On 4/28/14, PG&E Corp.'s 6% 1st Preferred Non-Redeemable (PCG.PRA) will trade ex-dividend, for its quarterly dividend of $0.375, payable on 5/15/14. As a percentage of PCG.PRA's recent share price of $28.29, this dividend works out to approximately 1.33%, so look for shares of PCG.PRA to trade 1.33% lower — all else being equal — when PCG.PRA shares open for trading on 4/28/14. On an annualized basis, the current yield is approximately 5.31%, which compares to an average yield of 4.98% in the "Utilities" preferred stock category, according to Preferred Stock Channel.
As of last close, PCG.PRA was trading at a 9.75% premium 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 PCG.PRA shares, versus PCG:
Below is a dividend history chart for PCG.PRA, showing historical dividends prior to the most recent $0.375 on PG&E Corp.'s 6% 1st Preferred Non-Redeemable:
According to the ETF Finder at ETF Channel, PG&E Corp. (PCG) makes up 3.95% of the Utilities Select Sector SPDR Fund ETF (XLU) which is trading up by about 0.5% on the day Thursday.
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