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Citigroup Inc's 6.5% Non-Cumulative Convertible Preferred Stock, Series T About To Put More Money In Your Pocket

By Preferred Stock Channel Staff, Wednesday, January 30, 2:49 PM ET
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On 2/1/13, Citigroup Inc's 6.5% Non-Cumulative Convertible Preferred Stock, Series T (NYSE:C.PRI) will trade ex-dividend, for its quarterly dividend of $0.8125, payable on 2/15/13. As a percentage of C.PRI's recent share price of $54.90, this dividend works out to approximately 1.48%, so look for shares of C.PRI to trade 1.48% lower all else being equal when C.PRI shares open for trading on 2/1/13. On an annualized basis, the current yield is approximately 5.92%, which compares to an average yield of 5.58% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, C.PRI was trading at a 9.80% premium to its liquidation preference amount, versus the average premium of 2.64% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 1.4823503. 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 C.PRI shares, versus C:

Performance Comparison Chart

Below is a dividend history chart for C.PRI, showing historical dividends prior to the most recent $0.8125 on Citigroup Inc's 6.5% Non-Cumulative Convertible Preferred Stock, Series T:


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According to the ETF Finder at ETF Channel, Citigroup Inc (NYSE:C) makes up 8.90% of the KBW Bank Portfolio ETF (KBWB) which is trading higher by about 0.2% on the day Wednesday.

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See what other stocks are held by KBWB

In Wednesday trading, Citigroup Inc's 6.5% Non-Cumulative Convertible Preferred Stock, Series T (NYSE:C.PRI) is currently trading flat on the day, while the common shares (NYSE:C) are down about 0.2%.


This Article's Word Cloud:   Channel   Citigroup   Convertible   Cumulative   Definition   Dividend   ETFs   Financial   Finder   Importance   KBWB   NYSE   Portfolio   Preferred   Series   Stock   Traded   Wednesday   about   afterLeftLabels   approximately   average   background   category   chart   close   common   coupon   dividend   dividends   escape   fillColor   free   lower   missed   other   preferred   premium   recent   shares   should   that   trade   trading   versus   what   which   width   with   yield

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