PFF: Bigger Is Not Always Better [Seeking Alpha]
Intercontinental Exchange Inc. (ICE)
Last intercontinental exchange inc. earnings: 4/30 07:30 am
Check Earnings Report
US:NYSE Investor Relations:
ir.theice.com
Company Research
Source: Seeking Alpha
The current portfolio has a 6.8% YTW with a 9yr duration, trading 8% below par. Rate sensitivity is high, with a potential 13% capital gain plus 7% yield pick-up if 10-year treasury yields decline to 3%. Summary Preferred shares are difficult to analyze and value given their quasi-debt and equity characteristics. When risk-free rates are low, the instruments provide higher yields than bonds with lower volatility than the common shares of the same company. When rates rise the prices fall more than bonds given their equity traits, i.e. companies do not need to pay the dividends nor the principal. At the current juncture in the US rate cycle, it appears preferred shares may offer higher risk-adjusted gains than corporate bonds. I analyzed the largest ETF in the sector, the iShares Preferred and Income Securities ( NASDAQ: PFF ) to gauge its current yield and potential under different rate scenarios. Under the assumption that 10-year treasury yields declined to 3% the ETF may have
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ICE
News
- ICE (ICE) Reports Q1 Earnings: What Key Metrics Have to Say [Yahoo! Finance]Yahoo! Finance
- Intercontinental Exchange Approves Second Quarter Dividend of $0.45 per ShareBusiness Wire
- Intercontinental Exchange Reports Strong First Quarter 2024Business Wire
- Should You Buy Intercontinental Exchange (ICE) Ahead of Earnings? [Yahoo! Finance]Yahoo! Finance
- Women's Retirement Planning: Invest In Your Future Self [Forbes]Forbes
ICE
Earnings
- 5/2/24 - In-Line
ICE
Sec Filings
- 5/2/24 - Form 10-Q
- 5/2/24 - Form 8-K
- 4/30/24 - Form 4
- ICE's page on the SEC website