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Synovus Financial's Preferred Stock, Series C Crosses Above 7.5% Yield Territory


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In trading on Tuesday, shares of Synovus Financial Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (Symbol: SNV.PRC) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9688), with shares changing hands as low as $26.05 on the day. This compares to an average yield of 5.62% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, SNV.PRC was trading at a 5.20% premium to its liquidation preference amount, versus the average premium of 4.89% 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 SNV.PRC shares, versus SNV:

Performance Comparison Chart

Below is a dividend history chart for SNV.PRC, showing historical dividend payments on Synovus Financial Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C :

SNV.PRC+Dividend+History+Chart

In Tuesday trading, Synovus Financial Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (Symbol: SNV.PRC) is currently trading flat on the day, while the common shares (Symbol: SNV) are down about 0.2%.

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



This article appears in: Investing
Referenced Symbols: SNV



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