On 12/24/15, Bank of America Corp.'s 7.12% Trust Originated Preferred Securities (Symbol: MER.PRE) will trade ex-dividend, for its quarterly dividend of $0.445, payable on 12/30/15. As a percentage of MER.PRE's recent share price of $25.87, this dividend works out to approximately 1.72%, so look for shares of MER.PRE to trade 1.72% lower - all else being equal - when MER.PRE shares open for trading on 12/24/15. On an annualized basis, the current yield is approximately 6.89%, which compares to an average yield of 5.81% in the "Financial" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of MER.PRE shares, versus BAC:
Below is a dividend history chart for MER.PRE, showing historical dividends prior to the most recent $0.445 on Bank of America Corp.'s 7.12% Trust Originated Preferred Securities:
According to the ETF Finder at ETF Channel, Bank of America Corp. (Symbol: BAC) makes up 7.97% of the iShares U.S. Financial Services ETF ( IYG ) which is trading higher by about 0.3% on the day Tuesday.
In Tuesday trading, Bank of America Corp.'s 7.12% Trust Originated Preferred Securities (Symbol: MER.PRE) is currently up about 0.1% on the day, while the common shares (Symbol: BAC) are up about 0.4%.