In trading on Wednesday, shares of Citigroup Inc‘s (NYSE:C) 7.125% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series J were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.7812), with shares changing hands as low as $27.11 on the day.
This compares to an average yield of 5.76% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, Citigroup preferred stock was trading at a 10.32% premium to its liquidation preference amount, versus the average premium of 2.35% in the “Financial” category. Investors should keep in mind that the preferred shares are noncumulative, meaning that in the event of a missed payment, Citigroup does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.
Source: InvestorPlace
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