Feb 26 2014, 1:40pm CST | by Forbes
In trading on Wednesday, shares of KeyCorp’s 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A (NYSE: KEY.PRG) were yielding above the 6% mark based on its quarterly dividend (annualized to $7.75), with shares changing hands as low as $127.76 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, KEY.PRG was trading at a 29.60% premium to its liquidation preference amount, versus the average discount of 1.15% in the “Financial” category. It should be noted that the preferred shares are convertible, with a conversion ratio of 7.0922. 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.
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The chart below shows the one year performance of KEY.PRG shares, versus KEY:
Below is a dividend history chart for KEY.PRG, showing historical dividend payments on KeyCorp’s 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A :
In Wednesday trading, KeyCorp’s 7.750% Non-Cumulative Perpetual Convertible Preferred Stock, Series A (NYSE: KEY.PRG) is currently up about 0.1% on the day, while the common shares (NYSE: KEY) are up about 1.2%.
Source: Forbes Business
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