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New York Community Bancorp Share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock About To Put More Money In Your Pocket

By Preferred Stock Channel Staff, Monday, December 4, 1:31 PM ET

On 12/6/23, New York Community Bancorp Inc.'s 6.375% Share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock (NYSE:NYCB.PRA) will trade ex-dividend, for its quarterly dividend of $0.3984, payable on 12/17/23. As a percentage of NYCB.PRA's recent share price of $23.41, this dividend works out to approximately 1.70%, so look for shares of NYCB.PRA to trade 1.70% lower — all else being equal — when NYCB.PRA shares open for trading on 12/6/23. On an annualized basis, the current yield is approximately 6.77%, which compares to an average yield of 6.94% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, NYCB.PRA was trading at a 5.84% discount to its liquidation preference amount. 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 NYCB.PRA shares, versus NYCB:

Performance Comparison Chart

Below is a dividend history chart for NYCB.PRA, showing historical dividends prior to the most recent $0.3984 on New York Community Bancorp Inc.'s 6.375% Share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock :

Free Report: Top 8%+ Dividends (paid monthly)

In Monday trading, New York Community Bancorp Inc.'s 6.375% Share of Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock (NYSE:NYCB.PRA) is currently down about 0.6% on the day, while the common shares (NYSE:NYCB) are off about 0.8%.

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