On Friday, shares of Apollo Global Management Inc’s 7.750% Dep Sh Rate Reset Non-Cumulative Preferred Shares Series E (Symbol: ATH.PRE) yielded above 7.5% based on a quarterly dividend of $1.9375, trading as low as $25.60. This yield surpasses the average of 6.59% for the “Financial” preferred stock category, according to Preferred Stock Channel.
As of the last close, ATH.PRE was trading at a 4.88% premium to its liquidation preference, contrasting with the average discount of 11.38% in the “Financial” category. Notably, the shares are non-cumulative, meaning missed payments do not need to be compensated before resuming common dividends.
On the same day, ATH.PRE shares were down approximately 0.3%, while common shares (Symbol: APO) declined by about 4.3%.
