Fifth Third Bancorp's Preferred Shares Cross 7% Yield Mark
In trading on Monday, shares of Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred (Symbol: FITB.PRA) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.50), with shares changing hands as low as $21.31 on the day. This compares to an average yield of 7.11% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FITB.PRA was trading at a 13.60% discount to its liquidation preference amount, versus the average discount of 16.72% 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.
Below is a dividend history chart for FITB.PRA, showing historical dividend payments on Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred:
In Monday trading, Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred (Symbol: FITB.PRA) is currently off about 0.1% on the day, while the common shares (Symbol: FITB) are up about 0.5%.
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Further FITB.PRA Research:
