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| E-l Financial's Preference Shares, Series 2 Crosses Above 6.5% Yield TerritoryBy Preferred Stock Channel Staff, Tuesday, May 30, 2:03 PM ET
In trading on Tuesday, shares of E-l Financial's 4.75% Non-Cumulative Redeemable First Preference Shares, Series 2 (TSE:ELF.PRG.CA) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.1875), with shares changing hands as low as $18.20 on the day. As of last close, ELF.PRG.CA was trading at a 26.60% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible. 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 ELF.PRG.CA shares, versus ELF.CA:
Below is a dividend history chart for ELF.PRG.CA, showing historical dividend payments on E-l Financial's 4.75% Non-Cumulative Redeemable First Preference Shares, Series 2:
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Tuesday trading, E-l Financial's 4.75% Non-Cumulative Redeemable First Preference Shares, Series 2 (TSE:ELF.PRG.CA) is currently down about 0.8% on the day, while the common shares (TSE:ELF.CA) are off about 0.5%.
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