TGH has been under some weakness lately and I decided to sell 1 Feb 16 ’13 $30 put for 2.10. If assigned I’d own 100 more shares of TGH at a cost of 27.90/share. This is a yield over 6% assuming they don’t even raise the dividend again!
TGH has raised its dividend ever single quarter for the last 10 quarters. The quarterly dividend payments since the first quarter of 2010 until August of this year look like this: .23, .24, .25, .27, .29, .32, .33, .35, .37, .40, .42.
Textainer Group Holdings Limited (TGH) is a holding company engaged in the purchase, management, leasing and resale of a fleet of marine cargo containers. The Company is a lessor of intermodal containers based on fleet size, with a total fleet of more than 1.6 million containers, representing over 2.4 million twenty-foot equivalent unit (TEU). It operates in three segments: Container Ownership, Container Management and Container Resale. It manages and provides administrative support to the affiliated and unaffiliated owners (the Owners) of the containers and structures and manages container leasing investment programs. The Company leases containers to more than 400 shipping lines and other lessees. On May 16, 2011, it purchased approximately 113,500 containers. On March 31, 2011, July 25, 2011 and August 25, 2011, it completed purchase-leaseback transactions for approximately 10,600, 7,800 and 6,800 containers, respectively.
I’ve updated this trade on my options tab.