On 3/13/13, Bank of America Corp.’s 6.25% Noncumulative Perpetual Preferred Stock, Series 7 (NYSE: BML.PRO) will trade ex-dividend, for its quarterly dividend of $0.3906, payable on 3/29/13. As a percentage of BML.PRO‘s recent share price of $25.50, this dividend works out to approximately 1.53%, so look for shares of BML.PRO to trade 1.53% lower ? all else being equal ? when BML.PRO shares open for trading on 3/13/13. On an annualized basis, the current yield is approximately 6.12%, which compares to an average yield of 5.48% in the “Financial” preferred stock category, according to Preferred Stock Channel.
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Source: FULL ARTICLE at Forbes Markets
