In trading on Tuesday, Capital One Financial Corp’s 4.375% Dep Shares Non-Cumul Perp Pfd Stock Series L (Symbol: COF.PRL) yielded over 7.5%, with shares hitting a low of $14.56. This yield surpasses the average of 7.05% in the financial preferred stock category. Currently, COF.PRL is trading at a 41.00% discount to its liquidation preference amount, significantly higher than the category average of 16.09%.
Investors should note that the shares are non-cumulative, meaning if Capital One misses a dividend payment, the company is not obligated to pay the missed amounts to preferred shareholders before resuming payments on common shares. On the same day, COF.PRL was down approximately 0.9%, while common shares (Symbol: COF) remained flat.
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