$FN common vs preferred shares questions

I've been looking into $FN since it has a high annual dividend yield and discovered they have common and preferred shares.

For the common shares it's currently at $27.15 and a monthly dividend of $0.154/share ( with a historical upward trend for dividends). Annual yield of 6.814%.

Preferred shares currently at $14 with a quarterly dividend of $0.174 ( historically downward trend for dividends). Annual yield of 4.982%.

Why would people choose to buy preferred shares if you can earn more through dividends in the common shares? What am I missing? I would definitely buy common over the preferred.

Any insight will be appreciated, thank you.

Submitted July 03, 2017 at 01:21PM by giraffefood http://ift.tt/2uiwmdw