On Tuesday, the yield of Wells Fargo & Company’s Non-Cumulative Perpetual Class A Preferred Stock, Series Y (Symbol: WFC.PRY) exceeded 6% based on its quarterly dividend (annualized to $1.4062). The stock traded as low as $23.40 during the day. This yield is lower than the average yield of 9.77% in the “Financial” preferred stock category, as reported by Preferred Stock Channel. At the close of the last trading session, WFC.PRY was priced at a 6.00% discount compared to its liquidation preference amount, which is below the average discount of 14.04% in the “Financial” category. It is important to note that these shares are not cumulative, meaning that in the event of a missed payment, the company is not obligated to pay the missed dividends to preferred shareholders before resuming a common dividend.
Below is a chart displaying the dividend history of WFC.PRY, showing the historical dividend payments on Wells Fargo & Company’s Non-Cumulative Perpetual Class A Preferred Stock, Series Y:
In Tuesday trading, Wells Fargo & Company’s Non-Cumulative Perpetual Class A Preferred Stock, Series Y (Symbol: WFC.PRY) is currently up approximately 0.3% for the day, while the common shares (Symbol: WFC) have decreased by about 0.8%.
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