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| Bank of America's Preferred Stock, Series L Shares Cross 6% Yield MarkBy Preferred Stock Channel Staff, Friday, May 20, 2:14 PM ET
In trading on Friday, shares of Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) were yielding above the 6% mark based on its quarterly dividend (annualized to $72.50), with shares changing hands as low as $1206.01 on the day. This compares to an average yield of 5.92% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRL was trading at a 21.90% premium to its liquidation preference amount, versus the average discount of 9.17% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 20. 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. The chart below shows the one year performance of BAC.PRL shares, versus BAC:
Below is a dividend history chart for BAC.PRL, showing historical dividend payments on Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L:
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Friday trading, Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) is currently down about 0.9% on the day, while the common shares (NYSE:BAC) are off about 3.3%.
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