Preferred stock is a special equity security that has properties of both equity and debt. Terms of the preferred stock are stated in a “Certificate of Designation” and all are unique to each security. However, there are some generalities. In the order of payments, preferred stock normally has preference to common stock, but are subordinate to bonds. Preferred stock usually has no voting rights, but some have a convertibility feature into common stock. Like bonds, preferred stocks are rated by the major rating agencies such as Moody’s and S&P. The rating for preferred stock is generally lower since preferred dividends do not carry the same guarantees as interest payments from bonds, thus offer yields that are higher than bond market yields and common stock yields.

Given the unique nature of each individual preferred stock and the time necessary to research them, many have opted to place their preferred investments in funds. Consider the following preferred stock funds:

iShares S&P U.S. Preferred Stock Index (PFF) – Yield: 7.79%
The iShares S&P U.S. Preferred Stock Index Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the S&P U.S. Preferred Stock Index.
- Total Assets: $3.3 billion
- Expense Ratio: 0.48%
- Holdings: 88% Financials, 5% Consumer Discretionary, Consumer Staples 2%, 5% Other
- Distributions: Monthly

PowerShares Financial Preferred Profile (PGF) – Yield: 8.59%
Tracks the performance of U.S. listed preferred stocks of preferred stocks issued in the US market by financial institutions and currently includes approximately 30 securities selected by Wachovia pursuant to a proprietary selection methodology.
- Total Assets: $1.5 billion
- Expense Ratio: 0.60%
- Holdings: 100% Financials
- Distributions: Monthly

PowerShares Preferred Portfolio Profile (PGX) – Yield: 7.91%
The Index is designed to replicate the total return of a diversified group of investment-grade preferred securities.
- Total Assets: $885.5 million
- Expense Ratio: 0.50%
- Holdings: 83% Financials, 17% Utilities
- Distributions: Monthly

Two additional ones to watch are SPDR Barclays Capital Convertible Bond (CWB) and SPDR Wells Fargo Preferred Stock ETF Profile (PSK). They were started in 2009, so there is very little historical data to look at. In addition, there is also Nuveen Quality Preferred Income (JTP), which is an exchange traded note (ETN) administered by JP Morgan. ETNs are linked to the performance of a market benchmark. ETNs are not equities or funds and they carry additional risk compared to an ETF. If the underwriting bank bankrupts, the value of the ETN will be eroded.

I currently do not hold any preferred stock (individually or in funds), but I am giving consideration to the funds listed above.

Full Disclosure: No position in the aforementioned securities. See a list of all my income holdings here.

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Linked here is a detailed quantitative analysis of Meridian Bioscience Inc. (VIVO). Below are some highlights from the above linked analysis:

Company Description: Meridian Bioscience Inc. develops, makes and sells disposable diagnostic test kits and related products used for the rapid diagnosis of infectious diseases.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

VIVO is trading at a discount to only 3.) above. The stock is trading at a 28.8% premium to its calculated fair value of $17.94. VIVO did not earn any Stars in this section.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

VIVO earned two Stars in this section for 2.) and 3.) above. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. VIVO earned a Star for having an acceptable score in at least two of the four Key Metrics measured. Rolling 4-yr Div. > 15% means that dividends grew on average in excess of 15% for each consecutive 4 year period over the last 10 years (2000-2003, 2001-2004, 2002-2005, etc.) I consider this a key metric since dividends will double every 5 years if they grow by 15%. The company has paid a cash dividend to shareholders every year since 1990 and has increased its dividend payments for 19 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

VIVO earned a Star in this section for its NPV MMA Diff. of the $6,457. This amount is in excess of the $1,600 target I look for in a stock that has increased dividends as long as VIVO. If VIVO grows its dividend at 15.0% per year, it will take 3 years to equal a MMA yielding an estimated 20-year average rate of 3.98%. VIVO earned a check for the Key Metric ‘Years to >MMA’ since its 3 years is less than the 5 year target.

Other: VIVO is a member of the Broad Dividend Achievers™ Index.

Conclusion: VIVO did not earn any Stars in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of three Stars. This quantitatively ranks VIVO as a 3 Star-Hold.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $38.46 before VIVO’s NPV MMA Differential decreased to the $1,600 minimum that I look for in a stock with 19 years of consecutive dividend increases. At that price the stock would yield 1.77%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $1,600 NPV MMA Differential, the calculated rate is 10.4%. This dividend growth rate is less than the 15.0% used in this analysis, thus providing a margin of safety. VIVO has a risk rating of 2.00 which classifies it as a medium risk stock.

VIVO is an integrated life science company that manufactures, markets and distributes a broad range of innovative diagnostic test kits, purified reagents and related products. These products provide for early diagnosis of common medical conditions, such as gastrointestinal, viral, urinary and respiratory infections. VIVO’s diagnostic products are used outside of the human body and require little or no special equipment. The company has strong market positions in the areas of gastrointestinal and upper respiratory infections, serology, parasitology and fungal disease diagnosis. VIVO markets its products to hospitals, reference laboratories, research centers, veterinary testing centers, physician offices and diagnostics manufacturers in more than 60 countries around the world. Although the stock is currently trading above my $17.94 fair value price, I view it as a company with a lot of potential; thus I have added it to my watch list. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I held no position in VIVO (0.0% of my Income Portfolio). See a list of all my income holdings here.

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• 38 Dividend Securities For A Well-Rounded Asset Allocation

Below are the carnivals that I participated in this week, along with a link to my article:

• Carnival of Personal Finance published: Increasing Dividend Yield Part I: Utilities
• Carnival of Money Hacks published: 18 Dividend Stocks Raising Their Yield On Cost
• Carnival of Financial Planning published: 18 Dividend Stocks Raising Their Yield On Cost

Articles I enjoyed reading included (in no particular order):

The DIV-Net Featured Articles

• Dividends4Life presented Stock Analysis: Meridian Bioscience Inc. (VIVO)
• Barel Karsan presented Calibration
• Dividend Growth Investor presented Abbott Laboratories (ABT) Stock Analysis

Articles From DIV-Net Members

• The Dividend Guy presented Essential Tips For the Struggling Investor – Making Decisions
• Dividend Growth Investor presented Seven Dividend Increases in the news
• Barel Karsan presented When The Company Values Itself
• Buy Value presented Anticipating Dividend Increases
• Disciplined Approach to Investing presented Bullish Investor Sentiment Rises, But…
• Old School Value presented EPS Affected by Tax Rate Changes
• Triaging My Way To Financial Success presented The Ultimate Wrap Mutual Fund
• BuyLikeBuffett.com presented The First Million Is The Hardest To Make
• 40percent 20years presented Time to combine with Dividends Value Investing
• EPIC INVESTOR presented Invest in ethics
• Value Walk presented My Reporting From The Columbia Investment Management Conference

Other Articles

• The Wall Street Journal presented Why You Should Get a Bigger Slice of Earnings
• Associated Content presented 3 Reasons Why Some Stock Market Investors Seek Dividends Rather Than Growth
• Investopedia presented Addictive Dividends
• Motley Fool presented 4 Dividend Stocks Showing You the Money
• BloggingStocks presented Investing in ‘Dividend Aristocrats’
• Forbes presented It’s Payout Time
• BusinessWeek presented Overseas Dividend Payers: Slow to Pay Off
• Jubak Picks presented Despite those huge reserves, China could be, gasp, broke

There are some really good articles here, please take time and read a few of them.

(Photo: Sachin Ghodke)

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Online Cash Receipts are the collected earnings from my online endeavors. Most of which is advertising on the my various blogs. The Online Expenses relates to various web related expenses such as registering 3 domains (DividendsValue.com, Dividends4Life.com and TheDiv-Net.com) and paying my annual hosting fee. The Interest Income line is interest earned on cash balances in an ING account I set up for the PCP. The Gain/(Loss) line is for market changes to the PCP (realized and unrealized). February Dividends of $46.26 included:

• $9.60 Sysco Corp. (SYY)
• $8.19 Vanguard Intermediate Bond ETF (BIV)
• $4.80 Vanguard Long-Term Bond ETF (BLV)
• $9.36 Nucor Corporation (NUE)
• $8.80 Procter & Gamble Co. (PG)
• $5.51 PowerShares Emerging Mkts (PCY)

The portfolio was up in February, for the year and since its inception. Online earnings in February surpassed the $6,000 mark for the first time. A large portion of the increase is a result of offering one-year subscription option for D4L-Premium Services. In addition to several new one-year subscriptions, many monthly subscribers moved to the annual plan.  Traffic on Dividends Value was lower in February, compared to the January record volume.

During the month of February, I purchased the following securities:

• 98 shares AT&T, Inc. (T) providing $164.64 in annual dividend earnings
• 38 shares United Technologies Corp. (UTX) providing $64.60 in annual dividend earnings

Including the above February purchases, my annual PCP dividend income is now $1,041.86 at the current dividend rates. I ended the month with $6,332.48 in cash, enough to purchase several stocks in March. I have purchased at least one stock each month since May 2009. I believe the current cash balance and recent earnings will continue to support the purchase of at least one stock each month.

My PCP holdings are always available by selecting the Holdings option from the menu in the header. The next PCP update will be mid-April.

(Photo: sanja gjenero)

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This week several companies provided their shareholders with a special delivery in the form of higher cash dividends:

Myers Industries (MYE) manufactures a diverse range of polymer products for industrial, agricultural, automotive, commercial and consumer markets. March 5th the company increased its quarterly dividend 8% to $0.065/share. The dividend is payable April 5, 2010, to shareholders of record as of March 12, 2010. The ex-dividend date is March 10. The yield based on the new payout is 2.52%.

NYMAGIC, INC. (NYM) is an insurance holding company whose property and casualty insurance subsidiaries specialize in underwriting ocean marine, inland marine and non-marine liability insurance. March 5th the company raised its quarterly dividend to $0.10/share. The dividend is payable on April 6, 2010 to shareholders of record on March 31, 2010. The yield based on the new payout is 2.23%.

Applied Materials (AMAT) is the world’s largest manufacturer of wafer fabrication equipment for the semiconductor industry. March 8th the company increased its quarterly dividend 17% to $0.07/share. The yield based on the new payout is 2.28%.

Medicis (MRX) develops and markets prescription and OTC products for the treatment of certain dermatological conditions. March 10th the company raised its quarterly dividend 50% to $0.06/share. The dividend is payable on April 30, 2010, to stockholders of record at the close of business on April 1, 2010. The ex-dividend date is March 29, 2010. The yield based on the new payout is 1.01%.

Cohen & Steers (CNS) manages high-income equity portfolios, specializing in U.S. REITs, international real estate securities, preferred securities, utilities and infrastructure securities. March 11th the company increased its quarterly dividend 100% to $0.10/share. The dividend is payable on April 16, 2010 to stockholders of record at the close of business on March 31, 2010. The ex-dividend date is March 29, 2010. The yield based on the new payout is 1.72%.

In selecting the best dividend investments, one must focus on growing cash dividends over time. For a list of stocks with a long string of consecutive cash dividend increases, see this list.

Full Disclosure: No position in the aforementioned stocks. See a list of all my income holdings here.

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The only premium web content I do pay for is The D4L-Premium Services because it provides me with a lot of the dividend data I need in one nice package and saves me a great deal of time in tracking this data down all over the web. For $5.95 per month, it is by far the cheapest services I have ever bought as well! I encourage you to give it a try here.

Click here to read The Dividend Guy’s full review. After the review was published, D4L-Data and a one-year subscription were added.

The D4L Premium Services are designed for the serious dividend investor. If you have not yet subscribed, please see the Overview and Subscribe page for more information on the benefits of these services, sample reports, pricing and subscription information. The premium section can always be accessed via the Premium menu option on the top-left of the menu bar above.

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Below is some background information on REITs from REIT.com:

Congress created REITs in the U.S. in 1960 as a way to make investment in large-scale, income-producing real estate accessible to all investors in the same way they typically invest otherwise – through the purchase and sale of liquid securities. U.S. REITs have seen their equity market capitalization soar from $90 billion to roughly $200 billion in just the past 10 years.

In order for a company to qualify as a REIT in the U.S., it must comply with certain ground rules specified in the Internal Revenue Code. These include: investing at least 75 percent of total assets in real estate; deriving at least 75 percent of gross income as rents from real property or interest from mortgages on real property; and distributing annually at least 90 percent of taxable income to shareholders in the form of dividends.

The 90% distribution requirement and no corporate taxes are the reasons REITs yields are often above average. However, it is important to note that because REITs pay no income tax, they are not eligible for the special treatment as a “qualified dividends”, which are normally taxed at 15%.  When comparing REIT yields to investments with qualified dividends, you must always  look at them on an after-tax basis.

Consider an example where a taxpayer with a federal marginal tax rate of 30% owns AT&T (T) with a yield of 6.56% and Universal Health Realty Income Trust (UHT) with a yield of  6.82%. On an after-tax basis T, which qualifies for the 15% tax rate, will yield 5.58%, while UHT will only yield 4.78%.

Like utilities, most REITs rely on new capital either in the form of debt or equity to fund investments, pay debt and pay dividends, albeit to a lesser extent. Consider the following:

Universal Health Realty Income Trust (UHT) – Yield: 6.82%
Shares Outstanding: 2000 9m; 2008 11m
Long-Term Debt: 1999 $75.2m; 2008 $32.7m
Years of Negative Free Cash Flow: 0 of 10

National Retail Properties, Inc. (NNN) – Yield: 6.76%
Shares Outstanding: 2000 30m; 2009 79m
Long-Term Debt: 1999 $101.7m; 2009 $0m ($961.1m in short-term)
Years of Negative Free Cash Flow: 5 of 10

HCP, Inc. (HCP) – Yield: 6.12%
Shares Outstanding: 2000 102m; 2009 274m
Long-Term Debt: 2000 $1,158.9m; 2009 $5,456.1m
Years of Negative Free Cash Flow: 5 of 10

Realty Income Corporation (O) – Yield: 6.00%
Shares Outstanding: 2000 53m; 2009 103m
Total Debt: 2000 $404m; 2009 $1,354.6m
Years of Negative Free Cash Flow: 7 of 10

Essex Property Trust (ESS) – Yield: 4.56%
Shares Outstanding: 2000 18m; 2009 29m
Long-Term Debt: 2000 $595.5m; 2009 $0.0m ($1,847.4m short-term)
Years of Negative Free Cash Flow: 6 of 10

Corporate Office Properties Trust, Inc. (OFC) – Yield: 4.07%
Shares Outstanding: 2000 25m; 2009 56m
Long-Term Debt: 2000 $193.7m; 2009 $0.0m ($2,053.8m short-term)
Years of Negative Free Cash Flow: 9 of 10

Federal Realty Investment Trust (FRT) – Yield: 3.67%
Shares Outstanding: 2000 39m; 2009 59m
Long-Term Debt: 2000 $485.3m; 2009 $1,731.6m
Years of Negative Free Cash Flow: 2 of 10

Each of the above companies are growing their debt and/or shares outstanding, while not always generating sufficient cash to fund their operating expenses, including normal capital replacements (except for UHT). For a company to consistently raise its dividend, it must generate cash flows sufficient to meet operating obligations and to service outstanding debt. Since a REIT is legally required to pay out 90% of its earnings, it is less likely to eliminate its dividend, but it could drastically cut the dividend in the face of persistent weak earnings (like any company).

Similar to the utilities mentioned last week, I purchased some of the above companies many years ago, but I won’t be rushing to add to increase my positions.

Full Disclosure: Long T, NNN, HCP, O. See a list of all my income holdings here.

(Photo Credit)

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• High Yield, High Risk Dividend Stocks

Linked here is a detailed quantitative analysis of The Coca-Cola Company (KO). Below are some highlights from the above linked analysis:

Company Description: The Coca-Cola Company is the world’s largest soft drink company. It engages in the manufacture, distribution, and marketing of nonalcoholic beverage concentrates, fruit juices and syrups worldwide.

Fair Value: I consider four calculations of fair value, see page 2 of the linked PDF for a detailed description:

1. Avg. High Yield Price
2. 20-Year DCF Price
3. Avg. P/E Price
4. Graham Number

KO is trading at a discount to only 3.) above. Since KO’s tangible book value is not meaningful, a Graham number can not be calculated. The stock is trading at a 18.3% premium to its calculated fair value of $44.55. KO did not earn any Stars in this section.

Dividend Analytical Data: In this section there are three possible Stars and three key metrics, see page 2 of the linked PDF for a detailed description:

1. Free Cash Flow Payout
2. Debt To Total Capital
3. Key Metrics
4. Dividend Growth Rate
5. Years of Div. Growth
6. Rolling 4-yr Div. > 15%

KO earned two Stars in this section for 2.) and 3.) above. The stock earned a Star as a result of its most recent Debt to Total Capital being less than 45%. KO earned a Star for having an acceptable score in at least two of the four Key Metrics measured. The company has paid a cash dividend to shareholders every year since 1893 and has increased its dividend payments for 48 consecutive years.

Dividend Income vs. MMA: Why would you assume the equity risk and invest in a dividend stock if you could earn a better return in a much less risky money market account (MMA)? This section compares the earning ability of this stock with a high yield MMA. Two items are considered in this section, see page 2 of the linked PDF for a detailed description:

1. NPV MMA Diff.
2. Years to > MMA

KO earned a Star in this section for its NPV MMA Diff. of the $903. This amount is in excess of the $500 target I look for in a stock that has increased dividends as long as KO has. If KO grows its dividend at 7.3% per year, it will take 3 years to equal a MMA yielding an estimated 20-year average rate of 3.98%

Other: KO is a member of the S&P 500 and a member of the Broad Dividend Achievers™ Index.

Conclusion: KO did not earn any Stars in the Fair Value section, earned two Stars in the Dividend Analytical Data section and earned one Star in the Dividend Income vs. MMA section for a total of three Stars. This quantitatively ranks KO as a 3 Star-Hold.

Using my D4L-PreScreen.xls model, I determined the share price would need to increase to $62.48 before KO’s NPV MMA Differential decreased to the $500 minimum that I look for in a stock with 48 years of consecutive dividend increases. At that price the stock would yield 2.82%.

Resetting the D4L-PreScreen.xls model and solving for the dividend growth rate needed to generate the target $500 NPV MMA Differential, the calculated rate is 5.6%. This dividend growth rate is less than the 7.3% used in this analysis, thus providing a margin of safety. KO has a risk rating of 1.50 which classifies it as a low risk stock.

Coca-Cola is the world’s most recognizable brand. KO’s extensive direct distribution network enables the company to deliver its products to almost all corners of the globe with unmatched efficiency. With its relatively stable end markets, dominant market positions and strong financials, KO is type of stock dividend growth investors are looking for. The stock is currently trading slightly above my $44.55 fair value price, but the quality of the company is such that I would be willing to pay a small premium for. Definitely a buy on dips. For additional information, including the stock’s dividend history, please refer to its data page.

Disclaimer: Material presented here is for informational purposes only. The above quantitative stock analysis, including the Star rating, is mechanically calculated and is based on historical information. The analysis assumes the stock will perform in the future as it has in the past. This is generally never true. Before buying or selling any stock you should do your own research and reach your own conclusion. See my Disclaimer for more information.

Full Disclosure: At the time of this writing, I was long in KO (2.6% of my Income Portfolio). See a list of all my income holdings here.

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Below are the carnivals that I participated in this week, along with a link to my article:

• Festival of Stocks published: RLI Corp. (RLI) Dividend Stock Analysis

Articles I enjoyed reading included (in no particular order):

The DIV-Net Featured Articles

• Dividends4Life presented Stock Analysis: The Coca-Cola Company (KO)
• The Dividend Guy presented Dividend Advice and Strategy
• Barel Karsan presented An Uphill Battle
• Dividend Growth Investor presented Procter & Gamble Company Stock Analysis
• Buying Value presented Is now the time to start looking at US ETF REITs?

Articles From DIV-Net Members

• The Dividend Guy presented Added 3 New Canadian Dividend Stocks to My Portfolio
• Dividend Growth Investor presented The ten year dividend growth requirement
• Barel Karsan presented Paving The Way To Success
• Buy Value presented Buffett Gets a Bullseye
• The Div Guy presented February Dividend Income Update
• Disciplined Approach to Investing presented Dividends Will Be A Company’s Renewed Focus?
• Old School Value presented ROE ROIC and CROIC
• BuyLikeBuffett.com presented Secret Millionaire Donates Her Fortune
• 40percent 20years presented Ask Warren Buffett – Last Long Interview
• EPIC INVESTOR presented Beat Warren Buffett
• Value Walk presented Jacob Wolinsky Interviews Famous Value Investor Whitney Tilson

Other Articles

• TheStreet.com presented Top Dow Dividend Stocks [Part-1] [Part-2]
• Globe and Mail presented Reasons to declare 2010 the year of the dividend
• The Enlightened American presented Stock Screen: Cheap FCF Stocks With Good Dividends
• The Wall Stree Journal presented The Oracle’s Tips for the Rest of Us
• Kiplinger presented High-Quality Stocks on Sale

There are some really good articles here, please take time and read a few of them.

(Photo: Sachin Ghodke)

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My goals were defined in this December 1, 2007 Investing Goals post and updated in my 2010 Investing Goals post. Below is an updated version of the table found in the original post.

The above information covers the current month and year-to-date through the current month.

Click here for a Detailed Historical Progress Table.

For the month, annualized dividend income increased $319, and Yield on Cost (YOC) remained flat (0.00%). This month’s changes were a net of new purchases and dividend changes (no sales). Let’s examine each of the these categories:

Purchases: The $315 increase in annual dividend income and no change (0.00%) in YOC related to the following purchases (yield at the time of purchase):

• $165 AT&T, Inc. (T) 6.65% [Analysis]
• $58 United Technologies Corp. (UTX) 2.55% [Analysis]
• $92 Emerging Markets Debt (PCY) 6.47%

T and PCY raised my YOC, while UTX lowered it. As noted in earlier updates, I generally expect YOC to drop each month since most new investments will yield less than my current YOC, and dividend increases will not be sufficient to offset it.

Dividend Changes: The $4 increase in annual dividend income and the flat (0.00%) YOC related to the following dividend changes (a=dividend stated in annual terms, q=quarterly, m=monthly):

• ($3) iShares Invest Grade Bond (LQD) $5.73a>$5.69a (0.01%)
• $5 Nucor Corporation (NUE) $0.35q>$0.36q 0.01% [Analysis]
• $2 Emerging Markets Debt (PCY) $1.63a>$1.64a 0.00%

Sales: There were no sales in this month.

I am still on target to achieve my goal of an annualized dividend income of $9,500 by December 31, 2010.

That’s it for this time. The next monthly progress update will be early April.

(Photo: sanja gjenero)

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