In Thursday trading, Capital One Financial Corp’s 5.00% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series I (Symbol: COF.PRI) yielded above 6.5%, with shares trading as low as $19.21. This is in comparison to an average yield of 6.56% in the broader “Financial” preferred stock category. The shares are currently trading at a 22.60% discount to their liquidation preference, significantly higher than the average discount of 10.86% in the same category.
As of the last close, COF.PRI shares are down approximately 0.6% for the day, while the common shares (Symbol: COF) decreased by about 0.5%. Investors should note that the non-cumulative status means that if Capital One misses a dividend payment, it does not need to pay the missed amounts to preferred shareholders before resuming payments to common shareholders.
