Why would preferred shares trade below their purchase value? Like PACWP, trading around $17.5, with an 11% yield or so. If the bank is stable (not saying it is, just hypothetically, the regional bank crisis is universally regarded as over and everythings fine, moving on) would the shares immediately jump back to $25? And more importantly, what happens to preferreds if the bank merges with another? (Let's hypothetically say its a MOE.) Anyone with insight into the process of preferred stock in a merger of equals?
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