Wondering if someone could explain to me the differences between RY-N and RY.PR.T-T, RY.PR.X-T, RY.PR.R-T and there are more. I know the type are preferred rather than common but why are they so many ticker symbols? and also the price diff. $50 for common and $27 for preferred what are the differences, pros and cons etc....
Also, the person who answers this, could you explain how you know this or where I can find this info from. I do not want to always ask when I can look and do some reading myself. I really need to learn everything I can about stocks since I really enjoy it
Also, On Nasdaq website price is $50.61 and on globe and mail website price is $52.05 all I can think of is after hours but what one do you go with? what is the best site to look at up to date prices for any stock?
They are probably the different issues of preferred stocks. Most of the Cdn banks have many preferred issues. Did you look in the investor relation's section of RY's website?
So what does different issues mean? what is the purpose of having diff preferred shares
There are different series of preferred shares, issued by the company at different times and/or with different features. There is a list of RY's preferred shares here: http://www.rbc.com/investorrelations...formation.html. In general preferred shares trade based on the features they offer (dividend rate is one feature, whether that rate resets is another feature) and how those features compare to the current market. Note that the only thing about the company that might impact the price of a preferred share is whether the company is likely to continue to be able to pay the dividends. Also in general preferred shares are issued at $25 so they usually trade fairly close to that.
The difference between the NASDAQ and TSX values is likely totally related to the US/CDN exchange rate. If it isn't someone would take advantage of the difference, buying on the cheaper exchange and selling on the more expensive one.
An old post on preferred shares, might answer some of your questions.
As for the many series, it's in part because preferred shares have more in common with bonds than with common shares: new series are issued from time to time with their own set of rules and coupon rates. They are also called or redeemed on a regular basis. Nearly all preferred shares have provisions for how the shares will be redeemed: is it at the holder's option, or the company's? What's the time frame? Even for perpetual preferred shares, there's usually an expectation that the company will call them back after 10 years or so.
So you get a rolling set of preferred shares: a number of series, with some just issued, some close to being redeems, some perhaps perpetual, all with their own rules for coupons, etc.
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