Bank of America's Preferred Stock, Series 1 Shares Cross 4% Yield Mark

In trading on Friday, shares of Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 ( BML.PRG) were yielding above the 4% mark based on its quarterly dividend (annualized to $0.75), with shares changing hands as low as $18.73 on the day. This compares to an average yield of 5.74% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, BML.PRG was trading at a 24.52% discount to its liquidation preference amount, versus the average discount of 0.69% 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.

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The chart below shows the one year performance of BML.PRG shares, versus BAC:

Performance Comparison Chart

Below is a dividend history chart for BML.PRG, showing historical dividend payments on Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 :

BML.PRG+Dividend+History+Chart

In Friday trading, Bank of America Corp.'s Floating Rate Non-Cumulative Preferred Stock, Series 1 ( BML.PRG) is currently off about 0.4% on the day, while the common shares ( BAC) are up about 0.8%.

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