Wells Fargo’s Preferred Stock Series CC Shares Cross 6% Yield Mark

In trading on Thursday, shares of Wells Fargo & Co’s 4.375% Dep Shares Non-Cumul Class A Preferred Stock Series CC (Symbol: WFC.PRC) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.0938), with shares changing hands as low as $18.20 on the day. This compares to an average yield of 6.52% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, WFC.PRC was trading at a 26.64% discount to its liquidation preference amount, versus the average discount of 8.60% 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.

Below is a dividend history chart for WFC.PRC, showing historical dividend payments on Wells Fargo & Co’s 4.375% Dep Shares Non-Cumul Class A Preferred Stock Series CC:

In Thursday trading, Wells Fargo & Co’s 4.375% Dep Shares Non-Cumul Class A Preferred Stock Series CC (Symbol: WFC.PRC) is currently off about 0.5% on the day, while the common shares (Symbol: WFC) are down about 0.4%.

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