Preferred stock investors have ignored the last three interest rate hikes from the Federal Reserve. Despite three rate hikes over the last seven months, preferred stock buyers have pushed the average price of these securities up by $1.23 per share so far this year, a 10.0 percent annualized value gain for preferred stock investors. There are currently 100 high-quality preferred stocks selling for an average price of $25.92 per share. 16 of these high-quality (investment grade, call-protected, cumulative dividends) issues are selling below their $25 par value, providing an average yield-to-call of 6.04 percent...
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