Charles Schwab's Preferred Stock, Series C Shares Cross 6% Yield Mark
In trading on Wednesday, shares of The Charles Schwab Corporation's 6.00% Non-Cumulative Perpetual Preferred Stock, Series C (Symbol: SCHW.PRC) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.50), with shares changing hands as low as $24.90 on the day. This compares to an average yield of 5.46% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SCHW.PRC was trading at a 1.48% premium to its liquidation preference amount, versus the average premium of 6.28% 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.
Below is a dividend history chart for SCHW.PRC, showing historical dividend payments on The Charles Schwab Corporation's 6.00% Non-Cumulative Perpetual Preferred Stock, Series C :
In Wednesday trading, The Charles Schwab Corporation's 6.00% Non-Cumulative Perpetual Preferred Stock, Series C (Symbol: SCHW.PRC) is currently trading flat on the day, while the common shares (Symbol: SCHW) are down about 1.4%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.