Miss SNH's $23.80 Secondary But Think It's A Buy At $22.50?

Looking back to 167 days ago, Senior Housing Properties Trust (NYSE: SNH) priced a 10,000,000 share secondary stock offering at $23.80 per share. Buyers in that offering made a considerable investment into the company, expecting that their investment would go up over the course of time and based on early trading on Tuesday, the stock is now 9.8% higher than the offering price. It should be noted that investors at the secondary have collected $0.39/share in dividends since the time of their purch...