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I'd like to purchase some preferred stocks (or at least look into it), but I am not really sure how I could go about doing this.

I currently use Scottrade for most of my investing.

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1 Answer 1

Preferred stock is traded on the market, so you can just buy it like any other. The symbol for a preferred stock is the ticker symbol followed by a dash and a letter for each class of preferred stock.

Examples:

  • F-A (Ford Preferred Class A)
  • JPM-B (JPMorgan Chase Class B)

Generally speaking, you should buy Preferred stock with the intention of holding onto it for at least a couple of years. Often preferred shares are lightly traded and have wide spreads that made it difficult to make money in the short term.

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