On 2/28/18, Zions Bancorporation's Series G Fixed/Floating Rate Non-Cumulative Perpetual Preferred Stock (ZB.PRG) will trade ex-dividend, for its quarterly dividend of $0.20, payable on 3/15/18. As a percentage of ZB.PRG's recent share price of $26.89, this dividend works out to approximately 0.74%, so look for shares of ZB.PRG to trade 0.74% lower — all else being equal — when ZB.PRG shares open for trading on 2/28/18. On an annualized basis, the current yield is approximately 2.98%, which compares to an average yield of 5.59% in the "Financial" preferred stock category, according to Preferred Stock Channel.
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As of last close, ZB.PRG was trading at a 7.40% premium to its liquidation preference amount, versus the average premium of 4.33% in the "Financial" category. 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 ZB.PRG shares, versus ZION:
Below is a dividend history chart for ZB.PRG, showing historical dividends prior to the most recent $0.20 on Zions Bancorporation's Series G Fixed/Floating Rate Non-Cumulative Perpetual Preferred Stock :
In Monday trading, Zions Bancorporation's Series G Fixed/Floating Rate Non-Cumulative Perpetual Preferred Stock (ZB.PRG) is currently up about 0.1% on the day, while the common shares (ZION) - Get Report are trading flat.