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Synovus Financial's Preferred Stock, Series C Crosses Above 7.5% Yield Territory

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Shutterstock photo

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In trading on Tuesday, shares of Synovus Financial Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (Symbol: SNV.PRC) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.9688), with shares changing hands as low as $26.05 on the day. This compares to an average yield of 5.62% in the "Financial" preferred stock category, according to Preferred Stock Channel . As of last close, SNV.PRC was trading at a 5.20% premium to its liquidation preference amount, versus the average premium of 4.89% 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 SNV.PRC shares, versus SNV:

Performance Comparison Chart

Below is a dividend history chart for SNV.PRC, showing historical dividend payments on Synovus Financial Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C :

SNV.PRC+Dividend+History+Chart

In Tuesday trading, Synovus Financial Corp.'s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (Symbol: SNV.PRC) is currently trading flat on the day, while the common shares (Symbol: SNV) are down about 0.2%.

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.

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