Wells Fargo's Preferred Stock, Series P Yield Pushes Past 5%

In trading on Tuesday, shares of Wells Fargo & Co.'s Non-Cumulative Perpetual Class A Preferred Stock, Series P (NYSE: WFC.PRP) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.3125), with shares changing hands as low as $26.18 on the day. This compares to an average yield of 5.42% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, WFC.PRP was trading at a 5.16% premium to its liquidation preference amount, versus...