First Republic Bank's Series D Preferred Stock Crosses Above 5.5% Yield Territory

In trading on Friday, shares of First Republic Bank’s 5.50% Noncumulative Perpetual Series D Preferred Stock (Symbol: FRC.PRD) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.375), with shares changing hands as low as $24.90 on the day. This compares to an average yield of 5.38% in the “Financial” preferred stock category, according to Preferred Stock Channel . As of last close, FRC.PRD was trading at a 0.44% premium to its liquidation preference amount, versus the average premium of 6.02% 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 FRC.PRD shares, versus FRC:

Performance Comparison Chart

Below is a dividend history chart for FRC.PRD, showing historical dividend payments on First Republic Bank’s 5.50% Noncumulative Perpetual Series D Preferred Stock:

FRC.PRD+Dividend+History+Chart

In Friday trading, First Republic Bank’s 5.50% Noncumulative Perpetual Series D Preferred Stock (Symbol: FRC.PRD) is currently down about 0.6% on the day, while the common shares (Symbol: FRC) are up about 0.3%.


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