Bank of America's Preferred Stock, Series 1 Crosses Above 7% Yield Territory

In trading on Monday, shares of Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 1 (Symbol: BML.PRG) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.5874), with shares changing hands as low as $22.66 on the day. This compares to an average yield of 6.72% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRG was trading at a 8.24% discount to its liquidation preference amount, versus the average discount of 10.41% 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.

Below is a dividend history chart for BML.PRG, showing historical dividend payments on Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 1 :

In Monday trading, Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 1 (Symbol: BML.PRG) is currently off about 0.3% on the day, while the common shares (Symbol: BAC) are off about 0.2%.

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Also see:

• RVEN shares outstanding history
• Funds Holding KRU
• AUDC Historical Stock Prices

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