Ex-Div Reminder for Sun Life Financial's Preferred Shares Series 4
On 2/23/15, Sun Life Financial Inc's Class A Non-Cumulative Preferred Shares Series 4 (TSX: SLF-PRD.TO ) will trade ex-dividend, for its quarterly dividend of $0.2781, payable on 3/31/15. As a percentage of SLF.PRD's recent share price of $24.14, this dividend works out to approximately 1.15%, so look for shares of SLF.PRD to trade 1.15% lower - all else being equal - when SLF.PRD shares open for trading on 2/23/15. On an annualized basis, the current yield is approximately 4.61%.
As of last close, SLF.PRD was trading at a 3.44% 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 SLF.PRD shares, versus SLF:
Below is a dividend history chart for SLF.PRD, showing historical dividends prior to the most recent $0.2781 on Sun Life Financial Inc's Class A Non-Cumulative Preferred Shares Series 4:
In Thursday trading, Sun Life Financial Inc's Class A Non-Cumulative Preferred Shares Series 4 (TSX: SLF-PRD.TO ) is currently trading flat on the day, while the common shares (TSX: SLF.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.