On 9/26/12, Bank of America Corp.'s 7% Trust Originated Preferred Securities (NYSE: MER.PRD) will trade ex-dividend, for its quarterly dividend of $0.4375, payable on 10/1/12. As a percentage of MER.PRD's recent share price of $25.37, this dividend works out to approximately 1.72%, so look for shares of MER.PRD to trade 1.72% lower — all else being equal — when MER.PRD shares open for trading on 9/26/12. On an annualized basis, the current yield is approximately 6.89%, which compares to an average yield of 5.75% in the "Financial" preferred stock category, according to Preferred Stock Channel.
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