저자: Father'NSonInvesting채널진행자 · 외국인
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워런 버핏이 우선주를 좋아한다는 제목과 달리, 영상은 우선주 중 누적형·영구형 우선주가 청산가치(액면 25달러)보다 크게 할인된 가격에 거래될 때 높은 배당수익률을 노리는 전략을 설명한다. 우선주 개념 설명: 보통주는 배당이 가변적이고 청산 시 가장 후순위이며, 채권은 이자가 확정되고 청산 시 우선순위가 높다. 우선주는 이 둘의 중간 성격으로, 배당이 고정되어 있고 누적형이면 미지급 배당(연체분)을 받을 수 있다. 전략 사례: 온트랙(OTRKP) 우선주는 9.5% 고정 배당, 청산가치 25달러. 회사 악재로 주가가 급락해 저가 매수 기회로 봤다고 설명한다. 스크리닝 결과: 약 600개 미국 우선주 중 배당수익률 상위 종목으로 리저널 헬스(RHE-A)와 워싱턴 프라임(WPG-I, WPG-H)을 제시. 리저널 헬스는 현재가 약 4.40달러 대비 배당수익률 62%, 워싱턴 프라임은 약 4.17~4.57달러 대비 41%로 계산된다. 리스크: 주가가 청산가치보다 크게 낮은 데에는 이유가 있으므로 발행 조건과 회사 상황을 반드시 확인해야 한다. 리저널 헬스는 2017년 발행 조건상 회사가 원할 때 25달러에 재매입할 수 있고, 배당 연체 시 가산금리(12.875%)가 적용된다고 설명. 진행자는 이 전략이 투자 전략의 전부가 아니라 보조 수단이라고 강조한다. 결론: 누적·영구 우선주가 청산가치보다 낮게 거래될 때 고배당 기회가 생길 수 있으나, 할인 이유를 면밀히 조사해야 한다는 것이 핵심 메시지다.
다듬은 글
hi guys welcome back to father and son investing this video is going to introduce a concept to you that can help increase your dividend yield from certain types of dividend yield paying stocks it won't work for every dividend yield paying stock you have but i will show you how this works if you stick around to the end of the video i'm going to give you two companies that you can do some homework on that will give you returns of 62 and 41 this is the dividend yield on these particular stocks stick around to introduce this strategy i want to talk about common stocks and preferred stocks now some of you may be thinking preferred stocks and not interested in them and you just want to hit the stop button before you do that please please just stick with this and let me explain how this works and why it can be beneficial to you common stocks some attributes of those obviously some common stocks do pay dividends that's what we're talking about here the dividend though is paid last compared to everyone else above the common stockholders and it's variable or may not happen at all when it comes to growth and share price of the common stock that's where uh common stocks are favorable here they certainly will have the most growth in share price potentially when it comes to liquidation if the company fails common shareholders are on the bottom of the food chain when it comes to voting rights they do get to vote for directors or other entities within the company or whether mergers will take place etc arrears of a missed dividend common stock shareholders have no rights to that and of course as i mentioned the dividend is not certain now preferred stocks before we hit preferred stocks i want to talk about bonds and stocks and how they differ because we'll see that preferred stocks are kind of a blend of both of them all right stocks and bonds a stock is obviously equity in a company if you purchase a stock you're purchasing a small share of ownership if you are purchasing a bond you are purchasing a debt that the company has issued out and that they will be paying interest on so return on a bond obviously is interest return on a stock if applicable is going to be a dividend now there is no guarantee that a dividend will be paid versus there's pretty much a guarantee that the interest rate on a bond is going to be paid and then when it comes to additional benefits of course the stockholder has voting rights uh when it comes to a bond holder in a liquidation event a bondholder has a higher rung in terms of being able to recover their investment than a common stock holder has so with that concept in mind let's just compare all three of these common stock preferred stock and bonds we will see that preferred stock is sort of a mixture or share some attributes of common stock and of bonds when it comes to the structure of course preferred shares are equity shares uh when it comes to liquidation preference it's in between they don't have as high ability to collect recollect their investment as a bondholder has but they're not as low on the rung as a common stock when it comes to the risk it's also a blend it's sort of in between and when it comes to voting rights it is more like a bond there are no voting rights or those voting rights are negotiated when it comes to growth limits there are growth limits potentially on preferred stock they're generally are not going to grow to the same extent as a common share will and when it comes to dividend it's fixed like a bond it is a fixed dividend but it has some better features than the common stock in that you can have arrears or you know if a bot if a dividend payment is missed with certain types of preferred stock you can collect arrears those are called cumulative preferred shares now there are lots of type of preferred shares i mentioned the cumulative one that that again will pay you arrears in dividends there are non-cumulative preferred shares which don't do that they're convertible preferred shares which are convertible into common shares under certain conditions and a type that i like is perpetual meaning that there is no expiration date on this and there are some other types there as well with that in mind i want to introduce a certain type of cumulative preferred share that i purchased it's called on track p otr k is the regular ticker symbol for on track and then otrkp for the preferred shares back around early march the share price plummeted on track had lost one of their customers aetna and when that happened people freaked out and both the price of these as well as the regular on on track shares decreased significantly now when that happened i looked at these shares and i said oh wait a minute there's a buying opportunity here that will pay me a higher dividend yield how does that work we're going to dig down into particulars of this particular type of share we can see that it was issued at 9.5 percent that is the dividend yield and that is a cumulative perpetual preferred stock i love that kind now this was based on a redemption value of 25 per share that means that if this company goes into bankruptcy the value of these shares is 25 or if they choose to redeem these shares purchase them back from me they will pay 25 regardless of what price i paid for it we also see that uh that can't happen according to this the way the structure was set up until at least august 25 of 2025 so i will collect that dividend at least until then and potentially after even if they choose not to redeem these shares or purchase them back from me we can also see in here that at least for this particular structure the way that they organized the sale of these shares they pre-funded the dividend until at least august of 2022 so there should be no reason why they miss a dividend payment until then and hopefully the company will be doing well financially and won't miss payments after that so that is the crux of this strategy finding preferred shares that are currently selling for less than their redemption value now to illustrate this i'm going to turn to a spreadsheet and here comes the two companies that i promised i would give you if you stuck around this is a spreadsheet that lists approximately 600 different types of preferred shares that are being sold in america now i have pre-sorted this spreadsheet based upon the current dividend yield the top two companies here are the ones that i'm going to give you regional health they have a cumulative preferred type of share and washington prime also has a cumulative preferred type of of stock that they are selling regional health uh it goes by rhe with the addition of an a so that can be dash a or sometimes decimal point a and and washington prime is wpg it comes in two different types depending on the uh dividend yield the coupon yield and those are wpg dash i or wpg h we can see that the liquidation price for these generally 25 is is pretty common and that is the case for these two companies and we can then move over to the last end of day price we'll see that regional health was trading at four dollars and forty cents and washington prime was trading at either four dollars and seventeen cents or four dollars and fifty seven cents of course we already talked about the coupon rate uh there so we'll move over to the current rate the current dividend is 62 percent then for regional health and it is 41 for the washington prime now how is that possible it's because the dividend is based on the liquidation price of 25 but the current price is only four dollars and 40 cents or 417 or 457 depending on which company you're interested in purchasing so you're gonna pay four dollars and forty cents but you're going to get the dividend based on 25 and thus if you do the math you're coming out around 62 or 41 percent for whichever of those companies you decide now there are obviously more companies that are doing this i chose on-track p but if we just concentrate on this type of strategy it can be risky because there are reasons why these shares are trading so far below their liquidation price you have to look into what those might be i'm going to do some of the homework for you on regional health and we're going to look at how their share was set up when they issued this this is from a 2017 it was an update to their from their perspective in 2015 back then the company was called ad care they were doing long-term care facilities and they restructured their company into a reit which is a real estate investment trust such that they just own the properties and they rent them out now to companies who are providing long-term care back then they set this up again at a price or a liquidation price of 25 and the dividend yield was set at 10.875 percent they also included a date by which at their choosing they could choose to rebuy these shares back from the shareholders that was december 1st of 2017 so that date has already passed and so now at any time they could come back and buy these shares for 25 not bad you buy them for four dollars and 44 cents and if they want to buy them from you you're going to get paid 25 now again it's important to dig down into the particulars of the offering one nice thing about this particular offering is that should they miss dividend payments for certain amounts of time and it's listed in here what those are they will pay a penalty interest rate of 12.875 percent so an additional two percent is added in there if they don't meet uh the dividend for the uh again the listed amount of time here so there you have it the crux of the strategy is finding preferred cumulative and hopefully perpetual shares that will be trading significantly lower than what their redemption value is or their liquidation value and we've illustrated now with three companies how you can do that on track p as well as regional health and washington prime hopefully you've gotten then three things out of this video one i hope you enjoyed it if you did please hit the like button and we would love to have you as a subscriber that is really important to the youtube algorithm in terms of who gets to see our videos and viewership two i hope that you have seen that this is a strategy that can give you potentially some massive returns in dividends from your investments and three hopefully if you have been opposed to dividend investing in the past uh this has given you pause to think to reconsider whether dividend investing might be worth it to you lastly i hope that you will share this strategy with a young person in your life you can see how over the long run if they can pull off these massive dividends for years and years and years they can acquire significant wealth please keep in mind that this is just meant to be a garnishment for your investment strategy this should not be the whole enchilada until next time enjoy your investing
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