TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock Ex-Dividend Reminder - 2/12/14

On 2/12/14, TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock ( TCB.PRC) will trade ex-dividend, for its quarterly dividend of $0.4031, payable on 3/3/14. As a percentage of TCB.PRC's recent share price of $23.60, this dividend works out to approximately 1.71%, so look for shares of TCB.PRC to trade 1.71% lower — all else being equal — when TCB.PRC shares open for trading on 2/12/14. On an annualized basis, the current yield is approximately 6.83%, which compares to an average yield of 5.78% in the "Financial" preferred stock category, according to Preferred Stock Channel.

START SLIDESHOW:
Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen »

As of last close, TCB.PRC was trading at a 5.60% 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 TCB.PRC shares, versus TCB:

Performance Comparison Chart

Below is a dividend history chart for TCB.PRC, showing historical dividends prior to the most recent $0.4031 on TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock :

TCB.PRC+Dividend+History+Chart

According to the ETF Finder at ETF Channel, TCF Financial Corp. ( TCB) makes up 1.97% of the SPDR S&P Bank ETF (KBE) which is trading lower by about 0.4% on the day Monday.

In Monday trading, TCF Financial Corp.'s 6.45% Series B Non-Cumulative Perpetual Preferred Stock ( TCB.PRC) is currently trading flat on the day, while the common shares ( TCB) are down about 0.1%.

If you liked this article you might like

Ally, Santander Face Reckoning After Auto-Lending Boom, S&P Says

Analysts' Actions -- Amazon, CSX, International Paper and More

Why Donald Trump's Victory Is a Boon for Some Banks, but Not All

Bank Fees, Payday Loans to Get Less Scrutiny From Trump's Consumer Watchdog

One Reason Why TCF Financial (TCB) Stock Closed Lower Today