In trading on Tuesday, shares of Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (Symbol: WFC.PRR) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.6562), with shares changing hands as low as $25.05 on the day. This compares to an average yield of 6.08% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, WFC.PRR was trading at a 2.60% premium to its liquidation preference amount, versus the average discount of 9.68% in the “Financial” category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.
The chart below shows the one year performance of WFC.PRR shares, versus WFC:
Below is a dividend history chart for WFC.PRR, showing historical dividend payments on Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R :
In Tuesday trading, Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (Symbol: WFC.PRR) is currently down about 0.3% on the day, while the common shares (Symbol: WFC) are up about 1.1%.
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