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|Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 Goes Ex-Dividend Soon
Thursday, February 9, 2:29 PM ET, by Market News Video Staff
On 2/13/17, Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 (BML.PRG) will ...
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Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 Goes Ex-Dividend Soon
By Preferred Stock Channel Staff, Thursday, February 9, 2:29 PM ET
On 2/13/17, Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 (NYSE:BML.PRG) will trade ex-dividend, for its quarterly dividend of $0.1875, payable on 2/28/17. As a percentage of BML.PRG's recent share price of $20.41, this dividend works out to approximately 0.92%, so look for shares of BML.PRG to trade 0.92% lower — all else being equal — when BML.PRG shares open for trading on 2/13/17. On an annualized basis, the current yield is approximately 3.68%, which compares to an average yield of 5.58% in the "Financial" preferred stock category, according to Preferred Stock Channel.
As of last close, BML.PRG was trading at a 18.36% discount to its liquidation preference amount, versus the average premium of 4.98% 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.
The chart below shows the one year performance of BML.PRG shares, versus BAC:
Below is a dividend history chart for BML.PRG, showing historical dividends prior to the most recent $0.1875 on Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 :
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According to the ETF Finder at ETF Channel, Bank of America Corp. (NYSE:BAC) makes up 8.75% of the iShares U.S. Financial Services ETF (IYG) which is trading relatively unchanged on the day Thursday.
See what other ETFs contain BAC »
See what other stocks are held by IYG »
In Thursday trading, Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 (NYSE:BML.PRG) is currently trading flat on the day, while the common shares (NYSE:BAC) are trading flat.
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