Dividend Vision Lists
Preferred Stocks
A curated list of preferred stocks — hybrid securities that sit between bonds and common equity, paying a fixed or floating dividend that ranks ahead of the common, issued by banks, REITs, mortgage REITs, and utilities.
Updated September 2026 · 27 companies
DV Scorecard
Our proprietary snapshot of this list — averages and standouts, computed from the issues below. Not investment advice.
Preferred shares generally rank ahead of common equity for dividends and liquidation proceeds but behind debt. Payment terms may be fixed, floating, resetting, or convertible, and dividends can be suspended. Check the particular issue's prospectus: dividend priority does not create the same contractual payment obligation as ordinary debt.
Most preferreds are issued by banks, insurers, real estate investment trusts (REITs), mortgage REITs, and utilities — businesses that raise capital cheaply this way. They typically pay quarterly (some monthly), often yield more than the same issuer's bonds, and many are callable, meaning the issuer can redeem them at a set price after a certain date. Because their price is driven largely by interest rates and the issuer's credit, they behave differently from the common stock you may already own.
Use the table to identify issues for further research. Check the issuer, cumulative or non-cumulative terms, call and reset provisions, liquidation preference, and trading liquidity. The Distribution Safety Score is a screening aid, not an issue-specific credit rating or a guarantee of payment.
Preferred Stocks
Live data joins from our pipeline on every build — click any header to sort, or open a ticker for the full analysis. We never hard-code yields, prices, or returns.
| Ticker | Company | Role | Yield | Div growth (1y) | Safety | Fwd P/E | Market cap |
|---|---|---|---|---|---|---|---|
| JPM-PC | JPMorgan Chase Dep Shs Rep 1/400th Series CC | Fixed Income | 6.17% | 0.0% | 95 | 0.0 | $333.2B |
| BAC-PK | Bank of America Dep Shs Rep 1/1000th 5.875% Non-Cum Preferred Series K | Fixed Income | 6.34% | 0.0% | 97 | 0.0 | $250.8B |
| BAC-PL | Bank of America Dep Shs Rep 1/1000th 5.375% Non-Cum Preferred Series L | Fixed Income | 5.58% | 0.0% | 100 | 0.0 | $241.3B |
| WFC-PL | Wells Fargo Dep Shs Rep 1/1000th Series L | Fixed Income | 6.59% | 0.0% | 93 | 0.0 | $187.8B |
| MET-PA | MetLife Depositary Shares Series A | Fixed Income | 6.01% | -11.3% | 76 | 0.0 | $40.8B |
| DLR-P-K | Digital Realty Trust 5.85% Ser K Cumulative Redeemable Preferred | Fixed Income | — | 0.0% | — | 0.0 | $23.8B |
| DLR-P-J | Digital Realty Trust 5.25% Ser J Cumulative Redeemable Preferred | Fixed Income | — | 0.0% | — | 0.0 | $21.8B |
| NLY-PG | Annaly Capital Management Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred | Fixed Income | 8.21% | -6.8% | 89 | 0.0 | $13.6B |
| NLY-PF | Annaly Capital Management Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred | Fixed Income | 8.86% | -6.2% | 88 | 0.0 | $13.6B |
| VNO-P-L | Vornado Realty Trust 5.40% Series L Cumulative Redeemable Preferred | Fixed Income | — | 0.0% | — | 0.0 | $9.8B |
| AGNCN | AGNC Investment Corp 6.875% Series D Fixed-to-Floating Cumulative Redeemable Preferred | Fixed Income | 9.01% | -7.1% | 90 | 0.0 | $8.9B |
| AGNCM | AGNC Investment Corp 6.125% Series F Fixed-to-Floating Cumulative Redeemable Preferred | Fixed Income | 8.43% | -7.6% | 91 | 0.0 | $8.8B |
| AGNCP | AGNC Investment Corp. | Equity | 8.77% | +44.3% | 100 | 0.0 | $6.5B |
| TWO-PA | Two Harbors Investment Corp 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred | Fixed Income | 8.04% | 0.0% | 100 | 0.0 | $3.2B |
| STRD | Perpetual Stride Preferred Stock | Fixed Income | 13.18% | — | 50 | 0.0 | $902M |
| ADC-PA | Agree Realty Corporation 4.25% Series A Cumulative Redeemable Preferred Stock | Fixed Income | 6.34% | 0.0% | 93 | 0.0 | — |
| BEP-PA | Brookfield Renewable Partners L.P. 5.25% Class A Preferred Limited Partnership Units Series 17 | Fixed Income | 7.78% | +1.1% | 89 | 0.0 | — |
| BIP-PB | Brookfield Infrastructure Partners L.P. 5.00% Class A Preferred Limited Partnership Units Series 14 | Fixed Income | 7.58% | 0.0% | 87 | 0.0 | — |
| EPR-P-C | EPR Properties 5.75% Series C Cumulative Convertible Preferred | Fixed Income | — | — | — | 0.0 | — |
| JPM-PJ | JPMorgan Chase Dep Shs Rep 1/400th Series JJ | Fixed Income | 6.45% | 0.0% | 87 | 0.0 | — |
| LANDO | Gladstone Land Corporation 6.00% Series B Cumulative Redeemable Preferred Stock | Fixed Income | 7.25% | -6.3% | 94 | 0.0 | — |
| NEE-PN | NextEra Energy, Inc. Series N Equity Units | Fixed Income | — | — | — | 0.0 | — |
| PSA-P-G | Public Storage 4.875% Dep Shs Rep 1/1000th Pfd Ser G | Fixed Income | — | — | — | 0.0 | — |
| SATA | Strive, Inc. Variable Rate Series A Perpetual Preferred Stock | Fixed Income | 13.00% | — | 83 | 0.0 | — |
| STRC | Strategy Variable Rate Series A Perpetual Stretch Preferred Stock | Fixed Income | 13.30% | +16.3% | 77 | 0.0 | — |
| STRF | Perpetual Strife Preferred Stock | Fixed Income | — | — | 50 | 0.0 | — |
| STRK | Perpetual Strike Preferred Stock | Fixed Income | 10.29% | — | 50 | 0.0 | — |
Why this list matters
Preferreds offer bond-like income that ranks ahead of common equity, often at a higher yield than the issuer's bonds — but call risk, interest-rate sensitivity, and credit risk make them their own asset class.
Who it's for
- Income investors who want steady, bond-like payments that rank above the common
- Those seeking more yield than an issuer's bonds without moving all the way to common stock
- Investors building an income sleeve from banks, REITs, and utilities
- Holders comparing a preferred they own against peers on yield, credit, and call risk
Benefits
- Contractual preference relative to common equity, subject to the issue's terms
- Different payment structures for comparing fixed, floating, and resetting exposure
- Cumulative provisions on some issues preserve arrears ahead of common dividends
Risks
- Call risk — the issuer can redeem at par after the call date, capping upside on premium-priced shares
- Interest-rate sensitivity — prices fall when rates rise, especially on fixed-rate perpetuals
- Credit risk — a struggling issuer can suspend non-cumulative dividends with no obligation to repay
- Limited upside — preferreds rarely appreciate much above their call price
What to watch
- Whether the dividend is cumulative or non-cumulative — it changes what happens if the issuer skips a payment
- The call date and price, and whether the share trades above or below par
- Fixed, floating, or resetting terms; reset dates and call dates need not be the same
- Issuer finances and issue-specific ranking, covenants, and dividend terms
How we rank these investments
Use the available table columns as a starting point. The research checklist below also includes information to verify in issuer reports and prospectuses; not every item is a displayed metric. This curated universe is not a ranked buy list.
- Dividend yield. The current dividend as a share of price. Preferred yields often exceed the same issuer's bonds; compare them against call risk and credit.
- Cumulative vs. non-cumulative. Cumulative preferreds must repay any skipped dividends before the common is paid; non-cumulative ones (common at banks) do not.
- Call risk. Most preferreds are callable at par after a set date. A share trading above par can be redeemed out from under a capital loss.
- Interest-rate sensitivity. Fixed-rate perpetuals can be sensitive to rates. Floating or reset terms can change that exposure, but do not eliminate credit, spread, or call risk. Check the actual reset date and formula.
- Distribution Safety Score. Dividend Vision's model-based screening score is not a credit rating or a guarantee of payments. Review issuer disclosures and the underlying evidence before relying on a payout.
- Issuer & sector. Banks, REITs, mortgage REITs, and utilities dominate the market, and each sector's preferreds carry a different risk profile.
- Payment frequency. Most preferreds pay quarterly; some pay monthly, which suits investors living on the income.
Frequently asked questions
What is a preferred stock?
A preferred stock is a hybrid security that pays a set dividend ranking ahead of common-stock dividends and sits above the common if the company is liquidated. In return for that priority it gives up most of the common's upside, so it trades more like a bond. This page tracks 27 preferred issues with live data.
How is a preferred different from a bond?
Preferred equity generally ranks behind debt and ahead of common equity. Its dividends may be suspended, and many issues have no maturity date. Debt has its own contractual terms, including possible deferral provisions for some subordinated securities. Exchange-listed notes such as PFH are debt, not preferred shares, and are excluded here.
How is a preferred different from common stock?
Preferred dividends are set and must be paid before any common dividend, and preferreds rank ahead of the common in a wind-up. But preferreds usually don't vote, rarely grow their dividend, and have limited price upside — you're buying income and priority, not growth.
What does cumulative vs. non-cumulative mean?
Cumulative terms generally require missed preferred dividends to be addressed before common dividends resume. Non-cumulative terms generally do not preserve missed dividends. Neither provision guarantees timely cash payments or recovery in insolvency; read the issue's terms.
What is call risk?
Most preferreds are callable: after a set date the issuer can redeem them, usually at their $25 par value. If you paid a premium above par, a call locks in a capital loss and ends the income. Checking the call date and whether a share trades above or below par is central to buying preferreds.
What is a fixed-to-floating preferred?
It pays at a fixed rate for an initial period, then uses a reference rate plus a spread under its terms. The floating-rate start date may coincide with a call date but is not defined by it. Fixed-to-fixed reset preferreds use a different reset structure. Check the formula, dates, and fallback provisions in the prospectus.
Are preferred dividends safe?
Dividends can be suspended and the share price can fall. Issuer finances, ranking, cumulative terms, call provisions, and trading liquidity all matter. A model score or preference over common shares does not guarantee the payment or protect the purchase price.
How are preferred dividends taxed?
Many preferred dividends qualify for the lower qualified-dividend tax rate, but some — notably many REIT and mortgage-REIT preferreds — are taxed as ordinary income, and a few are structured as bond-like securities that pay interest. Tax treatment depends on the issue and your situation — this is general information, not tax advice.
Why do so many preferreds come from banks and REITs?
Preferreds are an efficient way for those businesses to raise capital: banks use them to meet regulatory capital rules, and REITs and mortgage REITs use them to fund assets without diluting common holders or adding senior debt. That's why financials and real estate dominate the preferred market.
How often is this list updated?
The membership is curated, while yields, prices, and Safety Scores refresh from our data pipeline on every build. The figures reflect the most recent data run.
Related lists
Related tools
Take any name on this list further with Dividend Vision's free tools.
Learn the method
The metrics and risks behind this list, explained in the Academy.
