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| M & T Bank's Preferred Stock, Series A Shares Cross 6% Yield MarkBy Preferred Stock Channel Staff, Friday, March 15, 2:35 PM ET
In trading on Friday, shares of M & T Bank Corp's Fixed-to-floating rate non-cumulative perpetual preferred stock, Series A (NYSE:MTB.PRH) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.4062), with shares changing hands as low as $23.09 on the day. This compares to an average yield of 6.69% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, MTB.PRH was trading at a 5.24% discount to its liquidation preference amount, versus the average discount of 9.79% 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 MTB.PRH shares, versus MTB:
Below is a dividend history chart for MTB.PRH, showing historical dividend payments on M & T Bank Corp's Fixed-to-floating rate non-cumulative perpetual preferred stock, Series A :
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Friday trading, M & T Bank Corp's Fixed-to-floating rate non-cumulative perpetual preferred stock, Series A (NYSE:MTB.PRH) is currently down about 2.1% on the day, while the common shares (NYSE:MTB) are up about 0.8%.
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