Bank of America's Preferred Stock, Series LL Crosses Above 6% Yield Territory

In trading on Friday, shares of Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (Symbol: BAC.PRN) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.25), with shares changing hands as low as $20.72 on the day. This compares to an average yield of 6.53% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRN was trading at a 15.48% discount to its liquidation preference amount, versus the average discount of 8.47% 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 BAC.PRN, showing historical dividend payments on Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL : Free Report: Top 8%+ Dividends (paid monthly)

In Friday trading, Bank of America Corp's 5.000% Non-Cumulative Preferred Stock, Series LL (Symbol: BAC.PRN) is currently off about 0.4% on the day, while the common shares (Symbol: BAC) are trading flat.

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