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Cash Dividend On The Way From Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L

By Preferred Stock Channel Staff, Tuesday, September 27, 1:31 PM ET
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On 9/29/22, Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) will trade ex-dividend, for its quarterly dividend of $18.125, payable on 10/31/22. As a percentage of BAC.PRL's recent share price of $1178.39, this dividend works out to approximately 1.54%, so look for shares of BAC.PRL to trade 1.54% lower — all else being equal — when BAC.PRL shares open for trading on 9/29/22. On an annualized basis, the current yield is approximately 6.16%, which compares to an average yield of 6.09% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, BAC.PRL was trading at a 17.79% premium to its liquidation preference amount. 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:

Performance Comparison Chart

Below is a dividend history chart for BAC.PRL, showing historical dividends prior to the most recent $18.125 on Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L:


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In Tuesday trading, Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) is currently trading flat on the day, while the common shares (NYSE:BAC) are off about 2%.


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