In trading on Friday, shares of Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 2 (Symbol: BML.PRH) were yielding above the 3.5% mark based on its quarterly dividend (annualized to $0.7667), with shares changing hands as low as $21.74 on the day. This compares to an average yield of 5.42% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRH was trading at a 11.40% discount to its liquidation preference amount, versus the average premium of 2.71% 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 BML.PRH shares, versus BAC:
Below is a dividend history chart for BML.PRH, showing historical dividend payments on Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 2:
In Friday trading, Bank of America Corp's Floating Rate Non-Cumulative Preferred Stock, Series 2 (Symbol: BML.PRH) is currently down about 0.5% on the day, while the common shares (Symbol: BAC) are down about 0.4%.
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