Just noticed Bank of America's preferred stock (BAC.PRM) is now yielding over 6% based on recent Friday trading. The shares dipped to around $22.37, which pushed the annualized dividend to about $1.3438. That's pretty solid compared to the financial sector's average yield of around 6.54%. For those wondering what the PRM meaning or symbol actually represents, it's essentially Bank of America's Series KK preferred shares, which trade separately from their common stock. One thing worth noting though: these are non-cumulative preferreds, so if the company misses a dividend payment, they don't owe you the back payments before they resume regular dividends. The stock was trading at roughly a 9.72% discount to its liquidation value on the day, while common BAC shares took a bigger hit at down 2.8%. If you're looking at preferred stocks for income, this one's worth keeping on your radar, but definitely understand the non-cumulative structure before jumping in.