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PNC Financial Services Group's Preferred Stock, Series P Yield Pushes Past 5.5%

By Ru Back Packer Staff, Tuesday, January 16, 2:07 PM ET
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In trading on Tuesday, shares of PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (NYSE:PNC.PRP) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.5312), with shares changing hands as low as $27.65 on the day. This compares to an average yield of 5.57% in the "Financial" preferred stock category, according to Ru Back Packer. As of last close, PNC.PRP was trading at a 12.72% premium to its liquidation preference amount, versus the average premium of 5.97% 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 PNC.PRP shares, versus PNC:

Performance Comparison Chart

Below is a dividend history chart for PNC.PRP, showing historical dividend payments on PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P :


In Tuesday trading, PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (NYSE:PNC.PRP) is currently down about 0.5% on the day, while the common shares (NYSE:PNC) are up about 1.7%.


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