On 8/24/15, Sun Life Financial Inc’s Class A Non-Cumulative Preferred Shares Series 2 (TSX: SLF-PRB.TO ) will trade ex-dividend, for its quarterly dividend of $0.30, payable on 9/30/15. As a percentage of SLF.PRB’s recent share price of $22.59, this dividend works out to approximately 1.33%, so look for shares of SLF.PRB to trade 1.33% lower – all else being equal – when SLF.PRB shares open for trading on 8/24/15. On an annualized basis, the current yield is approximately 5.27%.
As of last close, SLF.PRB was trading at a 8.80% discount to its liquidation preference amount. 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 SLF.PRB shares, versus SLF:
Below is a dividend history chart for SLF.PRB, showing historical dividends prior to the most recent $0.30 on Sun Life Financial Inc’s Class A Non-Cumulative Preferred Shares Series 2: According to the ETF Finder at ETF Channel, Sun Life Financial Inc (TSX: SLF.TO ) makes up 1.13% of the SPDR MSCI Canada Quality Mix ETF ( QCAN ) which is trading lower by about 1.2% on the day Thursday. In Thursday trading, Sun Life Financial Inc’s Class A Non-Cumulative Preferred Shares Series 2 (TSX: SLF-PRB.TO ) is currently down about 0.9% on the day, while the common shares (TSX: SLF.TO ) are off about 2.3%.