Markets

Cash Dividend On The Way From Bank of Nova Scotia Halifax's Non-cumulative Preferred Shares Series 15

Shutterstock photo
Shutterstock photo

Shutterstock photo

On 4/1/16, Bank of Nova Scotia Halifax's Non-cumulative Preferred Shares Series 15 (TSX: BNS-PRM.TO ) will trade ex-dividend, for its quarterly dividend of $0.2812, payable on 4/27/16. As a percentage of BNS.PRM's recent share price of $25.25, this dividend works out to approximately 1.11%, so look for shares of BNS.PRM to trade 1.11% lower - all else being equal - when BNS.PRM shares open for trading on 4/1/16. On an annualized basis, the current yield is approximately 4.47%.

As of last close, BNS.PRM was trading at a 0.60% premium 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 BNS.PRM shares, versus BNS:

Performance Comparison Chart

Below is a dividend history chart for BNS.PRM, showing historical dividends prior to the most recent $0.2812 on Bank of Nova Scotia Halifax's Non-cumulative Preferred Shares Series 15:

BNS.PRM+Dividend+History+Chart

According to the ETF Finder at ETF Channel, Bank of Nova Scotia Halifax (TSX: BNS.TO ) makes up 4.52% of the SPDR MSCI Canada Quality Mix ETF ( QCAN ) which is trading relatively unchanged on the day Wednesday.

In Wednesday trading, Bank of Nova Scotia Halifax's Non-cumulative Preferred Shares Series 15 (TSX: BNS-PRM.TO ) is currently up about 0.4% on the day, while the common shares (TSX: BNS.TO ) are trading flat.

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


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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