Published Thu, 21 Feb 2019 11:00:00 -0500 on Seeking Alpha
Co-produced with Preferred Stock Trader and PendragonY for High Dividend Opportunities.
In our article today, we highlight a new opportunity in the preferred stock space, similar to our recent alerts for the Washington Prime Group (WPG) preferred stock (here) and GLOP preferred (here). This new opportunity is also the result of the large Preferred Stock ETF the iShares U.S. Preferred Stock ETF (PFF) having to re-balance its portfolio. PFF has been dumping its holdings of the preferred stocks of Costamare (CMRE), opening the door for a unique buying opportunity. We are recommending today 2 preferred stocks:
Costamare, Inc., 8.75% Series D Cumulative Redeemable Perpetual Preferred Stock (CMRE.PD) - Yield 9.8% Costamare, Inc., 8.875% Series E Cumulative Redeemable Perpetual Preferred Stock (CMRE.PE) - Yield 9.8%. Note that the Costamare, Inc., 8.50% Series C Cumulative Redeemable Perpetual Preferred Stock (CMRE.PC) - Yield 9.6% is also very attractive, but the upside potential is slightly less than the D and the E series.
Source: Company website
Briefly About Costamare
Costamare is in the business of leasing containerships. It is a family-controlled company with the Konstantakopoulos family owning a majority of the common shares. Like many shipping companies, CMRE is headquartered outside of the U.S., in this case in Monaco. CMRE is the second largest containership leasing company next to Seaspan (SSW). There will be more about Costamare later... Read more
|Stock name||Last trade||P/E||Earnings/Share||Dividend/Share||Dividend yield|
|ISHARES S&P US PREFERRED STOCK INDEX FUND||37.03||0.0||0.00||2.13||5.77|
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