In trading on Monday, Morgan Stanley’s 6.50% Depositary Shares Non-Cumulative Preferred Stock, Series P (Symbol: MS.PRP), yielded above the 6.5% mark with shares falling to as low as $24.95. The stock was trading at a 0.08% premium to its liquidation preference amount, significantly better than the average discount of 13.50% seen in the “Financial” preferred stock category, where the average yield is 6.82%.
It’s important to note that these shares are non-cumulative, meaning that if Morgan Stanley misses a dividend payment, it is not required to pay the missed amounts to preferred shareholders before resuming payments to common shareholders. As of the latest trading session, MS.PRP was down approximately 0.1% while the common shares (Symbol: MS) were up about 0.1%.
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