There are two main categories of General Motors stock; common and preferred. The preferred stock costs more, but that added price tag comes with a few extra perks. For example, preferred stock represents ownership in the company, and those shares receive priority over common stock in the event of a liquidation. GM's pricier stock also appears to have another perk – quarterly dividends.
GM announced today that preferred shareholders will receive a dividend of 59 cents per share on June 1. Anyone who holds the shares by May 15, 2011 will have rights to the extra coin, which adds up to $59.4 million for the automaker. The dividend will be the second of the year, as The General shelled out another 65 cents per share in January. Hit the jump to look over GM's brief press release.
[Sources: General Motors, ABC News | Image: Spencer Platt/Getty]
Detroit – General Motors Company (NYSE: GM) today announced its Board of Directors has approved a second quarterly dividend of $0.594 per share on its Series B mandatory convertible junior preferred stock. The dividend is payable June 1, 2011 to Series B holders of record as of May 15, 2011. The dividend is cumulative. The total amount of the dividend is approximately $59.4 million.