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| Synovus Financial's Preferred Stock, Series E Shares Cross 6.5% Yield MarkBy Preferred Stock Channel Staff, Wednesday, November 1, 2:21 PM ET
In trading on Wednesday, 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 6.5% mark based on its quarterly dividend (annualized to $1.4688), with shares changing hands as low as $22.54 on the day. This compares to an average yield of 7.45% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SNV.PRE was trading at a 9.12% discount to its liquidation preference amount, versus the average discount of 18.67% 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: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Wednesday trading, Synovus Financial Corp's 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (NYSE:SNV.PRE) is currently up about 0.3% on the day, while the common shares (NYSE:SNV) are down about 0.9%.
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