On Tuesday, RenaissanceRe Holdings Ltd.’s 5.750% Series F Preference Shares (Symbol: RNR.PRF) yielded above 6.5%, with shares trading as low as $22.08. The annualized dividend is $1.4376, compared to an average yield of 6.53% in the Financial preferred stock category.
As of the last close, RNR.PRF was trading at an 11.32% discount to its liquidation preference amount, higher than the average discount of 9.24% for the Financial category. These shares are non-cumulative, meaning missed payments do not need to be made up before resuming common dividends. On the same day, RNR.PRF was down approximately 0.2%, while common shares (RNR) rose by about 1.3%.
