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| Medallion Financial Perpetual Preferred Stock Cross 8.5% Yield MarkBy Preferred Stock Channel Staff, Wednesday, August 9, 2:53 PM ET
In trading on Wednesday, shares of Medallion Financial Corp's 8.0% Fix/Float Non-Cumulative Perpetual Preferred Stock, Ser F (NASDAQ:MBNKP) were yielding above the 8.5% mark based on its quarterly dividend (annualized to $2.00), with shares changing hands as low as $23.50 on the day. This compares to an average yield of 6.84% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, MBNKP was trading at a 2.36% discount to its liquidation preference amount, versus the average discount of 13.49% 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 MBNKP shares, versus MFIN:
Below is a dividend history chart for MBNKP, showing historical dividend payments on Medallion Financial Corp's 8.0% Fix/Float Non-Cumulative Perpetual Preferred Stock, Ser F:
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Wednesday trading, Medallion Financial Corp's 8.0% Fix/Float Non-Cumulative Perpetual Preferred Stock, Ser F (NASDAQ:MBNKP) is currently down about 3.7% on the day, while the common shares (NASDAQ:MFIN) are down about 1.9%.
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