In trading on Friday, shares of Pinnacle Financial Partners Inc’s 6.75% Dep Shares Non-Cumul Prfd Stock Ser C (Symbol: PNFP.PRC) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.688), with shares changing hands as low as $24.11 on the day. This compares to an average yield of 8.10% in the “Banking & Savings” preferred stock category, according to Preferred Stock Channel. As of last close, PNFP.PRC was trading at a 2.64% discount to its liquidation preference amount, versus the average discount of 4.34% in the “Banking & Savings” 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.
Below is a dividend history chart for PNFP.PRC, showing historical dividend payments on Pinnacle Financial Partners Inc’s 6.75% Dep Shares Non-Cumul Prfd Stock Ser C:
In Friday trading, Pinnacle Financial Partners Inc’s 6.75% Dep Shares Non-Cumul Prfd Stock Ser C (Symbol: PNFP.PRC) is currently off about 0.9% on the day, while the common shares (Symbol: PNFP) are down about 2.3%.
