Credit: Shutterstock photoIn trading on Friday, shares of PNC Financial Services Group's 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q (Symbol: PNC.PRQ) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.3438), with shares changing hands as low as $24.42 on the day. This compares to an average yield of 5.72% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, PNC.PRQ was trading at a 0.84% discount to its liquidation preference amount, versus the average premium of 2.93% 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.
The chart below shows the one year performance of PNC.PRQ shares, versus PNC:
Below is a dividend history chart for PNC.PRQ, showing historical dividend payments on PNC Financial Services Group's 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q :
In Friday trading, PNC Financial Services Group's 5.375% Non-Cumulative Perpetual Preferred Stock, Series Q (Symbol: PNC.PRQ) is currently down about 1.5% on the day, while the common shares (Symbol: PNC) are up about 1.3%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
