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| First Citizens BancShares' Preferred Shares Series A Yield Pushes Past 6%By Preferred Stock Channel Staff, Wednesday, November 20, 2:21 PM ET
In trading on Wednesday, shares of First Citizens BancShares Inc's 5.375% Dep Shares Non-Cumul Prfd Stock Series A (NASDAQ:FCNCP) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.3438), with shares changing hands as low as $22.28 on the day. This compares to an average yield of 6.46% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FCNCP was trading at a 9.84% discount to its liquidation preference amount, versus the average discount of 6.78% 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 FCNCP shares, versus FCNCA:
Below is a dividend history chart for FCNCP, showing historical dividend payments on First Citizens BancShares Inc's 5.375% Dep Shares Non-Cumul Prfd Stock Series A:
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Wednesday trading, First Citizens BancShares Inc's 5.375% Dep Shares Non-Cumul Prfd Stock Series A (NASDAQ:FCNCP) is currently off about 0.8% on the day, while the common shares (NASDAQ:FCNCA) are up about 1.9%.
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