Banc Of California Preferred Shares Yield Over 8% on Monday
During trading on Monday, shares of Banc Of California Inc’s 7.75% Dep Shares Rate Reset Non-Cumulative Preferred Stock, Series A (Symbol: BANC.PRF), surged to yield above 8%. They were trading as low as $24.05, translating to an annualized dividend yield of $1.938. This yield contrasts with the average of 6.74% in the “Financial” preferred stock segment, according to data from Preferred Stock Channel. As of the last closing, BANC.PRF was priced at a 2.56% discount to its liquidation preference amount. This is notably narrower than the average discount of 12.15% observed within the “Financial” category.
Investors should note that the shares are not cumulative. In the event of a missed payment, Banc Of California is not obligated to pay unpaid dividends to preferred shareholders before resuming dividends on common stock.
Below is a dividend history chart for BANC.PRF, demonstrating the historical dividend payments of Banc Of California Inc’s 7.75% Dep Shares Rate Reset Non-Cumulative Preferred Stock, Series A:
Free report: Top 8%+ Dividends (paid monthly)
On the same trading day, Banc Of California Inc’s preferred shares, BANC.PRF, decreased by approximately 0.7%. Comparatively, the common shares (Symbol: BANC) fell around 2.9%.
Click here to discover the 50 highest yielding preferreds »
Also see:
- Real Estate Dividend Stocks
- LCIN Options Chain
- Funds Holding BMBL
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
