On 7/16/14, SLM Corp.'s 6.97% Cumulative Redeemable Preferred Stock, Series A (NASD: SLMAP) will trade ex-dividend, for its quarterly dividend of $0.8712, payable on 7/30/14. As a percentage of SLMAP's recent share price of $49.92, this dividend works out to approximately 1.75%, so look for shares of SLMAP to trade 1.75% lower — all else being equal — when SLMAP shares open for trading on 7/16/14. On an annualized basis, the current yield is approximately 7.01%, which compares to an average yield of 4.82% in the "Credit Services & Lending" preferred stock category, according to Preferred Stock Channel.
As of last close, SLMAP was trading at a 0.56% discount to its liquidation preference amount. The chart below shows the one year performance of SLMAP shares, versus SLM:
Below is a dividend history chart for SLMAP, showing historical dividends prior to the most recent $0.8712 on SLM Corp.'s 6.97% Cumulative Redeemable Preferred Stock, Series A:
According to the ETF Finder at ETFChannel.com, SLM Corp. (NASD: SLM) makes up 2.29% of the PowerShares DWA Financial Momentum Portfolio ETF (PFI) which is trading up by about 0.8% on the day Monday.
In Monday trading, SLM Corp.'s 6.97% Cumulative Redeemable Preferred Stock, Series A (NASD: SLMAP) is currently up about 0.4% on the day, while the common shares (NASD: SLM) are down about 0.8%.
