On 2/12/14, BB&T Corp.'s Series F Non-Cumulative Perpetual Preferred Stock (BBT.PRF) will trade ex-dividend, for its quarterly dividend of $0.325, payable on 3/3/14. As a percentage of BBT.PRF's recent share price of $20.44, this dividend works out to approximately 1.59%, so look for shares of BBT.PRF to trade 1.59% lower — all else being equal — when BBT.PRF shares open for trading on 2/12/14. On an annualized basis, the current yield is approximately 6.39%, which compares to an average yield of 5.78% in the "Financial" preferred stock category, according to Preferred Stock Channel.
As of last close, BBT.PRF was trading at a 18.60% 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 BBT.PRF shares, versus BBT:
Below is a dividend history chart for BBT.PRF, showing historical dividends prior to the most recent $0.325 on BB&T Corp.'s Series F Non-Cumulative Perpetual Preferred Stock :
According to the ETF Finder at ETF Channel, BB&T Corp. (BBT) makes up 7.16% of the iShares U.S. Regional Banks ETF (IAT) which is trading relatively unchanged on the day Monday.