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Ex-Div Reminder for Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 1

By Preferred Stock Channel Staff, Tuesday, February 11, 1:39 PM ET
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On 2/13/20, 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 2/28/20. As a percentage of BML.PRG's recent share price of $23.18, this dividend works out to approximately 0.81%, so look for shares of BML.PRG to trade 0.81% lower — all else being equal — when BML.PRG shares open for trading on 2/13/20. On an annualized basis, the current yield is approximately 3.24%, which compares to an average yield of 5.18% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, BML.PRG was trading at a 7.28% discount to its liquidation preference amount, versus the average premium of 8.22% 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:

Performance Comparison Chart

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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In Tuesday 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 up about 0.9%.


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