In trading on Tuesday, shares of US Bancorp’s 4.00% Dep Shares Series M Non-Cumulative Perpetual Preferred Stock (Symbol: USB.PRR) yielded over 6.5% based on its quarterly dividend of $1.00, reaching a low of $15.37. This yield is compared to an average of 6.75% in the Financial preferred stock category. As of the last close, USB.PRR traded at a 38.16% discount to its liquidation preference, substantially higher than the sector average of 12.47%.
On the same day, USB.PRR shares were down approximately 0.4%, while common shares (Symbol: USB) rose by about 0.6%. Investors should note that these preferred shares are non-cumulative, meaning missed dividend payments do not need to be paid back to shareholders.
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