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New Preferred Stock IPOs, October 2017

Nov. 01, 2017 8:50 AM ETGMLP, GNT, IIPR, NSA, NYMT, PLYM, SOHO, FRFHF, STL, TGP, RMPLX11 Comments


  • There are currently 95 high quality preferred stocks selling for an average price of $25.81 per share.
  • 13 of these high quality (investment grade, call-protected, cumulative dividends) issues are selling below their $25 par value, providing an average yield-to-call of 5.35 percent.
  • Those investing in U.S.-traded preferred stocks since the beginning of 2017 are currently on pace for a total annualized return of 12.7 percent.
  • Common stock investors have also done well this year, seeing an annualized value appreciation of 17.2 percent plus about two percent in average annualized dividend yield.

The robust number of new preferred stock offerings continued throughout October with eleven new issues being introduced during the month. October's eleven new preferred stocks are offering an average dividend (coupon) of 7.3 percent.

October's new issues

Here are the eleven new issues introduced during October for the consideration of preferred stock investors.

Note that I am using IPO date here, rather than the date on which retail trading started. The IPO date is the date that the security's underwriters purchased the new shares from the issuing company.

A special note regarding preferred stock trading symbols: Annoyingly, unlike common stock trading symbols, the format used by brokers and other online quoting services for preferred stock symbols is not standardized. For example, the Series A preferred stock from Public Storage is "PSA-A" at TDAmeritrade, Google Finance and several others but this same security is "PSA.PR.A" at E*Trade. A case in point during October was the new preferred stock from RiverNorth Marketplace Lending Corporation. The company applied to the NYSE for the symbol "RMPL" but was assigned "RMPL-" (note the hyphen at the end). This security is referred to as RMPL- and RMPLp at nyse.com and RMPL-P at Yahoo Finance. For a cross-reference table of how preferred stock symbols are denoted by sixteen popular brokers and other online quoting services, see "Preferred Stock Trading Symbol Cross-Reference Table."

There are currently 95 high quality preferred stocks selling for an average price of $25.81 (October 31), offering an average coupon of 5.54 percent and a current yield of 5.36 percent. And thirteen of these high quality issues are selling below their $25 par value, providing an average yield-to-call of 5.35 percent. By high quality I mean preferreds offering the characteristics that most risk-averse preferred stock investors favor such as investment grade ratings, cumulative dividends and call-protection.

This article was written by

Whether you are the kind of investor who sticks with preferred stocks with a CDx3 Compliance Score rated 10 out of 10, or whether your portfolio has room for 9-score-and-lower securities, stay tuned for future articles recapping new IPOs and interesting preferred stock activity that we notice here at the CDx3 Notification Service.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

The CDx3 Notification Service is my preferred stock email alert and research newsletter service and includes the database of all preferred stocks and Exchange-Traded Debt securities used for this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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