On 1/14/14, Banco Santander SA's 6.50% Non-Cumulative Series 5 Guaranteed Preferred Securities (SAN.PRC) will trade ex-dividend, for its quarterly dividend of $0.4062, payable on 1/31/14. As a percentage of SAN.PRC's recent share price of $24.85, this dividend works out to approximately 1.63%, so look for shares of SAN.PRC to trade 1.63% lower — all else being equal — when SAN.PRC shares open for trading on 1/14/14. On an annualized basis, the current yield is approximately 6.56%, which compares to an average yield of 5.90% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, SAN.PRC was trading at a 0.88% discount to its liquidation preference amount. 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 SAN.PRC shares, versus SAN: Below is a dividend history chart for SAN.PRC, showing historical dividends prior to the most recent $0.4062 on Banco Santander SA's 6.50% Non-Cumulative Series 5 Guaranteed Preferred Securities: According to the ETF Finder at ETF Channel, Banco Santander SA ( SAN) makes up 4.70% of the Vanguard FTSE Emerging Markets ETF (VWO) which is trading up by about 1.6% on the day Friday. In Friday trading, Banco Santander SA's 6.50% Non-Cumulative Series 5 Guaranteed Preferred Securities ( SAN.PRC) is currently up about 0.3% on the day, while the common shares ( SAN) are up about 1.2%.