City National Corp.'s Non-Cumulative Perpetual Preferred Stock, Series C Shares Cross 6% Yield Mark

In trading on Wednesday, shares of City National Corp.'s 5.50% Non-Cumulative Perpetual Preferred Stock, Series C (NYSE: CYN.PRC) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.375), with shares changing hands as low as $22.58 on the day. This compares to an average yield of 5.11% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, CYN.PRC was trading at a 6.40% discount to its liquidation preference amount, vers...