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Cash Dividend On The Way From Wells Fargo & Co's 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L

By Preferred Stock Channel Staff, Tuesday, February 23, 3:59 PM ET
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On 2/25/21, Wells Fargo & Co's 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (NYSE:WFC.PRL) will trade ex-dividend, for its quarterly dividend of $18.75, payable on 3/15/21. As a percentage of WFC.PRL's recent share price of $1423.40, this dividend works out to approximately 1.32%, so look for shares of WFC.PRL to trade 1.32% lower — all else being equal — when WFC.PRL shares open for trading on 2/25/21. On an annualized basis, the current yield is approximately 5.28%, which compares to an average yield of 5.49% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, WFC.PRL was trading at a 42.10% premium to its liquidation preference amount, versus the average premium of 5.03% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 32.0513. 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 WFC.PRL shares, versus WFC:

Performance Comparison Chart

Below is a dividend history chart for WFC.PRL, showing historical dividends prior to the most recent $18.75 on Wells Fargo & Co's 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L:


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In Tuesday trading, Wells Fargo & Co's 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (NYSE:WFC.PRL) is currently up about 0.2% on the day, while the common shares (NYSE:WFC) are down about 1.1%.


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