Cash Dividend On The Way From PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P

On 4/11/14, PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P (PNC.PRP) will trade ex-dividend, for its quarterly dividend of $0.3828, payable on 5/1/14. As a percentage of PNC.PRP's recent share price of $27.03, this dividend works out to approximately 1.42%, so look for shares of PNC.PRP to trade 1.42% lower — all else being equal — when PNC.PRP shares open for trading on 4/11/14. On an annualized basis, the current yield is approximately 5.69%, which compares to an average yield of 5.73% 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, PNC.PRP was trading at a 7.60% 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 PNC.PRP shares, versus PNC:

Performance Comparison Chart

Below is a dividend history chart for PNC.PRP, showing historical dividends prior to the most recent $0.3828 on PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P :

PNC.PRP+Dividend+History+Chart

According to the ETF Finder at ETF Channel, PNC Financial Services Group ( PNC) makes up 11.53% of the iShares U.S. Regional Banks ETF (IAT) which is trading up by about 0.1% on the day Wednesday.

In Wednesday trading, PNC Financial Services Group's Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series P ( PNC.PRP) is currently up about 0.5% on the day, while the common shares ( PNC) are trading flat.

More from Stocks

Daimler's Profit Warning Should Terrify Traders Before Earnings Season Begins

Daimler's Profit Warning Should Terrify Traders Before Earnings Season Begins

Stock Market Just Took Another Beating -- Here's What You Need to Know

Stock Market Just Took Another Beating -- Here's What You Need to Know

Starbucks Stock Performance in 2018: -12%

Starbucks Stock Performance in 2018: -12%

Dow Logs Eighth Straight Drop as Stocks Slump

Dow Logs Eighth Straight Drop as Stocks Slump

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech