Interest Rates: Preferred stocks are sensitive to interest rate changes; rising rates typically decrease their value as fixed dividend payments become less attractive compared to new, higher-yielding issues.

Inflation: Fixed dividend payments from preferred stocks can lose purchasing power over time due to inflation, making them less appealing during inflationary periods.

Credit Risk/Economic Conditions: The financial health of Bank of America and broader economic conditions directly influence the perceived credit risk of its preferred stock, impacting its value.