SI - Silvergate suspension of preferred dividends 'surprising,' says Wedbush
TheFlyontheWall.com - Jan 27 10:20 EDT
Despite acknowledging the challenging environment Silvergate is facing, Wedbush analyst David Chiaverini said the firm was "still nonetheless surprised" to see Silvergate suspend dividend payments on its 5.375% Series A noncumulative perpetual preferred stock. While this move could shore up Silvergate's near-term capital position, it could raise Silvergate's cost of capital down the road as any new fixed income or preferred issuance going forward will likely require a higher coupon, said the firm, which keeps a Neutral rating and $13 price target on Silvergate shares.
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