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In trading on Wednesday, shares of Old National Bancorp's 7.00% Dep Shares Non-Cumul Preferred Stock Ser A (Symbol: ONBPP) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.75), with shares changing hands as low as $24.73 on the day. This compares to an average yield of 6.67% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, ONBPP was trading at a 1.00% premium to its liquidation preference amount, versus the average discount of 9.31% in the "Financial" category. 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.

Below is a dividend history chart for ONBPP, showing historical dividend payments on Old National Bancorp's 7.00% Dep Shares Non-Cumul Preferred Stock Ser A:

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

In Wednesday trading, Old National Bancorp's 7.00% Dep Shares Non-Cumul Preferred Stock Ser A (Symbol: ONBPP) is currently off about 1.9% on the day, while the common shares (Symbol: ONB) are down about 5.7%.

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