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| Synovus Financial's Preferred Stock, Series E Crosses Above 6% Yield TerritoryBy Preferred Stock Channel Staff, Thursday, May 19, 2:15 PM ET
In trading on Thursday, shares of Synovus Financial Corp's 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (NYSE:SNV.PRE) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.4688), with shares changing hands as low as $24.41 on the day. This compares to an average yield of 5.93% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SNV.PRE was trading at a 1.20% discount to its liquidation preference amount, versus the average discount of 9.34% in the "Financial" category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of SNV.PRE shares, versus SNV:
Below is a dividend history chart for SNV.PRE, showing historical dividend payments on Synovus Financial Corp's 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E :
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Thursday trading, Synovus Financial Corp's 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (NYSE:SNV.PRE) is currently up about 0.4% on the day, while the common shares (NYSE:SNV) are down about 1.8%.
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