Bank of America issues Series WW preferred stock and related depositary shares

Bank of America Corporation (NYSE:BAC) announced Friday that it issued 80,000 shares of its 7.200% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series WW, with a liquidation preference of $25,000 per share. The company also sold 2,000,000 depositary shares, each representing a 1/25th interest in a share of the Series WW Preferred Stock.

According to a statement based on a Securities and Exchange Commission filing, the issuance of the Series WW Preferred Stock was accompanied by the filing of a Certificate of Designations with the Secretary of State of Delaware, amending Bank of America’s Restated Certificate of Incorporation to establish the terms of the new preferred shares.

Under the terms of the Series WW Preferred Stock, if Bank of America fails to declare and pay full dividends on these shares, the company will be restricted from declaring or paying dividends, making distributions, or repurchasing, redeeming, or otherwise acquiring its common stock or any preferred stock ranking on a parity with or junior to the Series WW Preferred Stock. The dividend restrictions carry particular weight given Bank of America’s track record: according to InvestingPro data, the bank has maintained dividend payments for 56 consecutive years and raised its dividend for 13 consecutive years, with dividend growth of 14% over the last twelve months. The company currently offers a dividend yield of 2.51% on its common stock.

The depositary shares were sold pursuant to a prospectus dated March 28, 2024, and a prospectus supplement dated October 20, 2026. The offering was conducted under a previously filed registration statement.

The company filed several related documents as exhibits, including the underwriting agreement for the depositary shares, the Certificate of Designations, the deposit agreement, and the form of depositary receipt.

Bank of America’s common stock and various series of preferred stock are listed on the New York Stock Exchange under the symbols BAC, BAC PrE, BAC PrB, BAC PrK, BAC PrL, BML PrG, BML PrH, BML PrJ, BML PrL, BAC/PF, BAC/PG, MER PrK, BAC/31B, BAC PrM, BAC PrN, BAC PrO, BAC PrP, BAC PrQ, and BAC PrS.

This information is based on a press release statement included in a recent SEC filing.

In other recent news, Bank of America reported third-quarter 2026 earnings per share of $0.91, or $1.08 when excluding a significant $1.2 billion regulatory charge. The bank’s adjusted pre-provision net revenue was approximately 5% below expectations, attributed to challenges in trading and investment banking. Baird upgraded Bank of America’s stock rating to Outperform from Neutral, setting a price target of $62.00, noting that the recent sell-off was excessive despite regulatory challenges. Truist Securities reiterated a Buy rating with a price target of $58.00, following discussions with the bank’s CFO and Head of Strategy about third-quarter results and new 2027 net interest income guidance. Keefe, Bruyette & Woods maintained an Outperform rating but lowered the price target to $65 from $70, highlighting a shift in sentiment since July earnings. Similarly, RBC Capital reduced its price target to $60 from $65 while maintaining an Outperform rating, emphasizing the bank’s robust business model and potential for long-term earnings growth. These developments reflect a varied outlook from analysts on Bank of America’s financial performance and future prospects.