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| Medallion Financial Fix/Float Non-Cumulative Perpetual Preferred Stock, Series F About To Put More Money In Your PocketBy Preferred Stock Channel Staff, Tuesday, March 12, 2:02 PM ET
On 3/14/24, Medallion Financial Corp's 8.0% Fix/Float Non-Cumulative Perpetual Preferred Stock, Ser F (NASDAQ:MBNKP) will trade ex-dividend, for its quarterly dividend of $0.50, payable on 4/1/24. As a percentage of MBNKP's recent share price of $24.60, this dividend works out to approximately 2.03%, so look for shares of MBNKP to trade 2.03% lower — all else being equal — when MBNKP shares open for trading on 3/14/24. On an annualized basis, the current yield is approximately 8.13%, which compares to an average yield of 6.67% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, MBNKP was trading at a 1.60% discount to its liquidation preference amount. 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 dividends prior to the most recent $0.50 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 Tuesday trading, Medallion Financial Corp's 8.0% Fix/Float Non-Cumulative Perpetual Preferred Stock, Ser F (NASDAQ:MBNKP) is currently off about 1.2% on the day, while the common shares (NASDAQ:MFIN) are up about 0.6%.
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