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Bank of America's Preferred Stock, Series 2 Shares Cross 3.5% Yield Mark

By Ru Back Packer Staff, Friday, January 12, 2:06 PM ET
Play Video: The Importance of Dividends


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In trading on Friday, shares of Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 2 (NYSE: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 $21.80 on the day. This compares to an average yield of 5.49% in the "Financial" preferred stock category, according to Ru Back Packer. As of last close, BML.PRH was trading at a 12.00% discount to its liquidation preference amount, versus the average premium of 6.17% 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:

Performance Comparison Chart

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 (NYSE:BML.PRH) is currently down about 0.6% on the day, while the common shares (NYSE:BAC) are up about 1.1%.


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