In trading on Wednesday, Bank of Hawaii Corp’s Depository Shares 8.000% Non-Cumulative Perpetual Preferred Stock, Series B (Symbol: BOH.PRB), yielded above 7.5% based on a quarterly dividend (annualized to $2.00), with shares trading as low as $26.65. The yield exceeds the average of 6.48% in the Financial preferred stock category. At the last close, BOH.PRB was priced at a 6.76% premium to its liquidation preference amount, compared to a category average discount of 10.36%.
The shares are classified as non-cumulative, indicating that in the event of missed payments, the company is not obligated to pay missed dividends to preferred shareholders before resuming payments to common shareholders. On the same day, Bank of Hawaii’s common shares (Symbol: BOH) rose by approximately 0.2%.
