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| Cadence Bank's Series A Preferred Stock Yield Pushes Past 7%By Preferred Stock Channel Staff, Tuesday, April 16, 2:21 PM ET
In trading on Tuesday, shares of Cadence Bank's 5.50% Series A Non-Cumulative Perpetual Preferred Stock (NYSE:CADE.PRA) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.375), with shares changing hands as low as $19.63 on the day. This compares to an average yield of 6.86% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, CADE.PRA was trading at a 20.04% discount to its liquidation preference amount, versus the average discount of 12.16% 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 CADE.PRA shares, versus CADE:
Below is a dividend history chart for CADE.PRA, showing historical dividend payments on Cadence Bank's 5.50% Series A Non-Cumulative Perpetual Preferred Stock:
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Tuesday trading, Cadence Bank's 5.50% Series A Non-Cumulative Perpetual Preferred Stock (NYSE:CADE.PRA) is currently off about 0.8% on the day, while the common shares (NYSE:CADE) are off about 1.7%.
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