On 10/17/13, SLM Corp.'s 6.97% Cumulative Redeemable Preferred Stock, Series A (SLMAP) will trade ex-dividend, for its quarterly dividend of $0.8712, payable on 10/31/13. As a percentage of SLMAP's recent share price of $47.00, this dividend works out to approximately 1.85%, so look for shares of SLMAP to trade 1.85% lower — all else being equal — when SLMAP shares open for trading on 10/17/13. On an annualized basis, the current yield is approximately 7.45%, which compares to an average yield of 6.02% in the "Financial" preferred stock category, according to Preferred Stock Channel.
Three Months Free, a $100 Value, Just Submit Your Top Stock Pick! (Offer ends 11/10/2013) In Tuesday trading, SLM Corp.'s 6.97% Cumulative Redeemable Preferred Stock, Series A (SLMAP) is currently up about 0.4% on the day, while the common shares (SLM) are up about 0.1%.