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| Bank of America's Preferred Stock, Series 1 Crosses Above 7% Yield TerritoryBy Preferred Stock Channel Staff, Friday, May 5, 2:12 PM ET
In trading on Friday, shares of Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 1 (NYSE:BML.PRG) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.426), with shares changing hands as low as $20.32 on the day. This compares to an average yield of 7.32% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRG was trading at a 18.20% discount to its liquidation preference amount, versus the average discount of 15.49% 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 dividend payments on Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 1 :
Special Offer: Join the income investing conversation on ValueForum.com with a special Seven Days for Seven Dollars invitation. In Friday 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 2.8%.
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