On 6/27/14, Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L ( BAC.PRL) will trade ex-dividend, for its quarterly dividend of $18.125, payable on 7/30/14. As a percentage of BAC.PRL's recent share price of $1191.00, this dividend works out to approximately 1.52%, so look for shares of BAC.PRL to trade 1.52% lower — all else being equal — when BAC.PRL shares open for trading on 6/27/14. On an annualized basis, the current yield is approximately 6.12%, which compares to an average yield of 5.52% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, BAC.PRL was trading at a 18.60% premium to its liquidation preference amount, versus the average premium of 0.17% in the "Financial" category. It should be noted that the preferred shares are convertible, with a conversion ratio of 20. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of BAC.PRL shares, versus BAC: Below is a dividend history chart for BAC.PRL, showing historical dividends prior to the most recent $18.125 on Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L: According to the ETF Finder at ETF Channel, Bank of America Corp. ( BAC) makes up 7.28% of the Bank and Brokerage ETF (RKH) which is trading lower by about 0.1% on the day Wednesday. In Wednesday trading, Bank of America Corp.'s 7.25% Non-Cumulative Perpetual Convertible Preferred Stock, Series L ( BAC.PRL) is currently up about 0.4% on the day, while the common shares ( BAC) are down about 0.5%.