State Street’s Preferred Stock, Series C Crosses Above 5% Yield Territory

In trading on Thursday, shares of State Street Corp.’s Non-Cumulative Perpetual Preferred Stock, Series C (NYSE: STT.PRC) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.3124), with shares changing hands as low as $26.12 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, STT.PRC was trading at a 8.56% premium to its liquidation preference amount, versus the average premium of 5.01% 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.
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http://www.forbes.com/sites/dividendchannel/2016/05/26/state-streets-preferred-stock-series-c-crosses-above-5-yield-territory/