On 6/18/14, Citigroup Inc's 7.125% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series J (C.PRJ) will trade ex-dividend, for its quarterly dividend of $0.4453, payable on 6/30/14. As a percentage of C.PRJ's recent share price of $27.62, this dividend works out to approximately 1.61%, so look for shares of C.PRJ to trade 1.61% lower — all else being equal — when C.PRJ shares open for trading on 6/18/14. On an annualized basis, the current yield is approximately 6.44%, which compares to an average yield of 5.52% in the "Financial" preferred stock category, according to Preferred Stock Channel.
As of last close, C.PRJ was trading at a 10.68% 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 C.PRJ shares, versus C:
Below is a dividend history chart for C.PRJ, showing historical dividends prior to the most recent $0.4453 on Citigroup Inc's 7.125% Fixed Rate/Floating Rate Noncumulative Preferred Stock, Series J:
According to the ETF Finder at ETF Channel, Citigroup Inc (C) makes up 6.39% of the Bank and Brokerage ETF (RKH) which is trading relatively unchanged on the day Monday.