In trading on Thursday, shares of Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 4 (Symbol: BML.PRJ) were yielding above the 7% mark based on its quarterly dividend (annualized to $1.6221), with shares changing hands as low as $22.64 on the day. This compares to an average yield of 6.74% in the “Financial” preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRJ was trading at a 7.08% discount to its liquidation preference amount, versus the average discount of 8.92% 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.
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 :
Free Report: Top 8%+ Dividends (paid monthly)
In Thursday trading, Bank of America Corp’s Floating Rate Non-Cumulative Preferred Stock, Series 4 (Symbol: BML.PRJ) is currently up about 0.3% on the day, while the common shares (Symbol: BAC) are up about 1.1%.
Click here to find out the 50 highest yielding preferreds »
Also see:
IQV RSI
BXMT Split History
ALKT Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.