Earlier this year I decided to stop automatically DRIP investing most of my stocks. Instead, I started collecting my monthly dividend and options income and buying stock with the money. Earlier this week I used my April income of just over $1,000 to buy General Electric (GE) Stock.
General Electric is not on my current watchlist, but the stock has seen downward price movement the past 30 days. I bought 38 shares of General Electric at $27.605 per share, totaling $1,048.99. My portfolio now holds 53.37 shares of GE stock at a cost basis of $24.53 per share.
I started intentional DRIP investing two months ago. I’ve always planned on doing this, but not until I averaged more than $1,000 per month in dividend income. I chose to start earlier because my new broker, Interactive Brokers only DRIPs complete shares. I do still auto DRIP stocks on my wife’s accounts and one of my smaller IRAs. It sucks that IB doesn’t do partial DRIP shares, but at the same time trades are only $1 dollar. So I’m fine spending $1,000 with a $1 fee.
Do you DRIP invest? Do you own GE stock? What do you think of this buy?