In trading on Thursday, shares of ConnectOne Bancorp Inc's Dep Shares 5.25% Reset Rate Non-Cumul Preferred Stock Ser A (Symbol: CNOBP) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.3125), with shares changing hands as low as $23.50 on the day. This compares to an average yield of 6.52% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, CNOBP was trading at a 3.92% discount to its liquidation preference amount, versus the average discount of 8.82% 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.
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The chart below shows the one year performance of CNOBP shares, versus CNOB:
Below is a dividend history chart for CNOBP, showing historical dividend payments on ConnectOne Bancorp Inc's Dep Shares 5.25% Reset Rate Non-Cumul Preferred Stock Ser A:
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In Thursday trading, ConnectOne Bancorp Inc's Dep Shares 5.25% Reset Rate Non-Cumul Preferred Stock Ser A (Symbol: CNOBP) is currently off about 1.4% on the day, while the common shares (Symbol: CNOB) are down about 1.6%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
