Bank of America Corp's Preferred Stock, Series LL Yield Pushes Past 6%By Preferred Stock Channel Staff, Tuesday, November 29, 5:06 PM ETIn trading on Tuesday, shares of Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (NYSE:BAC.PRN) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.25), with shares changing hands as low as $20.74 on the day. This 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 16.24% discount to its liquidation preference amount, versus the average discount of 9.68% 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.PRN shares, versus BAC:
Below is a dividend history chart for BAC.PRN, showing historical dividend payments on Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL :
Free Report: Top 8%+ Dividends (paid monthly) In Tuesday trading, Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (NYSE:BAC.PRN) is currently down about 0.4% on the day, while the common shares (NYSE:BAC) are down about 0.1%.
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