On 11/10/16, Bank of America Corp.'s 6.375% Non-Cumulative Preferred Stock, Series 3 ( BML.PRI) will trade ex-dividend, for its quarterly dividend of $0.3984, payable on 11/28/16. As a percentage of BML.PRI's recent share price of $25.70, this dividend works out to approximately 1.55%, so look for shares of BML.PRI to trade 1.55% lower — all else being equal — when BML.PRI shares open for trading on 11/10/16. On an annualized basis, the current yield is approximately 6.19%, which compares to an average yield of 5.49% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, BML.PRI was trading at a 2.96% premium to its liquidation preference amount, versus the average premium of 5.32% in the "Financial" category. 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 BML.PRI shares, versus BAC: Below is a dividend history chart for BML.PRI, showing historical dividends prior to the most recent $0.3984 on Bank of America Corp.'s 6.375% Non-Cumulative Preferred Stock, Series 3 :
According to the ETF Finder at ETF Channel, Bank of America Corp. ( BAC) makes up 7.91% of the iShares U.S. Financial Services ETF (IYG) which is trading up by about 0.3% on the day Tuesday. In Tuesday trading, Bank of America Corp.'s 6.375% Non-Cumulative Preferred Stock, Series 3 ( BML.PRI) is currently off about 0.1% on the day, while the common shares ( BAC) are up about 0.1%.