PrivateBancorp Trust Preferred Securities Goes Ex-Dividend Soon

On 9/10/14, PrivateBancorp, Inc.’s 10.00% Trust Preferred Securities (NASD: PVTBP) will trade ex-dividend, for its quarterly dividend of $0.625, payable on 9/15/14. As a percentage of PVTBP’s recent share price of $27.88, this dividend works out to approximately 2.24%, so look for shares of PVTBP to trade 2.24% lower — all else being equal — when PVTBP shares open for trading on 9/10/14. On an annualized basis, the current yield is approximately 8.98%, which compares to an average yield of 5.75% in the “Financial” preferred stock category, according to Preferred Stock Channel.
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Source: Markets