In trading on Thursday, shares of PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (NYSE: PNC.PRP) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.5312), with shares changing hands as low as $30.37 on the day. This compares to an average yield of 5.46% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, PNC.PRP was trading at a 22.76% premium to its liquidation preference amount, versus the average premium of 6.86% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.
Click here to find out the 50 highest yielding preferreds, at PreferredStockChannel.com »
The chart below shows the one year performance of PNC.PRP shares, versus PNC:
Below is a dividend history chart for PNC.PRP, showing historical dividend payments on PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P :
Special Offer: Free Sample Issue to the Preferred Stock List Newsletter
In Thursday trading, PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (NYSE: PNC.PRP) is currently up about 0.6% on the day, while the common shares (NYSE: PNC) are up about 1.6%.
Find out more about Preferred Stock Dividends at Preferred Stock Channel.
