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| Bank of America's Preferred Stock, Series LL Shares Cross 5.5% Yield MarkBy Preferred Stock Channel Staff, Wednesday, February 28, 2:55 PM ET
In trading on Wednesday, shares of Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (NYSE:BAC.PRN) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.25), with shares changing hands as low as $22.71 on the day. This compares to an average yield of 6.71% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRN was trading at a 8.80% discount to its liquidation preference amount, versus the average discount of 9.58% 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 BAC.PRN shares, versus BAC:
Below is a dividend history chart for BAC.PRN, showing historical dividend payments on Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL :
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Wednesday trading, Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (NYSE:BAC.PRN) is currently down about 0.1% on the day, while the common shares (NYSE:BAC) are trading flat.
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