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In trading on Thursday, shares of IBERIABANK Corp's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B (Symbol: IBKCP) were yielding above the 6% mark based on its semi-annual dividend (annualized to $1.656), with shares changing hands as low as $26.99 on the day. This compares to an average yield of 5.42% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, IBKCP was trading at a 10.96% premium to its liquidation preference amount, versus the average premium of 6.79% 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 IBKCP, showing historical dividend payments on IBERIABANK Corp's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B:
In Thursday trading, IBERIABANK Corp's 6.625% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series B (Symbol: IBKCP) is currently off about 2.7% on the day, while the common shares (Symbol: IBKC) are off about 6.8%.
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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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
