On 6/27/14, Huntington Bancshares, Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (HBANP) will trade ex-dividend, for its quarterly dividend of $21.25, payable on 7/15/14. As a percentage of HBANP's recent share price of $1331.00, this dividend works out to approximately 1.60%, so look for shares of HBANP to trade 1.60% lower — all else being equal — when HBANP shares open for trading on 6/27/14. On an annualized basis, the current yield is approximately 6.32%, which compares to an average yield of 5.52% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, HBANP was trading at a 34.50% premium to its liquidation preference amount, versus the average premium of 0.17% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 83.668. 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 HBANP shares, versus HBAN: Below is a dividend history chart for HBANP, showing historical dividends prior to the most recent $21.25 on Huntington Bancshares, Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock : According to the ETF Finder at ETF Channel, Huntington Bancshares, Inc ( HBAN - Get Report) makes up 1.93% of the Guggenheim S&P 500 Pure Growth ETF (RPG) which is trading higher by about 0.5% on the day Wednesday. In Wednesday trading, Huntington Bancshares, Inc's 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock ( HBANP) is currently down about 1% on the day, while the common shares ( HBAN - Get Report) are up about 0.2%.
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