On 9/26/12, Bank of America Corp.'s 7.12% Trust Originated Preferred Securities (NYSE: MER.PRE) will trade ex-dividend, for its quarterly dividend of $0.445, payable on 10/1/12. As a percentage of MER.PRE's recent share price of $25.35, this dividend works out to approximately 1.76%, so look for shares of MER.PRE to trade 1.76% lower — all else being equal — when MER.PRE shares open for trading on 9/26/12. On an annualized basis, the current yield is approximately 7.01%, which compares to an average yield of 5.75% in the "Financial" preferred stock category, according to Preferred Stock Channel.
Click here to learn which S.A.F.E. dividend stocks also have preferred shares that should be on your radar screen »
|