Wells Fargo's Preferred Stock, Series L Crosses Above 5.5% Yield Territory

In trading on Wednesday, shares of Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L (NYSE: WFC.PRL) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $75.00), with shares changing hands as low as $1350.00 on the day. This compares to an average yield of 5.47% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, WFC.PRL was trading at a 37.60% premium to its liquidation p...