What is the difference between ON and PN shares on B3?
ON (common, suffix 3) carries voting rights at shareholder meetings; PN (preferred, suffix 4) usually does not vote but gets priority on dividends or capital reimbursement, depending on each company's bylaws. Both classes from the same company share the same four-letter base code.
What does the 11 suffix mean on a ticker?
It marks a unit, a bundle of more than one share class from the same company traded as a single instrument, but the same suffix is also used by ETFs, real estate funds (FIIs) and BDRs, none of which are shares of a locally listed company. You need to check the asset type, not just the suffix, to know which case you're looking at.
Why do some companies have more than one preferred share class?
Companies that needed to raise capital without diluting founder control used to issue more than one PN class, each with its own set of rights: PNA uses suffix 5 and PNB uses suffix 6, for example. It is a practice more common among companies listed decades ago than among recent IPOs.
Does common stock (ON) always trade higher than preferred (PN)?
Not necessarily. PN shares tend to have more liquidity, since they attract the volume from investors who do not care about voting rights, which sometimes leaves the PN priced higher than the ON of the same company, even without a vote at shareholder meetings.