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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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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.

  • In the US, syntax for preferred stock symbols isn't standardized from broker to broker as well as FROM web site to web site. The symbol for the Bank America "E" preferred could be BAC-E, BAC-PE, BAC.pE, BACpE, BAC^E, BAC PRE, BAC.P.E, BACPRE, BAC_pE. It can be frustrating. – Bob Baerker Sep 28 '18 at 13:56

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