Wells Fargo’s Preferred Stock, Series R Crosses Above 6% Yield Territory


In trading on Tuesday, shares of Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (Symbol: WFC.PRR) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.6562), with shares changing hands as low as $27.48 on the day. This compares to an average yield of 5.24% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, WFC.PRR was trading at a 11.04% premium to its liquidation preference amount, versus the average premium of 6.49% 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.

Below is a dividend history chart for WFC.PRR, showing historical dividend payments on Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R :

WFC.PRR+Dividend+History+Chart


Free Report: Top 7%+ Dividends (paid monthly)

In Tuesday trading, Wells Fargo & Co’s 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R (Symbol: WFC.PRR) is currently down about 0.9% on the day, while the common shares (Symbol: WFC) are up about 4%.

Click here to find out the 50 highest yielding preferreds »

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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