Posting a stock merger - Nuveen Pref (edit)
Hello, I am using Quicken Classic Premier for Windows, R53.16. I downloaded my investment transactions for November and am reconciling with the monthly statement I just received. The statement shows a stock merger on 11/7 with Nuveen Pref & Inc Sec:JPS having 5448.9438 shares going to Nuveen Pref Inc:JPC having 5388.0 shares and cash in lieu from JPC of $2.11. This merger transaction did not come through when I did my One Step Update. How do I enter this in Quicken and correct the number of shares in the new holding? Thank you.
Answers
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The mergers of Nuveen Preferred and Income Fund (NYSE: JPT) and Nuveen Preferred & Income Securities Fund (NYSE: JPS) into Nuveen Preferred & Income Opportunities Fund (NYSE: JPC) were successfully completed prior to the opening of the New York Stock Exchange on November 6, 2023.
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These mergers are tax free mergers so you should be able to use the "Corporate Acquisition (stock for stock)" action - once for JPT and then again for JPS - using the exchange ratios listed on the link provided by @Ps56k2 . Backup first, of course.
Typically what you receive in the download of one of these mergers is a Remove of the old stock and Add or Adds for the new stock. Most commonly I'd expect the cost bases for the Adds are missing, so before you do anything look carefully at the information that you received in the "merger" download and see if things might not already be correctly stated, though I'd bet against that happening. If the information is wrong or incomplete, simply delete that information and do the Corporate Acquisition actions.
Each action should result in a Remove action of the disappearing CEF and then Add actions for JPC, one for each lot of the old CEF. Then sell the "fractional" share that you didn't actually receive using the CIL as the "proceeds" of the sale. This might create a gain or loss.
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