In Monday trading, shares of Webster Financial Corp’s 6.50% Non-Cumulative Perpetual Preferred Stock Series G (symbol: WBS.PRG) yielded above 7%, trading as low as $22.63, while the average yield in the Financial preferred stock category stood at 6.56%. Notably, WBS.PRG was priced at a 6.20% discount to its liquidation preference, compared to the average discount of 9.48% in the same category.
On that day, WBS.PRG was down about 0.4%, whereas Webster’s common shares (symbol: WBS) rose approximately 0.5%. Investors should note that the preferred shares are non-cumulative, meaning unpaid dividends do not have to be made up before common dividends can be resumed. The annualized dividend for WBS.PRG is $1.625.
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