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On 3/30/16, Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Symbol: BAC.PRL) will trade ex-dividend, for its quarterly dividend of $18.125, payable on 5/2/16. As a percentage of BAC.PRL's recent share price of $1140.00, this dividend works out to approximately 1.59%, so look for shares of BAC.PRL to trade 1.59% lower - all else being equal - when BAC.PRL shares open for trading on 3/30/16. On an annualized basis, the current yield is approximately 6.37%, which compares to an average yield of 5.61% in the "Financial" preferred stock category, according to Preferred Stock Channel . The chart below shows the one year performance of BAC.PRL shares, versus BAC:
Below is a dividend history chart for BAC.PRL, showing historical dividends prior to the most recent $18.125 on Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L:
According to the ETF Finder at ETF Channel, Bank of America Corp. (Symbol: BAC) makes up 7.00% of the iShares U.S. Financial Services ETF ( IYG ) which is trading relatively unchanged on the day Monday.
In Monday trading, Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L (Symbol: BAC.PRL) is currently up about 0.1% on the day, while the common shares (Symbol: BAC) are trading flat.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
