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%.

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The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.