Merchants Bancorp's Series A Preferred Stock Shares Cross 7% Yield MarkBy Preferred Stock Channel Staff, Tuesday, January 16, 2:12 PM ETIn trading on Tuesday, shares of Merchants Bancorp (Indiana)'s 7.00% Fixed/Float Series A Non-Cumul Perp Preferred Stock (NASDAQ:MBINP) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.75), with shares changing hands as low as $25.00 on the day. This compares to an average yield of 6.72% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, MBINP was trading at a 0.28% premium to its liquidation preference amount, versus the average discount of 10.57% 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 MBINP shares, versus MBIN:
Below is a dividend history chart for MBINP, showing historical dividend payments on Merchants Bancorp (Indiana)'s 7.00% Fixed/Float Series A Non-Cumul Perp Preferred Stock:
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Tuesday trading, Merchants Bancorp (Indiana)'s 7.00% Fixed/Float Series A Non-Cumul Perp Preferred Stock (NASDAQ:MBINP) is currently up about 0.3% on the day, while the common shares (NASDAQ:MBIN) are down about 1.4%.
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