(BofA) – Bank of America‘s Preferred Stock, Series 2 Crosses Above 3.5% Yield Territory
In trading on Tuesday, shares of Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 2 (Symbol: BML.PRH) were yielding above the 3.5% mark based on its quarterly dividend (annualized to $0.7667), with shares changing hands as low as $21.89 on the day. This compares to an average yield of 5.39% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRH was trading at a 12.12% discount to its liquidation preference amount, versus the average premium of 7.50% 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.PRH shares, versus (BA)C:
Below is a dividend history chart for BML.PRH, showing historical dividend payments on Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 2:
Free Report: Top 7%+ Dividends (paid monthly)
In Tuesday trading, Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 2 (Symbol: BML.PRH) is currently down about 0.1% on the day, while the common shares (Symbol: (BA)C) are trading flat.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
