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Bank of America's Preferred Stock, Series 4 Crosses Above 4% Yield Territory

By Preferred Stock Channel Staff, Tuesday, January 18, 2:19 PM ET

In trading on Tuesday, shares of Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 (NYSE:BML.PRJ) were yielding above the 4% mark based on its quarterly dividend (annualized to $1.0222), with shares changing hands as low as $25.45 on the day. This compares to an average yield of 5.25% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRJ was trading at a 3.00% premium to its liquidation preference amount, versus the average premium of 6.12% 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.PRJ shares, versus BAC:

Performance Comparison Chart

Below is a dividend history chart for BML.PRJ, showing historical dividend payments on Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 :


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In Tuesday trading, Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 4 (NYSE:BML.PRJ) is currently down about 0.5% on the day, while the common shares (NYSE:BAC) are down about 3.2%.


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