: Silvergate Capital stock falls after company suspends dividend on preferred shares


Silvergate Capital Corp. SI, -3.76% stock fell 7.5% in premarket trades Friday after the company said it is suspending dividends on its 5.375% fixed rate non-cumulative perpetual preferred stock, Series A, in order to preserve capital.  The company said it’s making the move to maintain a “highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry.” Silvergate said its cash position currently exceeds its digital asset customer-related deposits. As market conditions evolve, Silvergate said it will continue to study payment of quarterly dividends on the preferred stock.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleThe New York Post: All the ways Wall Streeters are suffering from slashed bonuses
Next articleLiving With Climate Change: Want a rebate to upgrade home electric or swap to solar? There’s good news and bad news


Please enter your comment!
Please enter your name here