Royal Bank of Canada Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ (RY.PR.Z)

Royal Bank of Canada Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ (RY.PR.Z $24.99)
- $24.99 P/E (TTM): 13.69X
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Algonquin Power & Utilities Corp. cumulative rate reset preferred shares Series D (AQN.PR.D $25.80)
- $25.80 Cap: $6.87B
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BCE Inc. Cumulative Redeemable First Preferred Shares Series R (BCE.PR.R $20.35)
- $20.35 P/E (TTM): 5.26X Cap: $31.93B
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Royal Bank of Canada Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ (RY.PR.Z $24.99)
- $24.99 P/E (TTM): 13.69X
- View RY.PR.Z Profile
- View Questions on RY.PR.Z
TC Energy Corporation cumulative redeemable first preferred shares series 9 (TRP.PR.E $23.32)
- $23.32 P/E (TTM): 24.85X Cap: $85.34B
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TC Energy Corporation cumulative redeemable minimum rate reset first pref shares Series 15 (TRP.PR.K $25.00)
- $25.00 P/E (TTM): 43.1X
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Emera Incorporated Cumulative Rate Reset First Preferred Shares Series C (EMA.PR.C $25.03)
- $25.03 P/E (TTM): 18.56X Cap: $20.25B
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Enbridge Inc. cumulative redeemable preference shares series 7 (ENB.PR.J $23.00)
- $23.00 P/E (TTM): 26.44X Cap: $149.94B
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Q: I have provided a sampling of the Preferred Shares I have in my holdings where most of them have rate renewals out into 2023/24. With prospect of a recession and lower interest rates I have locked in returns for the short-term, would you be able to provide some insight into why their market valuation has dropped 25-30% in most cases? Are investors doubting Royal Bank, Bell, Algonquin Power, etc of being able to meet their debt obligations?

Read Answer Asked by Ted on March 16, 2020

Royal Bank of Canada Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AZ (RY.PR.Z $24.99)
- $24.99 P/E (TTM): 13.69X
- View RY.PR.Z Profile
- View Questions on RY.PR.Z

Q: I currently hold Royal preferred RY.PR.AZ series which Royal is offering to convert to floating rate non cumulative series BA., which will pay a quarterly dividend of 2.21% over T bill rate. If the Bank of Canada decides to lower its rates, will this not affect the dividend? Should I just stay with the AZ series for another 5 yrs? They are held in a RRIF

Read Answer Asked by steve on May 06, 2019