SLM Corp.'s Cumulative Redeemable Preferred Stock, Series A Ex-Dividend Reminder - 10/17/13

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.

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As of last close, SLMAP was trading at a 6.40% discount to its liquidation preference amount. The chart below shows the one year performance of SLMAP shares, versus SLM:

Performance Comparison Chart

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:

SLMAP+Dividend+History+Chart
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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%.
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