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Fifth Third Bancorp's Preferred Stock, Series G Crosses Above 5.5% Yield Territory

By Preferred Stock Channel Staff, Thursday, December 26, 2:31 PM ET
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In trading on Thursday, shares of Fifth Third Bancorp's 8.50% Non-Cumulative Perpetual Convertible Preferred Stock, Series G (NASDAQ:FITBP) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.50), with shares changing hands as low as $27.10 on the day. This compares to an average yield of 5.04% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, FITBP was trading at a 72.58% discount to its liquidation preference amount, versus the average premium of 6.22% in the "Financial" category. It should be noted that the preferred shares are convertible. 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 FITBP shares, versus FITB:

Performance Comparison Chart

Below is a dividend history chart for FITBP, showing historical dividend payments on Fifth Third Bancorp's 8.50% Non-Cumulative Perpetual Convertible Preferred Stock, Series G:


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In Thursday trading, Fifth Third Bancorp's 8.50% Non-Cumulative Perpetual Convertible Preferred Stock, Series G (NASDAQ:FITBP) is currently up about 0.5% on the day, while the common shares (NASDAQ:FITB) are up about 0.3%.


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