Markets

Bank of Montreal's Preferred Series 16 Shares Cross 3.5% Yield Mark

Shutterstock photo
Shutterstock photo

Shutterstock photo

In trading on Wednesday, shares of Bank of Montreal's Non-cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16 (TSX: BMO-PRM.TO ) were yielding above the 3.5% mark based on its quarterly dividend (annualized to $0.8475), with shares changing hands as low as $24.20 on the day. As of last close, BMO.PRM was trading at a 2.32% discount to its liquidation preference amount. 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 BMO.PRM shares, versus BMO:

Performance Comparison Chart

Below is a dividend history chart for BMO.PRM, showing historical dividend payments on Bank of Montreal's Non-cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16:

BMO.PRM+Dividend+History+Chart

In Wednesday trading, Bank of Montreal's Non-cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16 (TSX: BMO-PRM.TO ) is currently down about 0.9% on the day, while the common shares (TSX: BMO.TO ) are down about 0.3%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.