Sun Life Financial's Preferred Shares Series 12R Yield Pushes Past 4.5%
In trading on Wednesday, shares of Sun Life Financial Inc's Class A Non-Cumulative Rate Reset Preferred Shares Series 12R (TSX: SLF-PRI.TO) were yielding above the 4.5% mark based on its quarterly dividend (annualized to $0.9515), with shares changing hands as low as $21.09 on the day. As of last close, SLF.PRI was trading at a 15.00% 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 SLF.PRI shares, versus SLF:
Below is a dividend history chart for SLF.PRI, showing historical dividend payments on Sun Life Financial Inc's Class A Non-Cumulative Rate Reset Preferred Shares Series 12R:
In Wednesday trading, Sun Life Financial Inc's Class A Non-Cumulative Rate Reset Preferred Shares Series 12R (TSX: SLF-PRI.TO) is currently off about 0.7% on the day, while the common shares (TSX: SLF.TO) are up about 0.9%.
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