Bank of America's Preferred Stock Series NN Shares Cross 6% Yield Mark

In trading on Thursday, shares of Bank of America Corp's 4.375% Depositary Shares Non-Cumul Preferred Stock Ser NN (Symbol: BAC.PRO) were yielding above the 6% mark based on its quarterly dividend (annualized to $1.0938), with shares changing hands as low as $18.22 on the day. This compares to an average yield of 6.63% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BAC.PRO was trading at a 26.72% discount to its liquidation preference amount, versus the average discount of 9.23% 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.PRO, showing historical dividend payments on Bank of America Corp's 4.375% Depositary Shares Non-Cumul Preferred Stock Ser NN:

In Thursday trading, Bank of America Corp's 4.375% Depositary Shares Non-Cumul Preferred Stock Ser NN (Symbol: BAC.PRO) is currently off about 0.1% on the day, while the common shares (Symbol: BAC) are up about 1.8%.

Click here to find out the 50 highest yielding preferreds »

Also see: • Utilities Dividend Stock List
• Funds Holding JACK
• OGE YTD Return


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.