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JPMorgan Chase (JPM) which has 7% $100 par cumulative preferred stock outstanding, has the following dividend record: last year, it paid 5% to preferred stockholders; the full preferred dividend was paid until last year. Now JPM wishes to declare a common dividend. Before JPM can pay dividends to the common shareholders, how much must it pay on each preferred share outstanding?
To pay this year's common dividend, JPM must pay the preferred stockholders the 2% not paid last year and this year's 7% dividend - in total, 9%, or $9.
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JPMorgan Chase (JPM) which has 7% $100 par cumulative preferred stock outstanding, has the following dividend record: last year, it paid 5% to preferred stockholders; the full preferred dividend was paid until last year. Now JPM wishes to declare a common dividend. Before JPM can pay dividends to the common shareholders, how much must it pay on each preferred share outstanding?
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