Credit: Shutterstock photoIn trading on Thursday, shares of RenaissanceRe Holdings Ltd.'s 5.375% SERIES E PREFERENCE SHARES (Symbol: RNR.PRE) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.3436), with shares changing hands as low as $20.52 on the day. This compares to an average yield of 6.19% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, RNR.PRE was trading at a 15.52% discount to its liquidation preference amount, versus the average discount of 3.38% 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 RNR.PRE shares, versus RNR:
Below is a dividend history chart for RNR.PRE, showing historical dividend payments on RenaissanceRe Holdings Ltd.'s 5.375% SERIES E PREFERENCE SHARES :
In Thursday trading, RenaissanceRe Holdings Ltd.'s 5.375% SERIES E PREFERENCE SHARES (Symbol: RNR.PRE) is currently off about 2% on the day, while the common shares (Symbol: RNR) are down about 3.4%.
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.
