In trading on Monday, shares of First Republic Bank's 7.00% Noncumulative Perpetual Series E Preferred Stock (NYSE: FRC.PRE) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.75), with shares changing hands as low as $26.66 on the day. This compares to an average yield of 5.58% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FRC.PRE was trading at a 8.00% premium to its liquidation preference amount, versus the average premium of 0.02% 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 FRC.PRE shares, versus FRC:
Below is a dividend history chart for FRC.PRE, showing historical dividend payments on First Republic Bank's 7.00% Noncumulative Perpetual Series E Preferred Stock:
Special Offer: Establish a secure stream of income during your retirement years by following the Retiree Income Portfolio with this free 30 day trial
In Monday trading, First Republic Bank's 7.00% Noncumulative Perpetual Series E Preferred Stock (NYSE: FRC.PRE) is currently down about 0.7% on the day, while the common shares (NYSE: FRC) are off about 1.2%.
