Cash Dividend On The Way From Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L

By Preferred Stock Channel Staff, Tuesday, September 27, 1:31 PM ET

Start slideshow:
10 Stocks Going Ex-Dividend »

On 9/29/22, Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) will trade ex-dividend, for its quarterly dividend of $18.125, payable on 10/31/22. As a percentage of BAC.PRL's recent share price of $1178.39, this dividend works out to approximately 1.54%, so look for shares of BAC.PRL to trade 1.54% lower — all else being equal — when BAC.PRL shares open for trading on 9/29/22. On an annualized basis, the current yield is approximately 6.16%, which compares to an average yield of 6.09% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, BAC.PRL was trading at a 17.79% premium to its liquidation preference amount. It should be noted that the preferred shares are convertible, with a conversion ratio of 20. 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.PRL shares, versus BAC:

Performance Comparison Chart

Below is a dividend history chart for BAC.PRL, showing historical dividends prior to the most recent $18.125 on Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L:

Free Report: Top 7%+ Dividends (paid monthly)

In Tuesday trading, Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (NYSE:BAC.PRL) is currently trading flat on the day, while the common shares (NYSE:BAC) are off about 2%.

This Article's Word Cloud: America Arial Bank Below Channel Convertible Corp Cumulative Dividend Dividends Financial Free Going Investors NYSE Perpetual Preferred Report Series Start Stock Stocks Tuesday about according afterLeftLabels amount annualized approximately average axisColor background balance basis chart common dividend dividends escape fillColor mdash missed preferred recent shares should that trade trading yield

Cash Dividend On The Way From Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L

Cash Dividend On The Way From Bank of America Corp's 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L | www.PreferredStockChannel.com