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Reminder: Bank of New York Mellon Corp's Series C Noncumulative Perpetual Preferred Stock Goes Ex-Dividend Soon

By Preferred Stock Channel Staff, Friday, August 30, 1:35 PM ET
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On 9/3/13, Bank of New York Mellon Corp's Series C Noncumulative Perpetual Preferred Stock (NYSE:BK.PRC) will trade ex-dividend, for its quarterly dividend of $0.33, payable on 9/20/13. As a percentage of BK.PRC's recent share price of $21.38, this dividend works out to approximately 1.54%, so look for shares of BK.PRC to trade 1.54% lower all else being equal when BK.PRC shares open for trading on 9/3/13. On an annualized basis, the current yield is approximately 6.22%, which compares to an average yield of 5.67% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, BK.PRC was trading at a 15.00% discount to its liquidation preference amount. 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 BK.PRC shares, versus BK:

Performance Comparison Chart

Below is a dividend history chart for BK.PRC, showing historical dividends prior to the most recent $0.33 on Bank of New York Mellon Corp's Series C Noncumulative Perpetual Preferred Stock:


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According to the ETF Finder at ETF Channel, Bank of New York Mellon Corp (NYSE:BK) makes up 4.88% of the Wide Moat ETF (MOAT) which is trading lower by about 0.6% on the day Friday.

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In Friday trading, Bank of New York Mellon Corp's Series C Noncumulative Perpetual Preferred Stock (NYSE:BK.PRC) is currently up about 0.6% on the day, while the common shares (NYSE:BK) are down about 0.4%.


This Article's Word Cloud:   Bank   Channel   Corp   Definition   ETFs   Friday   Importance   Investors   MOAT   Mellon   NYSE   Noncumulative   Perpetual   Preferred   Price   Series   Stock   What   York   about   afterLeftLabels   approximately   category   chart   chartBackgroundColor   clientId   common   dividend   dividends   escape   fillColor   history   keep   lower   makes   missed   movingAverages   other   percentage   period   portfolio   preferred   recent   shares   that   trade   trading   what   which   yield

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