Premium Income Corporation Announces Hike in Preferred Share Distribution Rate

TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- Premium Income Corporation (the "Fund") is delighted to inform shareholders that a notable increase in the Preferred Share distribution rate is set to take effect for the fiscal year commencing November 1, 2024. The distribution rate associated with Preferred Shares (TSX: PIC.PR.A) will rise significantly to 8.50% from the current rate of 5.75%, calculated on their $15.00 redemption value. Also, the announcement highlighted a shift in distribution payments from quarterly to a monthly schedule, thereby providing shareholders with more frequent income.

Impact on Investors

Investors holding Preferred Shares can anticipate enhanced returns as the new rate becomes operational. This adjustment reflects the Fund's confidence in its fiscal strategy and commitment to delivering value to its shareholders.

Relevant Stock Tickers

This announcement may interest investors in other financial stocks, particularly those in the banking sector. Notable tickers to watch in this domain include Toronto-Dominion Bank TD, offering a variety of banking products and services in North America, Canadian Imperial Bank of Commerce CM, providing diverse financial services globally, and The Bank of Nova Scotia BNS, with its extensive international banking operations. Other tickers of relevance include NTIOF, BOM, and RBCPF, which investors may want to monitor in response to such fiscal developments.

About the Companies

With headquarters in Toronto, Canada, both Toronto-Dominion Bank TD and Canadian Imperial Bank of Commerce CM are well-established institutions in the Canadian banking landscape, offering a wide range of products and services. In contrast, The Bank of Nova Scotia BNS, headquartered in Halifax, Canada, adds to the rich tapestry of Canadian financial services with a strong presence in international markets.

Increase, Distribution, Monthly