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ARPS (1)

ARPS (2)

Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Adjustable-Rate Preferred Stock

A preferred stock paying a dividend that varies from time to time. Usually the dividend rate is the same as the interest rate on a Treasury security, which is adjusted quarterly. They may also be backed by mortgages or mortgage-backed securities. ARPS's tend to have stable prices because a drop in the common share's price is offset by a rise in bonds, and vice versa.
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