In trading on Wednesday, shares of CIT Group Inc's 5.625% Non-Cumulative Perpetual Preferred Stock, Series B (Symbol: CIT.PRB) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.4062), with shares changing hands as low as $25.56 on the day. This compares to an average yield of 5.50% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, CIT.PRB was trading at a 3.32% premium to its liquidation preference amount, versus the average premium of 5.00% 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 CIT.PRB shares, versus CIT:
Below is a dividend history chart for CIT.PRB, showing historical dividend payments on CIT Group Inc's 5.625% Non-Cumulative Perpetual Preferred Stock, Series B:
In Wednesday trading, CIT Group Inc's 5.625% Non-Cumulative Perpetual Preferred Stock, Series B (Symbol: CIT.PRB) is currently off about 0.8% on the day, while the common shares (Symbol: CIT) are off about 0.3%.
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