PCF Stock Overview
High Income Securities Fund is a closed-ended balanced income mutual fund launched and managed by Putnam Investment Management, LLC.
High Income Securities Fund Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$8.73|
|52 Week High||US$10.09|
|52 Week Low||US$8.13|
|1 Month Change||0.92%|
|3 Month Change||-6.23%|
|1 Year Change||-1.13%|
|3 Year Change||-2.13%|
|5 Year Change||5.95%|
|Change since IPO||26.98%|
Recent News & Updates
PCF's Rights Offering: Quick Notes
PCF's rights offering formula is shareholder-unfriendly. Significant dilution at the NAV/share level is likely. Rights holders should subscribe as long as the discount is above -15%, or lose out.
PCF: An Underfollowed 9.54% Yielder
Retirees struggle to generate reasonable portfolio income in the current environment due to Fed policies. PCF invests in an interesting array of high-yield securities to give it a 9.5%+ yield. The fund invests in other funds, BDCs, and purchases high-yielding fixed-income securities individually. The fund appears to be generating more than enough money to sustain its impressive yield. The price is better than normal, but the fund is still richly valued.
PCF: High Income Fund With A 9.4%+ Distribution Rate
This fund was taken over by the activist Bulldog, which we have seen happen in the past. The fund has transitioned to a 'fund of funds' approach. The higher yielding fund can be quite attractive, though some pitfalls exist that you need to be made aware of.
High Income Securities Fund declares $0.078 dividend
High Income Securities Fund (PCF) declares $0.078/share monthly dividend, -4.9% decrease from prior dividend of $0.082.Forward yield 10.91%Payable Jan. 29; for shareholders of record Jan. 20; ex-div Jan. 19.Payable Feb. 26; for shareholders of record Feb. 17; ex-div Feb. 16.Payable Mar. 31; for shareholders of record Mar. 22; ex-div Mar. 19.See PCF Dividend Scorecard, Yield Chart, & Dividend Growth.
|PCF||US Capital Markets||US Market|
Return vs Industry: PCF underperformed the US Capital Markets industry which returned 30.2% over the past year.
Return vs Market: PCF underperformed the US Market which returned 13.7% over the past year.
|PCF Average Weekly Movement||2.2%|
|Capital Markets Industry Average Movement||0.7%|
|Market Average Movement||6.6%|
|10% most volatile stocks in US Market||15.9%|
|10% least volatile stocks in US Market||2.4%|
Stable Share Price: PCF is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: PCF's weekly volatility (2%) has been stable over the past year.
About the Company
High Income Securities Fund is a closed-ended balanced income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the fixed income markets of the United States.
High Income Securities Fund Fundamentals Summary
|PCF fundamental statistics|
Is PCF overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|PCF income statement (TTM)|
|Cost of Revenue||US$0|
Last Reported Earnings
Aug 31, 2021
Next Earnings Date
|Earnings per share (EPS)||1.61|
|Net Profit Margin||552.60%|
How did PCF perform over the long term?See historical performance and comparison
10.0%Current Dividend Yield
Does PCF pay a reliable dividends?See PCF dividend history and benchmarks
|High Income Securities Fund dividend dates|
|Ex Dividend Date||Jan 19 2022|
|Dividend Pay Date||Jan 31 2022|
|Days until Ex dividend||2 days|
|Days until Dividend pay date||14 days|
Does PCF pay a reliable dividends?See PCF dividend history and benchmarks
Is High Income Securities Fund undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: PCF ($8.73) is trading above our estimate of fair value ($2.96)
Significantly Below Fair Value: PCF is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: PCF is good value based on its PE Ratio (5.4x) compared to the US Capital Markets industry average (15.9x).
PE vs Market: PCF is good value based on its PE Ratio (5.4x) compared to the US market (17.4x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate PCF's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: PCF is good value based on its PB Ratio (0.9x) compared to the US Capital Markets industry average (42.4x).
How is High Income Securities Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
Forecasted Diversified Financials industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as High Income Securities Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
How has High Income Securities Fund performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PCF has a large one-off gain of $13.7M impacting its August 31 2021 financial results.
Growing Profit Margin: PCF's current net profit margins are higher than last year (11%).
Past Earnings Growth Analysis
Earnings Trend: PCF's earnings have declined by 22.6% per year over the past 5 years.
Accelerating Growth: PCF's earnings growth over the past year (4420.6%) exceeds its 5-year average (-22.6% per year).
Earnings vs Industry: PCF earnings growth over the past year (4420.6%) exceeded the Capital Markets industry 86.4%.
Return on Equity
High ROE: PCF's Return on Equity (17.3%) is considered low.
How is High Income Securities Fund's financial position?
Financial Position Analysis
Short Term Liabilities: PCF's short term assets ($874.9K) exceed its short term liabilities ($215.2K).
Long Term Liabilities: PCF's short term assets ($874.9K) exceed its long term liabilities ($18.2K).
Debt to Equity History and Analysis
Debt Level: PCF is debt free.
Reducing Debt: PCF has not had any debt for past 5 years.
Debt Coverage: PCF has no debt, therefore it does not need to be covered by operating cash flow.
Interest Coverage: PCF has no debt, therefore coverage of interest payments is not a concern.
What is High Income Securities Fund current dividend yield, its reliability and sustainability?
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: PCF's dividend (10.03%) is higher than the bottom 25% of dividend payers in the US market (1.32%).
High Dividend: PCF's dividend (10.03%) is in the top 25% of dividend payers in the US market (3.44%)
Stability and Growth of Payments
Stable Dividend: PCF's dividend payments have been volatile in the past 10 years.
Growing Dividend: PCF's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (59.5%), PCF's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
High Income Securities Fund has no CEO, or we have no data on them.
Experienced Board: PCF's board of directors are seasoned and experienced ( 18.1 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 70.5%.
High Income Securities Fund's employee growth, exchange listings and data sources
- Name: High Income Securities Fund
- Ticker: PCF
- Exchange: NYSE
- Founded: 1987
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Implied Market Cap: US$82.829m
- Shares outstanding: 9.49m
- Website: https://www.putnam.com/individual/mutual-funds/closed-end-funds/funds/40-high-income-securities
- High Income Securities Fund
- 100 Federal Street
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/01/16 23:20|
|End of Day Share Price||2022/01/14 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.