In trading on Wednesday, shares of Bank of Hawaii Corp’s Depository Shares 8.000% Non-Cumulative Perpetual Preferred Stock, Series B (Symbol: BOH.PRB) yielded over 7.5%, with shares dropping as low as $26.61. This yield is significantly higher than the average 6.33% yield for preferred stocks in the “Financial” category. As of the last close, BOH.PRB was trading at a 7.08% premium to its liquidation preference amount, contrasting with the average discount of 5.09% in the sector.
On the same day, BOH.PRB shares were down approximately 0.6%, while the company’s common shares (Symbol: BOH) rose around 8.9%. Investors should note that the BOH.PRB shares are non-cumulative, meaning any missed dividends will not need to be paid before common dividends can resume.
