). This certain broker is also reporting dividend payouts from these companies as "qualified" on my statements. This has me a bit worried about year-end taxes since I hold these stocks in a regular account as well as an IRA. Could you clear this up for me?
Aug 19, 2013. 01:08 PM
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Why Lower Yielding PennantPark Floating Rate Capital Could Be The BDC For You
Thanks Factoid for another excellent article. Aside from the informative critical analysis, I especially appreciate the anecdotal introspection of the last few "wacky" paragraphs. Despite our best efforts, investing is still a form of educated gambling that requires more that a bit of luck in addition to expert number crunching, and calculated projections such as yours still provide the best guidance and certainly a ray of hope for novice investors like me. Stock investing (especially for needed income) is an emotional ride to say the least and us retirees need our sleep. But sometimes a gut-feel expressive moment, especially an articulate one, has more outreach to your target audience than a volume of spreadsheets - like when the CEO at the annual meeting of shareholders says; "I have a speech but I'm not going to read it...". Thanks for sharing.
On a more direct note - my "in combination with" investment scheme pairs the steady income of financial preferred stocks (those not subject to early call) with consumer stables (sic), BDCs, and a small percentage (speculative fun) of biotech. My investing decisions include many variables, and the issue of qualified vs. un-qualified dividends is heavily weighted. I'm not familiar with all BDCs but the dividends of ARCC, TCRD, PSEC and TCPC are considered qualified. Since my portfolio is held outside an IRA, I am long those stocks (and not PNNT or PFLT) partially for that reason.
May 15, 2013. 03:17 PM
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PennantPark Has A Q1 Earnings Shortfall
Thank for a very informative article. I agree that PNNT is a good-looking BDC going forward with its record of dividend increases and growth potential. I too am retired and rely on dividends for much of my cash flow. Since my portfolio is held outside an IRA, my only reservation with the stock is that the dividends are non-qualified and could present a bit of a tax bite at the end of the year. Still, your analysis makes me want to pick up a few shares on price dips. Also, what are your thoughts on TCPC? It's a newby BDC that was not included in your valuation list.
May 14, 2013. 11:43 AM
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