Preferred stock symbols add a preferred marker and a series letter to the common ticker, and the exact format depends on the data provider. Bank of America Series L preferred, for example, is BAC.PR.L or BAC-PL on NYSE-style listings, BAC-PL on Yahoo Finance, and BAC.P.L in MarketXLS (QuoteMedia format). Once you have the MarketXLS symbol, formulas such as =Last("BAC.P.L") and =DividendYield("BAC.P.L") return its price and yield in Excel.
Try it in your own spreadsheet
Get the free MarketXLS sample workbook (.xlsx).
No account needed. MarketXLS live data requires a paid plan. Preview workbook
Explore more videos
In this comprehensive guide, you will learn what preferred stocks are, how their ticker symbols are structured across major exchanges, how to look them up in MarketXLS, and how to use Excel functions to analyze preferred share dividends, pricing, and fundamentals. We also compare preferred stocks to common stocks and bonds, answer frequently asked questions, and show you practical formula examples you can use today.
What Are Preferred Stocks?
Preferred stocks are a class of equity that sits between common stock and bonds in a company's capital structure. They offer shareholders several distinct advantages:
- Priority dividends: Preferred stockholders receive dividend payments before common stockholders. Most preferred shares pay a fixed dividend rate, making their income stream predictable.
- Liquidation preference: In the event of bankruptcy or liquidation, preferred shareholders are paid after bondholders but before common shareholders.
- Limited voting rights: Unlike common stockholders, preferred shareholders typically do not have voting rights in corporate decisions.
- Fixed income characteristics: Because of their fixed dividend payments, preferred stocks behave similarly to bonds, offering relative price stability compared to common shares.
Preferred stocks appeal to conservative, income-focused investors who want regular dividend income without the volatility of common stock. They are widely issued by financial institutions, utilities, and REITs.
Types of Preferred Stock
Not all preferred shares are the same. Understanding the different types helps you interpret preferred stock symbols and make informed investment decisions:
| Type | Description | Key Feature |
|---|---|---|
| Cumulative | Unpaid dividends accumulate and must be paid before common dividends | Dividend protection |
| Non-Cumulative | Missed dividends are forfeited permanently | Higher yield (to compensate risk) |
| Convertible | Can be converted into a set number of common shares | Upside potential |
| Callable | Issuer can redeem shares at a predetermined price after a set date | Interest rate risk |
| Participating | Shareholders receive extra dividends if the company exceeds certain profit targets | Profit sharing |
| Perpetual | No maturity date; pays dividends indefinitely | Long-term income |
| Adjustable-Rate | Dividend rate adjusts based on a benchmark (e.g., Treasury rate) | Less interest rate risk |
How Preferred Stock Symbols Work
Preferred stock symbols use specific suffixes and formatting conventions to distinguish them from common stock tickers. These conventions vary by exchange and data provider, which is why understanding the symbol structure matters.
Symbol Conventions by Exchange
| Exchange / Provider | Common Stock | Preferred Stock Format | Example |
|---|---|---|---|
| NYSE | BAC | BAC.PR.L or BAC-PL | Bank of America Series L |
| NASDAQ | ZIONP | ZIONP | Zions Bancorp Preferred |
| MarketXLS / QuoteMedia | BAC | BAC.P.L | Bank of America Series L |
| Yahoo Finance | BAC | BAC-PL | Bank of America Series L |
| Bloomberg | BAC | BAC/PL | Bank of America Series L |
Key conventions for preferred stock symbols:
- ".P" or ".PR" suffix: The most common indicator that a ticker represents a preferred share. In MarketXLS, preferred stock symbols typically use the
.P.format followed by the series letter. - Series letter: Many companies issue multiple series of preferred stock (Series A, B, C, etc.). The series letter appears after the preferred indicator — for example,
MS.P.Ofor Morgan Stanley Series O preferred. - Depositary shares: Some preferred stocks trade as depositary shares, representing a fraction of a full preferred share. These still use the
.P.convention.
How to Look Up Preferred Stock Symbols
Finding the correct preferred stock symbol requires checking your data provider's specific format. Here are reliable approaches:
- MarketXLS Symbol Lookup: Use MarketXLS's built-in symbol lookup to search for a company name and find all associated preferred share tickers.
- QuantumOnline: The website quantumonline.com maintains a comprehensive database of preferred stock symbols across different data providers.
- Exchange websites: NYSE and NASDAQ list preferred shares under the parent company's securities.
- SEC filings: Prospectuses and annual reports list the exact terms and trading symbols for each preferred series.
Analyzing Preferred Stock Symbols in Excel with MarketXLS
Once you have the correct preferred stock symbol, MarketXLS provides powerful Excel functions to pull live and historical data. Here are the key functions for preferred stock analysis:
Getting the Current Price
To get the latest trading price of a preferred stock:
=Last("BAC.P.L")
Formula documentation: Last
This returns the last traded price for Bank of America Series L preferred stock. You can use this for any preferred stock symbol in the MarketXLS format.
For QuoteMedia-sourced data:
=QM_Last("BAC.P.L")
Formula documentation: QM_Last
Analyzing Preferred Stock Dividends
Dividends are the primary reason investors buy preferred stocks. MarketXLS offers several functions to analyze dividend characteristics:
Dividend Yield:
=DividendYield("BAC.P.L")
Formula documentation: DividendYield
This returns the current annual dividend yield as a percentage, allowing you to compare yields across different preferred shares and asset classes.
Dividend Per Share:
=DividendPerShare("BAC.P.L")
Formula documentation: DividendPerShare
Returns the annual dollar amount of dividends paid per share. For preferred stocks with fixed dividends, this amount remains constant.
Dividend Frequency:
=DividendFrequency("BAC.P.L")
Formula documentation: DividendFrequency
Shows how often dividends are paid (quarterly, semi-annually, monthly, etc.). Most preferred stocks pay quarterly dividends.
Historical Preferred Share Data
For fundamental analysis of preferred shares in a company's capital structure:
Preferred Shares Outstanding:
=hf_Preferred_shares("BAC", 2024)
Formula documentation: hf_Preferred_shares
Returns the total value of preferred shares for the specified year.
Preferred Stock Equity:
=hf_Preferred_stock_equity("BAC", 2024)
Formula documentation: hf_Preferred_stock_equity
Returns the preferred stock equity value from the balance sheet for the specified year.
Preferred Dividends Impact:
=hf_Preferred_dividends_income_statement_impact("BAC", 2024)
Formula documentation: hf_Preferred_dividends_income_statement_impact
Shows the impact of preferred dividend payments on the income statement, useful for understanding how preferred dividends reduce earnings available to common shareholders.
Building a Preferred Stock Screening Spreadsheet
Here is a practical layout for tracking multiple preferred stocks in Excel:
| Column | Formula | Purpose |
|---|---|---|
| A: Symbol | BAC.P.L | Preferred stock ticker |
| B: Price | =Last(A2) | Current trading price |
| C: Div Yield | =DividendYield(A2) | Annual dividend yield |
| D: Div/Share | =DividendPerShare(A2) | Annual dividend per share |
| E: Div Frequency | =DividendFrequency(A2) | Payment frequency |
Replicate this for each preferred stock symbol in your watchlist. You can sort by dividend yield to quickly identify the highest-yielding preferred shares.
Preferred Stocks vs. Common Stocks vs. Bonds
Understanding where preferred stocks fit in the investment landscape helps you decide when to include them in your portfolio. Here is a detailed comparison:
| Feature | Preferred Stock | Common Stock | Corporate Bond |
|---|---|---|---|
| Dividend/Interest | Fixed (usually) | Variable (if any) | Fixed coupon |
| Dividend Priority | Before common stock | Last | Interest paid first |
| Voting Rights | Usually none | Yes | None |
| Price Volatility | Moderate | High | Low |
| Liquidation Priority | After bonds, before common | Last | First |
| Upside Potential | Limited (unless convertible) | Unlimited | Limited to par + interest |
| Income Predictability | High | Low | High |
| Interest Rate Sensitivity | High | Moderate | High |
| Tax Treatment | Often qualified dividends | Qualified dividends | Ordinary income |
| Maturity Date | Usually none (perpetual) | None | Fixed maturity |
When to Choose Preferred Stocks
Preferred stocks make the most sense when:
- You need predictable income from fixed dividend payments
- You want higher yields than most investment-grade bonds offer
- You prefer less volatility than common stocks
- You are building a diversified income portfolio across asset classes
- You want tax advantages from qualified dividend treatment
When Common Stock or Bonds May Be Better
- Growth focus: Common stocks offer unlimited upside potential
- Safety focus: Investment-grade bonds have higher liquidation priority
- Voting rights: Only common stock provides shareholder voting
- Inflation protection: Adjustable-rate preferred stocks or TIPS may be better for inflation hedging
What Are the Tax Implications of Preferred Stock Dividends?
Tax treatment is a key consideration for preferred stock investors. Most preferred stock dividends qualify for favorable tax treatment:
- Qualified dividends: If holding period requirements are met (generally held for more than 60 days during the 121-day period surrounding the ex-dividend date), preferred stock dividends are taxed at the lower qualified dividend rate — typically 0%, 15%, or 20% depending on your income bracket.
- Non-qualified dividends: Some preferred stocks (particularly those issued by REITs or certain financial institutions) pay non-qualified dividends taxed at ordinary income rates.
- State and local taxes: May apply depending on your jurisdiction.
- Trust preferred securities: These may have different tax characteristics, as payments may be classified as interest rather than dividends.
Always consult a qualified tax professional for advice specific to your situation.
How Preferred Stocks Fit in a Balanced Portfolio
Preferred stocks serve a specific role in portfolio construction:
- Income generation: Their fixed dividends provide reliable cash flow, complementing bond income and common stock dividends.
- Diversification: Preferred stocks have different risk-return characteristics than both common stocks and bonds, adding another dimension to portfolio diversification.
- Reduced volatility: Adding preferred stocks to an equity-heavy portfolio can lower overall portfolio volatility.
- Yield enhancement: In low-interest-rate environments, preferred stocks often offer higher yields than investment-grade bonds.
A typical allocation might include 5-15% of a fixed-income or balanced portfolio in preferred stocks, depending on your income needs and risk tolerance.
You can track your portfolio's overall risk using MarketXLS functions:
=Beta("BAC.P.L")
=StandardDeviationOnClosePrice("BAC.P.L")
Formula documentation: Beta, StandardDeviationOnClosePrice
Methods for Finding and Analyzing Preferred Stock Data
| Method | Pros | Cons | Best For |
|---|---|---|---|
| MarketXLS Excel Functions | Live data, formula-driven, customizable screening | Requires subscription | Active investors building spreadsheets |
| QuantumOnline | Free, comprehensive symbol database | Manual lookup, no live data | Finding correct symbols |
| Brokerage Platforms | Integrated with trading, real-time quotes | Limited analytical tools | Quick quotes and trading |
| SEC EDGAR | Official filings, prospectus details | Dense legal documents | Due diligence on specific issues |
| Financial News Sites | Free, easy to access | Limited preferred stock coverage | General research |
| Bloomberg Terminal | Institutional-grade data, screening | Very expensive | Professional investors |
MarketXLS combines a data feed with Excel's analysis tools, at a lower cost than institutional terminals. You can pull preferred stock symbols, dividends, pricing, and fundamentals into a single spreadsheet for side-by-side comparison.
Practical Example: Screening Preferred Stocks by Yield
Here is a step-by-step example of using MarketXLS to screen preferred stocks:
Step 1: List your preferred stock symbols in column A:
BAC.P.L
MS.P.O
JPM.P.M
WFC.P.Z
GS.P.D
Step 2: In column B, pull the current price:
=Last(A2)
Formula documentation: Last
Step 3: In column C, get the dividend yield:
=DividendYield(A2)
Formula documentation: DividendYield
Step 4: In column D, get dividends per share:
=DividendPerShare(A2)
Formula documentation: DividendPerShare
Step 5: In column E, check dividend frequency:
=DividendFrequency(A2)
Formula documentation: DividendFrequency
Step 6: Sort by column C (dividend yield) descending to find the highest-yielding preferred shares in your list.
This gives you a quick, data-driven comparison of preferred stock symbols from major financial institutions, all powered by live data in Excel.
Common Preferred Stock Symbol Formats by Company
Here are examples of preferred stock symbols for well-known companies, showing the typical format used in MarketXLS:
| Company | Common Ticker | Preferred Symbol | Series |
|---|---|---|---|
| Bank of America | BAC | BAC.P.L | Series L |
| Morgan Stanley | MS | MS.P.O | Series O |
| JPMorgan Chase | JPM | JPM.P.M | Series M |
| Wells Fargo | WFC | WFC.P.Z | Series Z |
| Goldman Sachs | GS | GS.P.D | Series D |
| Citigroup | C | C.P.J | Series J |
| U.S. Bancorp | USB | USB.P.H | Series H |
| Capital One | COF | COF.P.N | Series N |
Note that preferred stock symbols may change as companies issue new series or redeem existing ones. Always verify the current symbol with your data provider before trading.
Understanding Preferred Stock Dividend Mechanics
How Preferred Stock Dividends Work
Preferred stock dividends follow a structured process:
- Declaration date: The company's board of directors declares the dividend amount and payment date.
- Ex-dividend date: The cutoff date for eligibility. You must own shares before this date to receive the dividend.
- Record date: The company checks its records to determine who owns shares.
- Payment date: Dividends are distributed to shareholders.
Most preferred stocks pay quarterly fixed dividends. The annual dividend amount is typically expressed as a percentage of the par value (usually $25) or as a fixed dollar amount.
Cumulative vs. Non-Cumulative Dividends
This distinction matters significantly for risk assessment:
- Cumulative preferred stock: If the company misses a dividend payment, the unpaid dividends accumulate as "dividends in arrears." All accumulated dividends must be paid before any common stock dividends can be distributed. This provides stronger investor protection.
- Non-cumulative preferred stock: Missed dividends are permanently forfeited. The company has no obligation to pay them later. This carries higher risk but often comes with a higher yield to compensate.
Interest Rate Sensitivity
Preferred stocks are highly sensitive to interest rate changes because of their fixed-income characteristics:
- Rising rates: Preferred stock prices tend to fall, as new issues offer higher yields, making existing lower-yield shares less attractive.
- Falling rates: Preferred stock prices tend to rise, and callable preferred stocks may be redeemed by the issuer to reissue at lower rates.
This interest rate sensitivity is an important risk factor to monitor using historical pricing data:
=Last("BAC.P.L")
Formula documentation: Last
Risks of Investing in Preferred Stocks
While preferred stocks offer attractive features, they also carry specific risks:
- Call risk: Callable preferred stocks can be redeemed by the issuer, typically at par value, potentially cutting off your income stream.
- Interest rate risk: Rising rates cause preferred stock prices to decline.
- Credit risk: If the issuer's financial health deteriorates, dividend payments may be suspended.
- Liquidity risk: Preferred stocks often trade with lower volume than common stocks, making large positions harder to exit.
- Inflation risk: Fixed dividends lose purchasing power over time in inflationary environments.
- Subordination risk: In bankruptcy, preferred shareholders are paid after all debt holders.
Frequently Asked Questions About Preferred Stock Symbols
How do I find the ticker symbol for a specific preferred stock?
Preferred stock symbols vary by data provider. In MarketXLS, they typically use the format TICKER.P.SERIES (e.g., BAC.P.L). You can also check QuantumOnline for a comprehensive cross-reference of preferred stock symbols across different platforms. Use MarketXLS's symbol lookup feature to search by company name.
What is the difference between .P and .PR in preferred stock symbols?
Both .P and .PR indicate a preferred share, but the specific format depends on the exchange and data provider. MarketXLS uses .P. followed by the series letter. NYSE and NASDAQ may use -P or -PR in their official listings. The underlying security is the same regardless of the symbol format used by different platforms.
Can I get real-time preferred stock data in Excel?
Yes, on the Advanced and Business plans; the Standard plan provides 15-minute delayed quotes. Functions like =Last("BAC.P.L"), =DividendYield("BAC.P.L"), and =DividendPerShare("BAC.P.L") refresh when the workbook recalculates.
How do preferred stock dividends compare to bond interest payments?
Both provide fixed income, but they differ in important ways. Preferred stock dividends are paid from after-tax corporate earnings and are often taxed at the lower qualified dividend rate for investors. Bond interest is a pre-tax expense for the company and is typically taxed as ordinary income for investors. Preferred dividends can also be suspended without triggering default, while missed bond payments constitute a default.
Are preferred stocks a good investment for retirees?
Preferred stocks can be suitable for income-focused investors, including retirees, because of their fixed dividend payments and relatively lower volatility compared to common stocks. However, they carry interest rate risk, call risk, and credit risk. A diversified approach — holding preferred stocks alongside bonds, common stocks, and other assets — is generally recommended. This is not investment advice; consult a qualified financial advisor for personalized guidance.
How many series of preferred stock can a company issue?
There is no fixed limit. Large financial institutions like Bank of America and JPMorgan Chase have issued dozens of preferred stock series over the years, each with different terms (dividend rates, call dates, conversion features). Each series gets its own preferred stock symbol — for example, Bank of America has Series B, E, K, L, and many others.
Start Analyzing Preferred Stock Symbols in Excel
MarketXLS gives you the tools to find, track, and analyze preferred stock symbols directly in Excel. With functions for live pricing, dividend yields, dividend per share, payment frequency, and historical fundamentals, you can build a complete preferred stock screening and monitoring system.
Explore MarketXLS pricing and plans → | Visit MarketXLS
Use the MarketXLS Templates library to get started quickly with pre-built spreadsheets for income investing, dividend analysis, and preferred stock screening.
Disclaimer
None of the content published on marketxls.com constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. The author is not offering any professional advice of any kind. The reader should consult a professional financial advisor to determine their suitability for any strategies discussed herein.
