Bank of America's Preferred Stock Series PP Crosses Above 6.5% Yield Territory
In trading on Monday, shares of Bank of America Corp's 4.125% Depositary Shares Non-Cumul Preferred Stock Ser PP (Symbol: BAC.PRP) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.0312), with shares changing hands as low as $15.82 on the day.
In trading on Monday, shares of Bank of America Corp's 4.125% Depositary Shares Non-Cumul Preferred Stock Ser PP (Symbol: BAC.PRP) were yielding above the 6.5% mark based on its quarterly dividend (annualized to $1.0312), with shares changing hands as low as $15.82 on the day.
BELLINGS Intelligence Score: 12
Why it matters
The yield on Bank of America's preferred stock rising above 6.5% is a notable market data point but reflects routine market price movement rather than a structural or systemic event affecting credit markets broadly.