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State Street Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G Goes Ex-Dividend Soon

By Preferred Stock Channel Staff, Wednesday, May 27, 2:46 PM ET
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On 5/29/20, State Street Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G (NYSE:STT.PRG) will trade ex-dividend, for its quarterly dividend of $0.3343, payable on 6/15/20. As a percentage of STT.PRG's recent share price of $26.73, this dividend works out to approximately 1.25%, so look for shares of STT.PRG to trade 1.25% lower — all else being equal — when STT.PRG shares open for trading on 5/29/20. On an annualized basis, the current yield is approximately 5.01%, which compares to an average yield of 5.62% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, STT.PRG was trading at a 6.72% premium to its liquidation preference amount, versus the average premium of 1.25% in the "Financial" category. 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 STT.PRG shares, versus STT:

Performance Comparison Chart

Below is a dividend history chart for STT.PRG, showing historical dividends prior to the most recent $0.3343 on State Street Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G :


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In Wednesday trading, State Street Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G (NYSE:STT.PRG) is currently up about 0.2% on the day, while the common shares (NYSE:STT) are up about 5%.


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