PG&E's Preferred Shares Cross 7% Yield Mark
In trading on Tuesday, shares of PG&E Corp's 6% 1st Preferred Non-Redeemable (Symbol: PCG.PRA) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.50), with shares changing hands as low as $20.47 on the day. This compares to an average yield of 6.27% in the "Electric Utilities" preferred stock category, according to Preferred Stock Channel. As of last close, PCG.PRA was trading at a 14.56% discount to its liquidation preference amount, versus the average discount of 22.44% in the "Electric Utilities" 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 PCG.PRA, showing historical dividend payments on PG&E Corp's 6% 1st Preferred Non-Redeemable:
In Tuesday trading, PG&E Corp's 6% 1st Preferred Non-Redeemable (Symbol: PCG.PRA) is currently up about 0.2% on the day, while the common shares (Symbol: PCG) are down about 3%.
