On 4/30/14, JPMorgan Chase & Co.'s 5.45% Non-Cumulative Preferred Stock, Series P (JPM.PRA) will trade ex-dividend, for its quarterly dividend of $0.3406, payable on 6/1/14. As a percentage of JPM.PRA's recent share price of $22.64, this dividend works out to approximately 1.50%, so look for shares of JPM.PRA to trade 1.50% lower — all else being equal — when JPM.PRA shares open for trading on 4/30/14. On an annualized basis, the current yield is approximately 6.03%, which compares to an average yield of 5.77% in the "Financial" preferred stock category, according to Preferred Stock Channel.
As of last close, JPM.PRA was trading at a 9.68% 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 JPM.PRA shares, versus JPM:
Below is a dividend history chart for JPM.PRA, showing historical dividends prior to the most recent $0.3406 on JPMorgan Chase & Co.'s 5.45% Non-Cumulative Preferred Stock, Series P:
According to the ETF Finder at ETF Channel, JPMorgan Chase & Co. (JPM) makes up 10.25% of the iShares U.S. Financial Services ETF (IYG) which is trading lower by about 1.3% on the day Monday.
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