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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
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:
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%.
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