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| Bank of America's Preferred Stock, Series 5 Shares Cross 6.5% Yield MarkBy Preferred Stock Channel Staff, Tuesday, April 25, 2:15 PM ET
In trading on Tuesday, shares of Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 5 (NYSE:BML.PRL) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.3388), with shares changing hands as low as $20.51 on the day. This compares to an average yield of 6.35% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRL was trading at a 16.60% discount to its liquidation preference amount, versus the average discount of 8.39% 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.PRL shares, versus BAC:
Below is a dividend history chart for BML.PRL, showing historical dividend payments on Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 5:
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 5 (NYSE:BML.PRL) is currently down about 0.9% on the day, while the common shares (NYSE:BAC) are off about 2.5%.
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