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| Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 Goes Ex-Dividend SoonBy Preferred Stock Channel Staff, Wednesday, May 10, 1:32 PM ET
On 5/12/23, Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 (NYSE:BML.PRJ) will trade ex-dividend, for its quarterly dividend of $0.3525, payable on 5/30/23. As a percentage of BML.PRJ's recent share price of $21.00, this dividend works out to approximately 1.68%, so look for shares of BML.PRJ to trade 1.68% lower — all else being equal — when BML.PRJ shares open for trading on 5/12/23. On an annualized basis, the current yield is approximately 6.72%, which compares to an average yield of 7.49% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRJ was trading at a 16.04% discount to its liquidation preference amount. 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.PRJ shares, versus BAC:
Below is a dividend history chart for BML.PRJ, showing historical dividends prior to the most recent $0.3525 on Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 : Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation.
In Wednesday trading, Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 (NYSE:BML.PRJ) is currently up about 0.1% on the day, while the common shares (NYSE:BAC) are down about 1.5%.
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