In trading on Monday, shares of Bank of America Corp’s 4.125% Depositary Shares Non-Cumulative Preferred Stock Series PP (Symbol: BAC.PRP) yielded over 6.5% based on a quarterly dividend of $1.0312, with shares trading as low as $15.82. This yield contrasts with an average of 6.77% in the financial preferred stock category. BAC.PRP is currently trading at a 35.72% discount to its liquidation preference, significantly higher than the average discount of 13.09% in the sector.
As of Monday, BAC.PRP shares are down approximately 1.6% for the day, while the common shares (Symbol: BAC) remain flat. It is important to note that these preferred shares are non-cumulative, meaning that if the company misses a dividend payment, it is not obligated to pay the missed amounts before resuming payments to common shareholders.
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