E-l Financial's Preference Shares, Series 2 Yield Pushes Past 6%

In trading on Monday, shares of E-l Financial's 4.75% Non-Cumulative Redeemable First Preference Shares, Series 2 (TSX: ELF-PRG.TO) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.1875), with shares changing hands as low as $19.64 on the day. As of last close, ELF.PRG was trading at a 20.68% 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 shares, versus ELF:

Below is a dividend history chart for ELF.PRG, showing historical dividend payments on E-l Financial's 4.75% Non-Cumulative Redeemable First Preference Shares, Series 2:

In Monday trading, E-l Financial's 4.75% Non-Cumulative Redeemable First Preference Shares, Series 2 (TSX: ELF-PRG.TO) is currently off about 0.9% on the day, while the common shares (TSX: ELF.TO) are down about 0.7%.

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