Royal Bank of Canada's Preferred Shares, Series AN Shares Cross 5% Yield Mark

In trading on Monday, shares of Royal Bank of Canada (Montreal, Quebec)'s Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AN (TSX: RY-PRN.TO) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.225), with shares changing hands as low as $24.25 on the day. As of last close, RY.PRN was trading at a 1.08% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible. 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 RY.PRN shares, versus RY:

Below is a dividend history chart for RY.PRN, showing historical dividend payments on Royal Bank of Canada (Montreal, Quebec)'s Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AN:

In Monday trading, Royal Bank of Canada (Montreal, Quebec)'s Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AN (TSX: RY-PRN.TO) is currently off about 0.7% on the day, while the common shares (TSX: RY.TO) are up about 0.4%.

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