Which of these is most likely a characteristic of preferred stock but not of common stock?

Preferred stock is characterized by its provision of fixed dividends, making it distinct from common stock. Common stock does not guarantee a fixed dividend; instead, dividends on common shares are variable and can fluctuate based on the company’s profitability and discretionary decisions made by the board of directors.

Preferred stock typically offers a fixed dividend rate, which provides investors with a more stable income stream. This feature is appealing to income-focused investors who seek consistent returns. In contrast, the dividends of common stock can be increased, decreased, or omitted entirely based on the company's performance and policies.

Therefore, the characteristic of paying a fixed dividend is a defining feature of preferred stock and serves as a primary distinction when comparing it to common stock.