Apollo Global Management's Preferred Shares Series D Yield Pushes Past 7.5%
In trading on Tuesday, shares of Apollo Global Management Inc (new's 4.875% Dep Sh Rate Non-Cumul Pref Shares Ser D (Symbol: ATH.PRD) were yielding above the 7.5% mark based on its quarterly dividend (annualized to $1.2188), with shares changing hands as low as $16.18 on the day. This compares to an average yield of 6.98% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, ATH.PRD was trading at a 32.60% discount to its liquidation preference amount, versus the average discount of 13.83% in the "Financial" category. 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.