Bank of America Preferred Stock Shows Mixed Performance Amid Market Trends

Bank of America Shares Yielding Above 6%

On Thursday, Bank of America Corp’s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Symbol: BAC.PRL) reported yields exceeding 6%. With its quarterly dividend annualized to $72.50, shares were traded as low as $1,204.98 during the day. This yield is below the average of 6.58% among other preferred stocks in the financial sector, according to data from Preferred Stock Channel. At the last close, BAC.PRL was priced at a 21.98% premium over its liquidation preference amount, contrasting with the typical discount of 8.23% found in the sector. Investors should be aware that these shares are convertible, featuring a conversion ratio of 20. However, they are also labeled as non-cumulative, meaning missed dividend payments do not have to be settled before common dividends are resumed.

Diving Into BAC.PRL’s Dividend History

Displayed below is a chart detailing the dividend history for Bank of America’s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L:

Current Trading Status

In recent trading activity, Bank of America Corp’s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Symbol: BAC.PRL) declined approximately 0.1%, while the company’s common shares (Symbol: BAC) saw a modest increase of about 0.5%.

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