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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
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:
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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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%.
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