In trading on Monday, shares of Associated Banc-Corp’s 4,000,000 Depositary Shares Each Representing a 1/40th Interest in a Share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: ASB.PRE) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.4688), with shares changing hands as low as $20.87 on the day. This compares to an average yield of 6.66% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, ASB.PRE was trading at a 15.56% discount to its liquidation preference amount, versus the average discount of 9.31% 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 ASB.PRE, showing historical dividend payments