In trading on Thursday, shares of Manulife Financial Corp’s Non-cumulative Rate Reset Class 1 Shares Series 13 (TSX: MFC-PRK.TO) were yielding above the 6.5% mark, based on its quarterly dividend of $1.5875 per share annually. On this day, the shares reached a low price of $24.26. At last close, MFC.PRK traded at a 2.12% discount to its liquidation preference amount. Investors should note that these preferred shares are convertible, but they are non-cumulative; this means that if a payment is missed, the company is not obligated to make up the missed dividends before resuming payments to common shareholders.
The chart below illustrates the one-year performance of MFC.PRK shares compared to common shares of Manulife Financial Corp (MFC):
Historical Dividend Payments for MFC.PRK
Below is a chart detailing the historical dividend payments for Manulife Financial Corp’s Non-cumulative Rate Reset Class 1 Shares Series 13:
On Thursday, MFC.PRK shares dropped approximately 0.5%, while common shares (TSX: MFC.TO) declined about 0.7%.
Also see:
• Chase Coleman Stock Picks
• HWBK Videos
• TSCM Insider Buying
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
