In trading on Tuesday, Bank of America Corp’s 5.375% Non-Cumulative Preferred Stock, Series KK (Symbol: BAC.PRM), yielded over 6.5% based on its quarterly dividend of $1.3438, with shares priced as low as $20.66. This yield compares to an average of 6.73% in the Financial preferred stock category, as reported by Preferred Stock Channel.
As of its last close, BAC.PRM was trading at a 16.92% discount to its liquidation preference amount, in contrast to the category average discount of 13.11%. It’s important to note that these shares are non-cumulative; if a payment is missed, Bank of America is not obligated to pay the missed dividends to preferred shareholders before resuming common dividends.
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