TCF Financial's Series B Preferred Stock Shares Cross 6.5% Yield Mark
In trading on Wednesday, shares of TCF Financial Corp's 6.45% Series B Non-Cumulative Perpetual Preferred Stock (Symbol: TCB.PRC) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.6125), with shares changing hands as low as $24.51 on the day. This compares to an average yield of 5.86% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, TCB.PRC was trading at a 0.88% premium to its liquidation preference amount, versus the average premium of 0.02% 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 TCB.PRC shares, versus TCB:
Below is a dividend history chart for TCB.PRC, showing historical dividend payments on TCF Financial Corp's 6.45% Series B Non-Cumulative Perpetual Preferred Stock :
In Wednesday trading, TCF Financial Corp's 6.45% Series B Non-Cumulative Perpetual Preferred Stock (Symbol: TCB.PRC) is currently trading flat on the day, while the common shares (Symbol: TCB) are up about 1.3%.