In trading on Tuesday, Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 4 (Symbol: BML.PRJ), yielded over 6%, with shares trading as low as $20.33. The stock’s quarterly dividend is annualized at $1.2277, while the average yield for preferred stocks in the “Financial” category is 6.59%. BML.PRJ is currently trading at a 16.96% discount to its liquidation preference, significantly higher than the category average discount of 9.90%.
Additionally, the stock is down approximately 0.6% for the day, while Bank of America’s common shares (Symbol: BAC) have declined around 1.1%. Investors should note that these shares are non-cumulative, meaning any missed dividend payments do not need to be repaid before common dividends are resumed.
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