Intact Financial Corp's Non-cumulative Rate Reset Class A Shares Series 1 Goes Ex-Dividend Soon
On 9/11/14, Intact Financial Corp's Non-cumulative Rate Reset Class A Shares Series 1 (TSX: IFC-PRA.TO ) will trade ex-dividend, for its quarterly dividend of $0.2625, payable on 9/30/14. As a percentage of IFC.PRA's recent share price of $24.30, this dividend works out to approximately 1.08%, so look for shares of IFC.PRA to trade 1.08% lower - all else being equal - when IFC.PRA shares open for trading on 9/11/14. On an annualized basis, the current yield is approximately 4.33%.
As of last close, IFC.PRA was trading at a 3.00% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible . 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 IFC.PRA shares, versus IFC:
Below is a dividend history chart for IFC.PRA, showing historical dividends prior to the most recent $0.2625 on Intact Financial Corp's Non-cumulative Rate Reset Class A Shares Series 1:
According to the ETF Finder at ETF Channel, Intact Financial Corp (TSX: IFC.TO ) makes up 2.52% of the SPDR MSCI Canada Quality Mix ETF ( QCAN ) which is trading relatively unchanged on the day Tuesday.
In Tuesday trading, Intact Financial Corp's Non-cumulative Rate Reset Class A Shares Series 1 (TSX: IFC-PRA.TO ) is currently up about 0.2% on the day, while the common shares (TSX: IFC.TO ) are down about 0.7%.