Bank of America's Preferred Stock, Series 1 Shares Cross 3.5% Yield MarkBy Preferred Stock Channel Staff, Friday, February 26, 2:14 PM ETIn 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 3.5% mark based on its quarterly dividend (annualized to $0.75), with shares changing hands as low as $21.42 on the day. This compares to an average yield of 5.60% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRG was trading at a 14.08% discount to its liquidation preference amount, versus the average premium of 3.85% 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: 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 1 (NYSE:BML.PRG) is currently up about 0.3% on the day, while the common shares (NYSE:BAC) are down about 2.4%.
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