On 7/16/14, SLM Corp.'s 6.97% Cumulative Redeemable Preferred Stock, Series A (NASD: SLMAP) will trade ex-dividend, for its quarterly dividend of $0.8712, payable on 7/30/14. As a percentage of SLMAP's recent share price of $49.92, this dividend works out to approximately 1.75%, so look for shares of SLMAP to trade 1.75% lower — all else being equal — when SLMAP shares open for trading on 7/16/14. On an annualized basis, the current yield is approximately 7.01%, which compares to an average yield of 4.82% in the "Credit Services & Lending" preferred stock category, according to Preferred Stock Channel.
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