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| Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred Goes Ex-Dividend SoonBy Preferred Stock Channel Staff, Friday, June 23, 1:34 PM ET
On 6/27/23, Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred (NASDAQ:FITBP) will trade ex-dividend, for its quarterly dividend of $0.375, payable on 6/30/23. As a percentage of FITBP's recent share price of $24.01, this dividend works out to approximately 1.56%, so look for shares of FITBP to trade 1.56% lower — all else being equal — when FITBP shares open for trading on 6/27/23. On an annualized basis, the current yield is approximately 6.30%, which compares to an average yield of 6.96% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FITBP was trading at a 4.80% discount to its liquidation preference amount. 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 FITBP shares, versus FITB:
Below is a dividend history chart for FITBP, showing historical dividends prior to the most recent $0.375 on Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred: Free Report: Top 8%+ Dividends (paid monthly)
In Friday trading, Fifth Third Bancorp's 6.00% Non-Cumululative Perpetual Preferred (NASDAQ:FITBP) is currently up about 0.9% on the day, while the common shares (NASDAQ:FITB) are down about 0.9%.
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