Sun Life Financial's Preferred Series 8R Shares Cross 3.5% Yield Mark
In trading on Friday, shares of Sun Life Financial Inc's Class A Non-Cumulative Rate Reset Preferred Shares Series 8R (TSX: SLF-PRG.TO ) were yielding above the 3.5% mark based on its quarterly dividend (annualized to $0.5688), with shares changing hands as low as $16.21 on the day. As of last close, SLF.PRG was trading at a 34.80% 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 SLF.PRG shares, versus SLF:
Below is a dividend history chart for SLF.PRG, showing historical dividend payments on Sun Life Financial Inc's Class A Non-Cumulative Rate Reset Preferred Shares Series 8R:
In Friday trading, Sun Life Financial Inc's Class A Non-Cumulative Rate Reset Preferred Shares Series 8R (TSX: SLF-PRG.TO ) is currently down about 0.1% on the day, while the common shares (TSX: SLF.TO ) are up about 1%.