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| Huntington Bancshares' Series A Preferred Stock Shares Cross 6.5% Yield MarkBy Preferred Stock Channel Staff, Tuesday, August 15, 3:21 PM ET
In trading on Tuesday, shares of Huntington Bancshares Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (NASDAQ:HBANP) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.125), with shares changing hands as low as $17.30 on the day. This compares to an average yield of 6.94% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, HBANP was trading at a 98.24% discount to its liquidation preference amount, versus the average discount of 13.72% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 83.668. 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 HBANP shares, versus HBAN:
Below is a dividend history chart for HBANP, showing historical dividend payments on Huntington Bancshares Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock :
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Tuesday trading, Huntington Bancshares Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (NASDAQ:HBANP) is currently down about 1.4% on the day, while the common shares (NASDAQ:HBAN) are down about 3.5%.
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