Bank of America, 7.25% Non-Cumulative Convertible Preferred Stock, Series L (BACPRL)



Bank of America, 7.25% Non-Cumulative Convertible Preferred Stock, Series L, liquidation preference $1000 per share, and with no stated maturity. Non-cumulative distributions of 7.25% ($72.50) per annum are paid quarterly on 1/30, 4/30, 7/30 & 10/30 to holders of record on the first day of the month in which the payment is due (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by the preferred are eligible for the 15% tax rate on dividends under normal holding restrictions and are also eligible for the dividends received deduction for corporate holders (see page S-40 of the prospectus for further information). The preferred shares are convertible any time at the holder's option into 20 common shares of Bank of America Corp. (NYSE: BAC), an initial conversion price of $50 per common share (a 25% premium of the initial price). On or after 1/30/2013, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, force the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company.

View SEC Filings from BACPRL instead.
Q2 2019 All Institutions Hedge Funds 1
To trade BACPRL now:
Filers who had this stock in their top 10: 8 3 (0.31%)
13F Filers holding this stock: 174 20 (2.07%)
Aggregate 13F shares on 06/30/2019: 2.907 Million 169.162 Thousand
Aggregate 13F shares on 03/31/2019: 3.019 Million 161.578 Thousand
Percent change: -3.71% 4.69%
Funds creating new positions: 18
Funds Adding to an existing position: 48 8
Funds closing out their position: 10 1
Funds reducing their position: 38 6
1 hedge funds as identified by through public filings.

Funds Holding BACPRL (via 13F filings)

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