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| Synovus Financial's Preferred Stock, Series D Shares Cross 9% Yield MarkBy Preferred Stock Channel Staff, Friday, November 3, 2:33 PM ET
In trading on Friday, shares of Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (NYSE:SNV.PRD) were yielding above the 9% mark based on its quarterly dividend (annualized to $2.2412), with shares changing hands as low as $24.85 on the day. This compares to an average yield of 7.24% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SNV.PRD was trading at a 0.00% premium to its liquidation preference amount, versus the average discount of 16.07% 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.PRD shares, versus SNV:
Below is a dividend history chart for SNV.PRD, showing historical dividend payments on Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D:
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Friday trading, Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (NYSE:SNV.PRD) is currently trading flat on the day, while the common shares (NYSE:SNV) are up about 3.8%.
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