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Bank of America likes these solid dividend-paying stocks for August

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Investors should look for dividend payers that have above-market yields that are secure, says Bank of America.

Dividends are poised for a comeback, but investors should be careful not to stretch for yield, according to Bank of America. The bank is expecting the contribution of dividends to total market returns to be "significantly higher" than it was in the last decade, equity and quant strategist Savita Subramanian wrote in a note Friday. Dividend stocks have lagged the market, with the Schwab U.S.

One of the financial firms that made the cut is PNC Financial Services , which yields 3.69% and is up 12% so far this year. Bank of America analyst Ebrahim Poonawala upgraded the stock last week to buy from neutral, calling it an "all-weather stock." He also raised his price target to $200 from $185, suggesting about 15% upside from Tuesday's close.

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