Wells Fargo & Co’s 6.625% Fixed-to-floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R Shares Cross 6.5% Yield Mark


In Tuesday’s trading, Wells Fargo & Co 6.625% Perpetual Non-Cumulative Fixed-Rate Floating Class A Preferred Shares Series R (ticker: WFC.PRR) yielded above the 6.5 mark. % based on its quarterly dividend (annualized at $1.6562), with shares changing hands as low as $25.31 on the day. That compares to an average return of 5.76% in the “financial” preferred stock category, according to Preferred Stock Channel. At last close, WFC.PRR was trading at a premium of 3.28% to its preferred liquidation amount, compared to an average discount of 6.31% in the Financials category. Investors should keep in mind that stocks are not cumulativemeaning that in the event of a missed payment, the company does not have to pay the balance of the missed dividends to preferred shareholders before resuming a common dividend.

The graph below shows the one-year performance of WFC.PRR shares, compared to WFC:


Below is a historical dividend chart for WFC.PRR, showing historical dividend payments on the Wells Fargo & Co 6.625% Perpetual Non-Cumulative Class A Preferred Shares, Series R:

WFC.PRR+Dividend+Historical+Chart


On Tuesday, Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Perpetual Non-Cumulative Class A Preferred Shares (ticker: WFC.PRR) are currently down about 1.7% on the day, while shares ordinary (symbol: WFC) are up around 0.2%.

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


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