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Bank of America's Preferred Stock, Series L Shares Cross 6% Yield Mark

By Preferred Stock Channel Staff, Thursday, April 20, 3:00 PM ET
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In trading on Thursday, 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 $1205.00 on the day. This compares to an average yield of 5.58% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRL was trading at a 21.10% premium to its liquidation preference amount, versus the average premium of 5.61% 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:

Performance Comparison Chart

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:


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In Thursday trading, Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) is currently off about 0.2% on the day, while the common shares (NYSE:BAC) are up about 1.2%.


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