On 8/27/14, Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (Symbol: WFC.PRL) will trade ex-dividend, for its quarterly dividend of $18.75, payable on 9/15/14. As a percentage of WFC.PRL's recent share price of $1223.03, this dividend works out to approximately 1.53%, so look for shares of WFC.PRL to trade 1.53% lower - all else being equal - when WFC.PRL shares open for trading on 8/27/14. On an annualized basis, the current yield is approximately 6.15%, which compares to an average yield of 5.69% in the "Financial" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of WFC.PRL shares, versus WFC:
Below is a dividend history chart for WFC.PRL, showing historical dividends prior to the most recent $18.75 on Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L:
According to the ETF Finder at ETF Channel, Wells Fargo & Co. (Symbol: WFC) makes up 11.71% of the iShares U.S. Financial Services ETF ( IYG ) which is trading relatively unchanged on the day Monday.
In Monday trading, Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (Symbol: WFC.PRL) is currently up about 0.2% on the day, while the common shares (Symbol: WFC) are trading flat.
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.