In trading on Wednesday, Allstate Corp’s Depository Shares Rep 7.375% Fixed Rate Noncumulative Perpetual Preferred Stock, Series J (Symbol: ALL.PRJ) yielded over 7% based on a quarterly dividend of $1.8438, with shares trading as low as $26.27. This yield compares favorably to an average of 6.73% in the “Financial” preferred stock category. As of the last close, ALL.PRJ was trading at a 7.16% premium to its liquidation preference, in contrast to the average discount of 10.49% in the sector.
On the same day, ALL.PRJ experienced a slight decline of about 0.2%, while the common shares (Symbol: ALL) rose by 0.2%. It is important to note that the preferred shares are non-cumulative, indicating that missed payments do not have to be repaid before resuming common dividends.
