Stifel Financial Selling Preferred Issue

Financial services company Stifel Financial Corp (NYSE:SF) will be selling a new fixed rate perpetual preferred issue.

Few details are available at this moment, but the issue will be non-cumulative, pay quarterly dividends and will trade with the permanent ticker of SF-B. There will be an early redemption option for SF startng in 2024. Dividends will be qualified payments.

SF has 1 other preferred outstanding, which is the 6.25% issue (SF-A) which currently trades at $25.21.

Preliminary information on the new issue can be found here.

This issue will NOT be investment grade.

One thought on “Stifel Financial Selling Preferred Issue”

  1. I’ve got the SF-A and seems to be holding up pretty well, but then it does go ex-div on 2/28. Thought about unloading it in hopes of some volatility when details of the -B are available, but guess I’ll sit tight since those kind of maneuvers usually don’t work out for me.

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