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| Cash Dividend On The Way From Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 1By Preferred Stock Channel Staff, Tuesday, August 10, 2:29 PM ET
On 8/12/21, 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 8/31/21. As a percentage of BML.PRG's recent share price of $23.65, this dividend works out to approximately 0.79%, so look for shares of BML.PRG to trade 0.79% lower — all else being equal — when BML.PRG shares open for trading on 8/12/21. On an annualized basis, the current yield is approximately 3.18%, which compares to an average yield of 5.31% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRG was trading at a 5.60% discount to its liquidation preference amount, versus the average premium of 7.36% 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 : Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter
In Tuesday trading, Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 1 (NYSE:BML.PRG) is currently up about 0.2% on the day, while the common shares (NYSE:BAC) are up about 1.9%.
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