In trading on Friday, shares of Pinnacle Financial Partners Inc’s 6.75% Depositary Shares Non-Cumul Preferred Stock Series C (Symbol: PNFP.PRC) were yielding above 7%, with shares trading as low as $24.11. This yield is below the average of 8.10% in the “Banking & Savings” category, according to Preferred Stock Channel. The stock is currently trading at a 2.64% discount to its liquidation preference amount, compared to an average discount of 4.34% in the same category.
On Friday, PNFP.PRC declined about 0.9%, while common shares (Symbol: PNFP) fell approximately 2.3%. Notably, these preferred shares are non-cumulative, indicating that missed payments do not need to be compensated before resuming common dividends.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
