PIC.A Premium Income Corporation Class A Share
In this page I have compiled the information which allows you to evaluate PIC.A Premium Income Corporation Class A Share, based on the latest stock information available. Our goal is to provide you with the information and metrics related to the Class A shares of this split-corporation. Your goal is to determine if this issue meets your requirements. These tools will expedite and aid the selection process. Given all the data available here, an informed decision is within reach.
In a market with low volumes you can use this information to identify mispriced shares.
Premium Income Corporation Brief Overview
Visit the Premium Income Corporation company website to see the preferred share prospectus, news and other information.
Sector: Split Share
Main Features of this Spit Share Instrument:
- The Fund is a split share corporation designed to provide investors with exposure to six Canadian banks. The Fund utilizes Strathbridgeâ€™s proprietary SSO covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility
- provide Preferred shareholders with cumulative preferential quarterly cash distributions of $0.215625 per share, representing an annual yield of 5.75% on the original issue price of the Preferred shares
- provide Class A shareholders with quarterly cash distributions of $0.20319 per share
- to return the original issue price to holders of both preferred share and Class A shares upon windup of the Fund
Premium Income Corporation. offers two type of shares,
- Class A shares
- Preferred shares that pay a quarterly distribution representing a yield of 5.76% per annum on the issue price of $15.00
NOTE: THE CLASS A SHARE DIVIDEND IS NOT FIXED. THE DIVIDEND WILL VARY WITH EACH PAYMENT AND OUR SYSTEM CAN NOT CALCULATE WHAT THE DIVIDEND WILL BE
The latest information and statistics on their common stock PIC.A, can be easily accessed using websites like TMX Money.
Premium Income Corporation Credit Rating
The latest credit rating for Premium Income Corporation are listed in the table below. For additional information on credit rating agencies and codes see our article Credit Rating Symbols.
|S&P Corporate||S&P Preferreds||DBRS Long Term||DBRS Preferreds||S&P Global Corporate||S&P Global Preferreds||Moody's LongTerm||Fitch Long Term||Fitch Short Term|
Premium Income Corporation Class A Share Metrics
|Symbol: PIC.A||Price: $6.79||Currency: CAD||Name: Premium Income Corporation||:||Dividend: $0.2031||Target Yield: 8.00%||Current Yield: 11.97%||Dividend Pay Frequency: Quarterly||:||Current NAV: $19.74||NAV As Of Date: 2022-11-17||NAV Threshold: $14.99||Class A Only NAV: $4.74||Class A Issue Price: $14.99||Variable Dividend: Y||Outstanding Float: 13,444,291||Total Distributions: $50.11||Class A Only Distributions: $27.4700||Issuer Name: Strathbridge|
I have set the Threshold to $15 but its not a true threshold. The following is an explanation I got from Strathbridge Asset Management after inquiring about the Threshold
The distribution policy of the Premium Income Corporation fund is made at the discretion of the board of directors as they meet each quarter. We do not have a NAV trigger in the prospectus for determining the distribution levels.
Some of the factors the board considers are the Net Asset Value of the A share, the coverage ratio for the Preferred share, and the outlook for market and economic conditions for the longer term.
In past we have reduced the class A distribution in response to a decline in NAV. The first instance was during the financial crisis that hit in 2008 and 2009. More recently COVID-19 upset markets in the early part of 2020.
The April 2020 class A distribution was cut to $0.10 per share. The March 31st class A NAV used to determine that distribution at that time was $0.84.
The prior distribution in January was $0.20319. At the time that distribution was determined the class A net asset value was $5.41 (December 30, 2019).
The distribution was fully restored to $0.20319 quarterly for the April 2021 payment.
Please bear in mind that the preferred class NAV for these dates was $15 so the total fund NAV was $20.41 at December 30, 2019 and $15.84 on March 31, 2021
PIC.A Net Asset Value vs Threshold over timeThe graph below shows relation between the Split Share Net Asset Value and the dividend payout threshold for split shares ( PIC.A ) over time. Place the mouse cursor over the graph to reveal data like (date, Split Share price detail).
Keep in mind if the share price of any of these split shares fall below the threshold of $14.99, the dividend will not be paid out.
PIC.A Current Yield over timeThe graph below shows the Current Yield of the Class A share ( PIC.A ) over time. Place the mouse cursor over the graph to reveal data like (date, Split Share price detail).
Keep in mind if the share price of any of these split shares fall below the threshold, the dividend will not be paid out.
PIC.A Class A of Split Share Stock Short Position over timeThe graph below shows the short position for PIC.A Class A share over time. Place the mouse cursor over the graph to reveal data like (date, short position detail).
Currently the outstanding float for PIC.A is 13,444,291 and the latest short position is 41,742. Thus the current short position is 0.3100% of the outstanding float.