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PCF

High Income Securities FundNYSE:PCF Stock Report

Last Price

US$8.73

Market Cap

US$82.8m

7D

0.5%

1Y

-1.1%

Updated

16 Jan, 2022

Data

Company Financials
PCF fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance3/6
Financial Health6/6
Dividends4/6

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

T. Rowe Price Group

NasdaqGS:TROW

US$40.1b

Price History & Performance

Summary of all time highs, changes and price drops for High Income Securities Fund
Historical stock prices
Current Share PriceUS$8.73
52 Week HighUS$10.09
52 Week LowUS$8.13
Beta0.93
1 Month Change0.92%
3 Month Change-6.23%
1 Year Change-1.13%
3 Year Change-2.13%
5 Year Change5.95%
Change since IPO26.98%

Recent News & Updates

Oct 21

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.

Aug 26

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.

Jun 09

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.

Jan 05

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.

Shareholder Returns

PCFUS Capital MarketsUS Market
7D0.5%-1.6%-0.5%
1Y-1.1%30.2%13.7%

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.

Price Volatility

Is PCF's price volatile compared to industry and market?
PCF volatility
PCF Average Weekly Movement2.2%
Capital Markets Industry Average Movement0.7%
Market Average Movement6.6%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.4%

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

FoundedEmployeesCEOWebsite
1987n/an/ahttps://www.putnam.com/individual/mutual-funds/closed-end-funds/funds/40-high-income-securities

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

How do High Income Securities Fund's earnings and revenue compare to its market cap?
PCF fundamental statistics
Market CapUS$82.83m
Earnings (TTM)US$15.31m
Revenue (TTM)US$2.77m

5.4x

P/E Ratio

29.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PCF income statement (TTM)
RevenueUS$2.77m
Cost of RevenueUS$0
Gross ProfitUS$2.77m
Expenses-US$12.54m
EarningsUS$15.31m

Last Reported Earnings

Aug 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.61
Gross Margin100.00%
Net Profit Margin552.60%
Debt/Equity Ratio0.0%

How did PCF perform over the long term?

See historical performance and comparison

Dividends

10.0%

Current Dividend Yield

59%

Payout Ratio

Does PCF pay a reliable dividends?

See PCF dividend history and benchmarks
When do you need to buy PCF by to receive an upcoming dividend?
High Income Securities Fund dividend dates
Ex Dividend DateJan 19 2022
Dividend Pay DateJan 31 2022
Days until Ex dividend2 days
Days until Dividend pay date14 days

Does PCF pay a reliable dividends?

See PCF dividend history and benchmarks

Valuation

Is High Income Securities Fund undervalued compared to its fair value and its price relative to the market?

5.41x

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).

Future Growth

How is High Income Securities Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

3.7%

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.

Past Performance

How has High Income Securities Fund performed over the past 5 years?

-22.6%

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.

Financial Health

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.


Balance Sheet

Dividend

What is High Income Securities Fund current dividend yield, its reliability and sustainability?

10.03%

Current Dividend Yield


Upcoming Dividend Payment

TodayJan 17 2022Ex Dividend DateJan 19 2022Dividend Pay DateJan 31 202212 days from Ex DividendBuy in the next 2 days to receive the upcoming dividend

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.

Management

How experienced are the management team and are they aligned to shareholders interests?

18.1yrs

Average board tenure


CEO

High Income Securities Fund has no CEO, or we have no data on them.


Board Members

Experienced Board: PCF's board of directors are seasoned and experienced ( 18.1 years average tenure).


Ownership

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

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 70.5%.


Top Shareholders

Company Information

High Income Securities Fund's employee growth, exchange listings and data sources


Key Information


Location

  • High Income Securities Fund
  • 100 Federal Street
  • Boston
  • Massachusetts
  • 2110
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/16 23:20
End of Day Share Price2022/01/14 00:00
Earnings2021/08/31
Annual Earnings2021/08/31


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.