Banc of California's Preferred Stock, Series C Shares Cross 7.5% Yield Mark

In trading on Thursday, shares of Banc of California Inc's 8.00% Non-Cumulative Perpetual Preferred Stock, Series C (BANC.PRC) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $2.00), with shares changing hands as low as $26.60 on the day. This compares to an average yield of 5.66% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BANC.PRC was trading at a 8.56% premium to its liquidation preference amount, versus the average premium of 2.35% 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 BANC.PRC shares, versus BANC:

Performance Comparison Chart

Below is a dividend history chart for BANC.PRC, showing historical dividend payments on Banc of California Inc's 8.00% Non-Cumulative Perpetual Preferred Stock, Series C:

BANC.PRC+Dividend+History+Chart

In Thursday trading, Banc of California Inc's 8.00% Non-Cumulative Perpetual Preferred Stock, Series C ( BANC.PRC) is currently down about 0.1% on the day, while the common shares ( BANC) are off about 2.1%.

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