Silvergate Capital Corp (NYSE:SI) shares are trading lower by 9.64% to $12.75 Friday morning after the company announced it suspended its Series A Preferred Stock dividend.
What Happened?
Silvergate says the company has suspended the payment of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, in order to preserve capital.
Silvergate notes this decision reflects the company's focus on maintaining a highly liquid balance sheet with a strong capital position as it navigates recent volatility in the digital asset industry.
See Also: Fed's Preferred Inflation Measure Continues To Fall: What You Need To Know
The company says it continues to maintain a cash position in excess of its digital asset customer related deposits and will re-evaluate the payment of quarterly dividends as market conditions evolve.
According to data from Benzinga Pro, SI has a 52-week high of $162.64 and a 52-week low of $10.81.
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