Manulife Financial's Preferred Series 13 Shares Cross 5.5% Yield Mark
In trading on Thursday, shares of Manulife Financial Corp.'s Non-cumulative Rate Reset Class 1 Shares Series 13 (TSX: MFC-PRK.TO ) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $0.95), with shares changing hands as low as $16.28 on the day. As of last close, MFC.PRK was trading at a 30.12% 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 MFC.PRK shares, versus MFC:
Below is a dividend history chart for MFC.PRK, showing historical dividend payments on Manulife Financial Corp.'s Non-cumulative Rate Reset Class 1 Shares Series 13:
In Thursday trading, Manulife Financial Corp.'s Non-cumulative Rate Reset Class 1 Shares Series 13 (TSX: MFC-PRK.TO ) is currently off about 5.1% on the day, while the common shares (TSX: MFC.TO ) are up about 0.2%.