Bank of America’s Preferred Stock, Series 1 Shares Cross 6.5% Yield Mark

In trading on Friday, shares of Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 1 (Symbol: BML.PRG) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.3354), with shares changing hands as low as $20.42 on the day. This compares to an average yield of 6.41% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRG was trading at a 17.56% discount to its liquidation preference amount, versus the average discount of 7.02% in the “Financial” category. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend.

The chart below shows the one year performance of BML.PRG shares, versus BAC:

Below is a dividend history chart for BML.PRG, showing historical dividend payments on Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 1 :

Free Report: Top 8%+ Dividends (paid monthly)

In Friday trading, Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 1 (Symbol: BML.PRG) is currently trading flat on the day, while the common shares (Symbol: BAC) are up about 0.9%.

Also see:

? Institutional Holders of SLOW
? Funds Holding JFBR
? Funds Holding MXT

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