In trading on Tuesday, shares of Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series E (Symbol: BAC.PRE) were yielding above the 5.5% mark based on its quarterly dividend (annualized to $1.3123), with shares changing hands as low as $23.69 on the day. This compares to an average yield of 7.35% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRE was trading at a 4.00% discount to its liquidation preference amount, versus the average discount of 8.87% 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.PRE shares, versus BAC:
Below is a dividend history chart for BAC.PRE, showing historical dividend payments on Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series E:
Free Report: Top 8%+ Dividends (paid monthly)
In Tuesday trading, Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series E (Symbol: BAC.PRE) is currently off about 1.2% on the day, while the common shares (Symbol: BAC) are down about 5.7%.
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