Markets

Wells Fargo & Co's 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q Shares Cross 5.5% Yield Mark

In trading on Friday, shares of Wells Fargo & Co's 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q (Symbol: WFC.PRQ) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.4625), with shares changing hands as low as $26.57 on the day. This compares to an average yield of 5.49% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, WFC.PRQ was trading at a 7.20% premium to its liquidation preference amount, versus the average premium of 7.29% 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 WFC.PRQ shares, versus WFC:

Performance Comparison Chart

Below is a dividend history chart for WFC.PRQ, showing historical dividend payments on Wells Fargo & Co's 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q :

WFC.PRQ+Dividend+History+Chart

In Friday trading, Wells Fargo & Co's 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q (Symbol: WFC.PRQ) is currently down about 0.5% on the day, while the common shares (Symbol: WFC) are up about 2.4%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

WFC.PRQ WFC

Other Topics

Stocks Fixed Income