In trading on Thursday, shares of Truist Financial Corp’s 4.75% Dep Shares Series R Non-Cumulative Preferred Stock (Symbol: TFC.PRR) were yielding over 6.5%, with shares trading as low as $18.20. This dividend, annualized at $1.1875, contrasts with an average yield of 6.72% in the “Financial” preferred stock category. TFC.PRR is currently trading at a 26.80% discount to its liquidation preference amount, while the average discount in the category stands at 12.21%.
On the same day, TFC.PRR saw a slight increase of about 0.2%, whereas the common shares (Symbol: TFC) rose approximately 3.1%. Investors should note that the preferred shares are non-cumulative, which means missed payments do not have to be compensated before dividends are resumed for common shareholders.
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