Associated Banc-Corp's Preferred Stock, Series E Yield Pushes Past 7.5%
In trading on Tuesday, shares of Associated Banc-Corp's 4,000,000 Depositary Shares Each Representing a 1/40th Interest in a Share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: ASB.PRE) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.4688), with shares changing hands as low as $19.52 on the day. This compares to an average yield of 6.83% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, ASB.PRE was trading at a 20.24% discount to its liquidation preference amount, versus the average discount of 13.59% 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 ASB.PRE shares, versus ASB:
Below is a dividend history chart for ASB.PRE, showing historical dividend payments on Associated Banc-Corp's 4,000,000 Depositary Shares Each Representing a 1/40th Interest in a Share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series E :
In Tuesday trading, Associated Banc-Corp's 4,000,000 Depositary Shares Each Representing a 1/40th Interest in a Share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: ASB.PRE) is currently down about 0.2% on the day, while the common shares (Symbol: ASB) are off about 1.5%.
Further ASB.PRE Research:
