On Monday, trading revealed that shares of Citizens Financial Group Inc’s Dep Shares 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H (Symbol: CFG.PRH), were yielding above 7% based on an annualized dividend of $1.8438, with shares trading as low as $26.27. This yield exceeds the average of 6.47% in the Financial preferred stock category.
At the last close, CFG.PRH was trading at a 5.68% premium to its liquidation preference, contrasting with the average discount of 10.17% in the same category. The shares are non-cumulative, meaning missed payments do not need to be compensated before dividends to common shareholders are resumed.
As of Monday’s trading, CFG.PRH was down about 0.2%, while Citizens’ common shares (Symbol: CFG) remained flat.
