In trading on Monday, shares of Huntington Bancshares Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (Symbol: HBANP) were yielding above the 6% mark based on its quarterly dividend (annualized to $85.00), with shares changing hands as low as $1406.17 on the day. This compares to an average yield of 5.41% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, HBANP was trading at a 44.75% premium to its liquidation preference amount, versus the average premium of 7.03% in the "Financial" category. It should be noted that the preferred shares are convertible , with a conversion ratio of 83.668. 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 HBANP, showing historical dividend payments on Huntington Bancshares Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock :
In Monday trading, Huntington Bancshares Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (Symbol: HBANP) is currently off about 2.9% on the day, while the common shares (Symbol: HBAN) are up about 0.5%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.