Bank of America: A Welcome Dividend Increase

Bank of America Corporation continues to deliver robust financial performance, with Q2 EPS of $1.22 and a 14% dividend increase. BAC's preferred shares, particularly Series GG (BAC.PR.B), offer over 6% yield and trade slightly below par, presenting attractive income opportunities. The Series GG preferreds face potential call risk if interest rates decline, while Series L offers balance sheet benefits via possible conversion. I maintain a soft 'buy' on BAC common shares and advocate a diversified approach to BAC preferreds for optimal income and capital appreciation.