Current criteria I've written down over the last couple days for pfds:>7% yieldNear parCompany must pay a common dividendPfd must be cumulativeYou forgot one criteria: Investment grade only.>7% yield is gonna be tough to find.If you are wanting to get good info on preferred stocks, take a look here: http://www.preferredstockinvesting.com/ Spend the $20 to buy his book. It's well worth it. He has tools to help you pick preferreds, but most of them are for subscribers only. I managed to figure out several of his recommendations in the free newsletter (the symbols are blotted out in the free non-subscriber posts), but eventually a couple of us went together and bought a $200 4-member subscription. Even at $100 each, it's worth it, IMHO.Paul's spreadsheet is good, as are Joel's comments. I have both preferreds and "dividend champion" stocks. Problem with a dividend stock is that the price can drop and the dividend is not guaranteed. A dividend stock is a stock that pays a dividend. A preferred stock is essentially a bond that trades like a stock.FWIW, I bought some Dividend Champ stocks late last year. SPH, CINF, GTY, HGIC. All currently are at a capital loss. -7%, -5%, -21%, -16%.