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| Bank of America's Preferred Stock, Series E Shares Cross 6.5% Yield MarkBy Preferred Stock Channel Staff, Friday, March 22, 2:07 PM ET
In trading on Friday, shares of Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series E (NYSE:BAC.PRE) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.5311), with shares changing hands as low as $23.32 on the day. This compares to an average yield of 6.62% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRE was trading at a 5.56% discount to its liquidation preference amount, versus the average discount of 8.73% 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.PRE shares, versus BAC:
Below is a dividend history chart for BAC.PRE, showing historical dividend payments on Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series E:
Special Offer: Receive our best dividend ideas directly to your inbox each afternoon with the Dividend Channel Premium Newsletter In Friday trading, Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series E (NYSE:BAC.PRE) is currently off about 0.5% on the day, while the common shares (NYSE:BAC) are down about 1.1%.
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