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Synovus Financial's Preferred Stock, Series D Yield Pushes Past 6%

In trading on Friday, shares of Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (Symbol: SNV.PRD) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.575), with shares changing hands as low as $25.88 on the day. This compares to an average yield of 5.51% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SNV.PRD was trading at a 5.24% premium to its liquidation preference amount, versus the average premium of 5.47% 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.

Performance Comparison Chart

Below is a dividend history chart for SNV.PRD, showing historical dividend payments on Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D:

SNV.PRD+Dividend+History+Chart

In Friday trading, Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (Symbol: SNV.PRD) is currently off about 0.3% on the day, while the common shares (Symbol: SNV) are up about 3.3%.

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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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