Synovus Financial's Preferred Stock, Series D Yield Pushes Past 6.5%

By Preferred Stock Channel Staff, Monday, November 21, 2:24 PM ET

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In trading on Monday, shares of Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (NYSE:SNV.PRD) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.575), with shares changing hands as low as $24.15 on the day. This compares to an average yield of 6.13% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SNV.PRD was trading at a 2.80% discount to its liquidation preference amount, versus the average discount of 10.45% 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.PRD shares, versus SNV:

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:

Free Report: Top 8%+ Dividends (paid monthly)

In Monday trading, Synovus Financial Corp's 6.300% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (NYSE:SNV.PRD) is currently down about 0.1% on the day, while the common shares (NYSE:SNV) are up about 0.4%.

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Synovus Financial's Preferred Stock, Series D Yield Pushes Past 6.5%

Synovus Financial's Preferred Stock, Series D Yield Pushes Past 6.5% | www.PreferredStockChannel.com