floating-rate preferred stock

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Floating-Rate Preferred Stock

A preferred stock paying a dividend that varies from time to time. Usually, the dividend rate is the same as the interest rate on a Treasury security. They may also be backed by mortgages or mortgage-backed securities. Floating-rate preferred stocks tend to have stable prices because a drop in the common share's price is offset by a rise in bonds, and vice versa.

floating-rate preferred stock

A special and unusual type of preferred stock with a dividend that is reset at specified intervals according to a predetermined formula. Floating-rate preferred stock contrasts with most preferred stock issues that pay a fixed quarterly dividend. Floating-rate preferred stock issues do not generally fluctuate much in price because the dividend is automatically adjusted to keep the shares selling near to par. Also called adjustable-rate preferred stock, variable-rate preferred stock.
References in periodicals archive ?
(TSX: AZP.PR.A, AZP.PR.B and AZP.PR.C) (the 'Corporation'), a subsidiary of Atlantic Power, announced that the Corporation has declared quarterly dividends of Cdn$0.303125 per share on its Cumulative Redeemable Preferred Shares, Series 1 (the 'Series 1 Shares'), Cdn$0.348125 on its Cumulative Rate Reset Preferred Shares, Series 2 (the 'Series 2 Shares') and Cdn$0.364858 on its Cumulative Floating Rate Preferred Shares, Series 3 (the 'Series 3 Shares').
Holders of Preferred Shares Series BM will, subject to certain conditions, have the right to convert all or any part of their shares to Non-Cumulative Floating Rate Preferred Shares Series BN on August 24, 2021 and on August 24 every five years thereafter.
Fannie Mae also priced $2.5 billion of Non-Cumulative Preferred Stock Series O with a stated value of $50 per share and is a non-convertible floating rate preferred stock with an original coupon of 7.00 percent.
Atlantic Power Corporation and its subsidiary Atlantic Power Preferred Equity Ltd (TSX:AZP.PR.A) (TSX:AZP.PR.B) (TSX:AZP.PR.C) declared on Friday quarterly dividends of CAD0.303125 per share on its cumulative redeemable preferred shares, Series 1; CAD0.348125 on its cumulative rate reset preferred shares, Series 2; as well as CAD0.293125 on its cumulative floating rate preferred shares, Series 3.
(TSX: SLF) (NYSE: SLF) has reported 1,080,072 of its 8,000,000 Class A non-cumulative rate reset preferred shares series 10R have been elected for conversion on a one-for-one basis, into Class A non-cumulative floating rate preferred shares series 11QR, the company said.
TORONTO, ON: The Bank of Nova Scotia ("Scotiabank") (TSX: BNS) (NYSE: BNS) today announced that 5,184,345 of the 16,360,000 Non-cumulative 5-Year Rate Reset Preferred Shares Series 32 of Scotiabank (the "Preferred Shares Series 32") have been elected for conversion on February 2, 2016, on a one-for-one basis, into Non-cumulative Floating Rate Preferred Shares Series 33 of Scotiabank (the "Preferred Shares Series 33").
Fairfax has also determined the quarterly dividend rates in respect of the September 30, 2019 to December 30, 2019 dividend period for its floating rate preferred shares.
(TSX: SLF) (NYSE: SLF) has declared dividend rates for its Class A non-cumulative rate reset preferred shares series 10R and Class A non-cumulative floating rate preferred shares series 11QR, the company said.