In Thursday trading, Bank of New York Mellon Corp’s Depositary Shares Representing Series K Noncumulative Perpetual Preferred Stock (Symbol: BK.PRK) yielded over 6%, with shares trading as low as $25.44. The quarterly dividend is annualized at $1.5375, below the average yield of 6.52% in the Financial preferred stock category. As of the last close, BK.PRK was trading at a 3.44% premium to its liquidation preference, contrasting with the average discount of 10.33% within the same category.
Investors should note that BK.PRK shares are noncumulative, meaning missed payments do not have to be paid in arrears before common dividends can be resumed. On the same day, BK.PRK saw an increase of approximately 0.2%, while the common shares (Symbol: BK) declined by about 2.1%.
