Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL About To Put More Money In Your Pocket

By Preferred Stock Channel Staff, Monday, November 28, 1:37 PM ET

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On 11/30/22, Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (NYSE:BAC.PRN) will trade ex-dividend, for its quarterly dividend of $0.3125, payable on 12/19/22. As a percentage of BAC.PRN's recent share price of $20.97, this dividend works out to approximately 1.49%, so look for shares of BAC.PRN to trade 1.49% lower — all else being equal — when BAC.PRN shares open for trading on 11/30/22. On an annualized basis, the current yield is approximately 5.90%, which compares to an average yield of 6.08% in the "Financial" preferred stock category, according to Preferred Stock Channel.

As of last close, BAC.PRN was trading at a 15.24% discount to its liquidation preference amount. 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:

Performance Comparison Chart

Below is a dividend history chart for BAC.PRN, showing historical dividends prior to the most recent $0.3125 on Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL :

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In Monday trading, Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (NYSE:BAC.PRN) is currently down about 1% on the day, while the common shares (NYSE:BAC) are off about 1.7%.

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Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL About To Put More Money In Your Pocket

Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL About To Put More Money In Your Pocket | www.PreferredStockChannel.com