Bank Of America: 'Busted' Preferred Shares Still Offer A 5.85% Yield

Ceri Breeze/iStock Editorial via Getty Images Introduction In December of last year, I argued Bank of America’s (NYSE:BAC) non-callable preferred shares were a good idea to speculate on a rate cut (and on decreasing interest rates on the financial markets). So far, the investment has done what I expected it to do. Bank of America continued to make the quarterly preferred dividend payments while the share price is currently approximately 10% higher for a total return of around 15% in the past eight month ...