Synovus Financial’s Preferred Stock, Series E Yield Pushes Past 5.5%


In trading on Wednesday, shares of Synovus Financial Corp’s 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: SNV.PRE) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.4688), with shares changing hands as low as $26.70 on the day. This compares to an average yield of 5.26% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, SNV.PRE was trading at a 7.36% premium to its liquidation preference amount, versus the average premium of 5.92% 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 :

SNV.PRE+Dividend+History+Chart


Free Report: Top 7%+ Dividends (paid monthly)

In Wednesday trading, Synovus Financial Corp’s 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (Symbol: SNV.PRE) is currently up about 0.3% on the day, while the common shares (Symbol: SNV) are up about 0.9%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



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