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| PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P Yield Pushes Past 6%By Preferred Stock Channel Staff, Tuesday, November 23, 2:07 PM ET
In trading on Tuesday, shares of PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (PNC.PRP) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.5312), with shares changing hands as low as $25.49 on the day. This compares to an average yield of 5.30% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, PNC.PRP was trading at a 2.52% premium to its liquidation preference amount, versus the average premium of 5.44% 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.PRP shares, versus PNC:
Below is a dividend history chart for PNC.PRP, showing historical dividend payments on PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P :
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Tuesday trading, PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (PNC.PRP) is currently off about 0.1% on the day, while the common shares (NYSE:PNC) are up about 1.9%.
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