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Ex-Div Reminder for US Bancorp's 4.00% Dep Shares Series M Preferred StockBy Preferred Stock Channel Staff, Monday, March 25, 1:35 PM ETOn 3/27/24, US Bancorp's 4.00% Dep Shares Series M Non-Cumul Perp Preferred Stock (NYSE:USB.PRR) will trade ex-dividend, for its quarterly dividend of $0.25, payable on 4/15/24. As a percentage of USB.PRR's recent share price of $18.77, this dividend works out to approximately 1.33%, so look for shares of USB.PRR to trade 1.33% lower — all else being equal — when USB.PRR shares open for trading on 3/27/24. On an annualized basis, the current yield is approximately 5.29%, which compares to an average yield of 6.62% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, USB.PRR was trading at a 24.44% discount 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 USB.PRR shares, versus USB:
Below is a dividend history chart for USB.PRR, showing historical dividends prior to the most recent $0.25 on US Bancorp's 4.00% Dep Shares Series M Non-Cumul Perp Preferred Stock: Free Report: Top 8%+ Dividends (paid monthly)
In Monday trading, US Bancorp's 4.00% Dep Shares Series M Non-Cumul Perp Preferred Stock (NYSE:USB.PRR) is currently down about 0.6% on the day, while the common shares (NYSE:USB) are up about 0.3%.
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