On 2/26/14, Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (WFC.PRL) will trade ex-dividend, for its quarterly dividend of $18.75, payable on 3/17/14. As a percentage of WFC.PRL's recent share price of $1180.00, this dividend works out to approximately 1.59%, so look for shares of WFC.PRL to trade 1.59% lower — all else being equal — when WFC.PRL shares open for trading on 2/26/14. On an annualized basis, the current yield is approximately 6.37%, which compares to an average yield of 5.76% in the "Financial" preferred stock category, according to Preferred Stock Channel.
Wells Fargo & Co.'s Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L Goes Ex-Dividend Soon
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