Preferred Stock

While many guides like to describe preferred stock as a hybrid security, having some traits of common stock and some traits of bonds we simply like to describe preferred stock as an asset class of its own. 1st off Preferred Stock is equity.  On a corporate balance sheet preferred stock is shown in the equity section. Preferred stock is NOT debt. Most preferred stock is now sold with a $25/share face amount.  Older issues with either $50, $100 or even $1,000 face amount can still be found trading, but they are generally difficult to buy as holders seldom offer them for sale. Thus they are illiquid.  We do not spend a great deal of time following these illiquid issues as they simply play little role in the investments of most individual investor.

Preferred stock almost always pays a fixed dividend rate, although there have been quite a few issues sold in the last few years that are either floating rate with a minimum coupon, or fixed-to-floating rate issues, which start with a fixed coupon rate for some amount of time (typically 2-10 years) before changing to a floating rate which is adjusted quarterly.

Dividends are paid quarterly by most issues, but there are some that pay monthly and a few that pay only semi-annually. Banks and insurance companies almost always issue non-cumulative preferred stock as they may not count the proceeds as Tier 1 capital unless it is non-cumulative. Most utilities, REITs and MLPs issue cumulative preferred stock.

THIS IS A MASTER LIST OF $25 ISSUES. IT INCLUDES PREFERREDS (REGULAR AND TRUST) AS WELL AS BABY BONDS. THE LIST IS SIMPLY ALPHABETICAL.

$25/Share Master List of Preferreds, Baby Bonds and Trust Preferreds (will open a spreadsheet in a new window and you may make a copy if you want).

THIS IS THE MASTER LIST ABOVE SHOWING ‘AT OR NEAR NEW LOWS’. AN ALPHABETICAL LIST OF THOSE ISSUE THAT HAVE HIT NEW LOWS–AND/OR ARE WITHIN 1% OF A NEW LOW. IF IT SAYS ‘YES’ IN THE ‘AT OR NEAR 52 WEEK LOW’ THE ISSUE IS WITHIN 1% OF THE 52 WEEK LOW SHOWN IN THE 52 WEEK COLUMN.

$25/Share Master List of Preferreds, Baby Bonds and Trust Preferreds SORTED BY AT OR NEAR NEW LOW (will open a spreadsheet in a new window and you may make a copy if you want).

 

Preferred Stocks of Banks and Insurance Companies

Preferred Stocks of Closed End Funds (CEFs)

Preferred Stock of Mortgage REITs

Preferred Stock and Baby Bonds of Ocean Shipping Companies

Preferred Stocks Paying Monthly Dividends

Preferred Stocks of REITs (BY YIELD)

Preferred Stocks of REITs (ALPHA).

 

Preferred Floating Rate and Fixed-to-Floating Rate

$50 and $100 Preferreds

Short/Medium Maturity Income Issues (including term preferreds)

 

$25 Preferred Stock Sorted by Share Price Loss/Gain

$25 Preferred Stock At or Near New Lows

$25 Preferred Stock with High Volume

 

MISCELLANEOUS RESOURCES

Definitions for Preferred Stocks and Baby Bonds

Federal Reserve Balance Sheet Trends

A Bulletin from the SEC on Interest Rate Risk (for Newbies)