On 2/4/14, Banco Santander SA's 6.80% Non-Cumulative Series 4 Guaranteed Preferred Securities ( SAN.PRA) will trade ex-dividend, for its quarterly dividend of $0.425, payable on 2/21/14. As a percentage of SAN.PRA's recent share price of $24.94, this dividend works out to approximately 1.70%, so look for shares of SAN.PRA to trade 1.70% lower — all else being equal — when SAN.PRA shares open for trading on 2/4/14. On an annualized basis, the current yield is approximately 6.82%, which compares to an average yield of 5.81% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, SAN.PRA was trading at a 0.20% 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.PRA shares, versus SAN: Below is a dividend history chart for SAN.PRA, showing historical dividends prior to the most recent $0.425 on Banco Santander SA's 6.80% Non-Cumulative Series 4 Guaranteed Preferred Securities: According to the ETF Finder at ETF Channel, Banco Santander SA ( SAN) makes up 4.53% of the Bank and Brokerage ETF (RKH) which is trading lower by about 1.3% on the day Friday. In Friday trading, Banco Santander SA's 6.80% Non-Cumulative Series 4 Guaranteed Preferred Securities ( SAN.PRA) is currently trading flat on the day, while the common shares ( SAN) are off about 1.7%.