On Monday, Stifel Financial Corporation’s 4.50% Dep Shares Non-Cumulative Preferred Stock Series D (Symbol: SF.PRD) were yielding above 6.5%, with shares trading as low as $17.12. The quarterly dividend is annualized to $1.125, compared to an average yield of 6.53% in the financial preferred stock category.
As of the last close, SF.PRD was trading at a 29.96% discount to its liquidation preference amount, significantly higher than the average discount of 11.00% in the same category. Notably, the shares are non-cumulative, meaning missed payments do not need to be compensated before resuming common dividends.
On the same trading day, SF.PRD declined by about 2.2%, while the common shares (Symbol: SF) experienced a minor drop of 0.1%.
