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| SLM's Preferred Stock, Series B Shares Cross 11.5% Yield MarkBy Preferred Stock Channel Staff, Wednesday, October 25, 2:27 PM ET
In trading on Wednesday, shares of SLM Corp.'s Floating-Rate Non-Cumulative Preferred Stock, Series B, par value $0.20 per share (NASDAQ:SLMBP) were yielding above the 11.5% mark based on its quarterly dividend (annualized to $7.3686), with shares changing hands as low as $64.01 on the day. This compares to an average yield of 7.38% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SLMBP was trading at a 35.04% discount to its liquidation preference amount, versus the average discount of 17.89% 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 SLMBP shares, versus SLM:
Below is a dividend history chart for SLMBP, showing historical dividend payments on SLM Corp.'s Floating-Rate Non-Cumulative Preferred Stock, Series B, par value $0.20 per share:
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Wednesday trading, SLM Corp.'s Floating-Rate Non-Cumulative Preferred Stock, Series B, par value $0.20 per share (NASDAQ:SLMBP) is currently down about 0.6% on the day, while the common shares (NASDAQ:SLM) are down about 0.4%.
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