Preferred Stock

RECENT NEWS
Forbes  Dec 10  Comment 
On 12/12/14, AltaGas Ltd's Cumulative Redeemable 5-Year Rate Reset Preferred Shares, Series A (Toronto: ALA-PRA) will trade ex-dividend, for its quarterly dividend of $0.3125, payable on 12/31/14. As a percentage of ALA.PRA's recent share price of...
Forbes  Dec 9  Comment 
On 12/11/14, Vornado Realty Trust's 5.40% Series L Cumulative Redeemable Preferred Shares (NYSE: VNO.PRL) will trade ex-dividend, for its quarterly dividend of $0.3375, payable on 1/2/15. As a percentage of VNO.PRL's recent share price of $23.35,...
Forbes  Nov 24  Comment 
On 11/26/14, RAIT Financial Trust's 8.375% Series B Cumulative Redeemable Preferred Shares (NYSE: RAS.PRB) will trade ex-dividend, for its quarterly dividend of $0.5234, payable on 12/31/14. As a percentage of RAS.PRB's recent share price of...
Forbes  Nov 10  Comment 
On 11/12/14, Kayne Anderson MLP Investment Company's 4.25% Series E Mandatory Redeemable Preferred Shares (NYSE: KYN.PRE) will trade ex-dividend, for its monthly dividend of $0.0885, payable on 12/1/14. As a percentage of KYN.PRE's recent share...
Forbes  Oct 27  Comment 
On 10/29/14, Equity Commonwealth's 7.25% Series E Cumulative Redeemable Preferred Shares (NYSE: EQC.PRE) will trade ex-dividend, for its quarterly dividend of $0.4531, payable on 11/17/14. As a percentage of EQC.PRE's recent share price of $25.68,...
Forbes  Oct 8  Comment 
On 10/10/14, Kayne Anderson MLP Investment Company's 4.25% Series E Mandatory Redeemable Preferred Shares (NYSE: KYN.PRE) will trade ex-dividend, for its monthly dividend of $0.0885, payable on 11/1/14. As a percentage of KYN.PRE's recent share...
Forbes  Oct 8  Comment 
On 10/10/14, Capstone Infrastructure Corp's Cumulative 5-Year Rate Reset Preferred Shares, Series A (Toronto: CSE-PRA) will trade ex-dividend, for its quarterly dividend of $0.3125, payable on 10/31/14. As a percentage of CSE.PRA's recent share...
SeekingAlpha  Oct 7  Comment 
By Daan Everts: Preferred shares as a group trade highly correlated. Divergences arise largely based on duration and credit differentials, and to a lesser extent features such as call dates, industry, qdi and cumulative dividends. As the markets...




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Preferred Stock, or preferred shares, refer to shares in a company that carry different rights than common stock. Both types of shares represent the holder's stake in a company, however holders of preferred stock have a claim on a company's assets and earnings before the holder of common shares. This means that holders preferred stock will be paid dividends before the any common shareholders and, in the case of liquidation or bankruptcy, the preferred shareholders will have a claim on the assets of a company before the common shareholders.

In the U.S. there are two types of preferred stock: convertible preferred shares and straight preferred shares. Convertible preferred shares give the holder the right, but not the obligation, to exchange their preferred shares for a common stock at a fixed price, after a specific date. Straight preferred shares simply give the holder rights that common shareholders do not have.

These rights can include things like a pre-determined dividend payment (which could be either fixed or floating), or special voting rights. The rights of preferred stock will vary from company to company, but the general idea is that the preferred shareholders pay a premium for the right to the to an earlier claim on a company's assets or earnings. In this sense, preferred shareholders are paying a premium to receive less risky shares in a company.

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