Citigroup's Preferred Shares Cross 9.5% Yield Mark
In trading on Wednesday, shares of Citigroup Inc's 7.875% Fixed Rate/Floating Rate Trust Preferred Securities (Symbol: C.PRN) were yielding above the 9.5% mark based on its quarterly dividend (annualized to $2.726), with shares changing hands as low as $28.64 on the day. This compares to an average yield of 6.07% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, C.PRN was trading at a 14.92% premium to its liquidation preference amount, versus the average discount of 5.88% in the "Financial" category.
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