On 2/12/14, Discover Financial Services's Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B (DFS.PRB) will trade ex-dividend, for its quarterly dividend of $0.4062, payable on 3/3/14. As a percentage of DFS.PRB's recent share price of $23.95, this dividend works out to approximately 1.70%, so look for shares of DFS.PRB to trade 1.70% lower — all else being equal — when DFS.PRB shares open for trading on 2/12/14. On an annualized basis, the current yield is approximately 6.79%, which compares to an average yield of 5.78% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, DFS.PRB was trading at a 4.32% 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 DFS.PRB shares, versus DFS: Below is a dividend history chart for DFS.PRB, showing historical dividends prior to the most recent $0.4062 on Discover Financial Services's Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B : According to the ETF Finder at ETF Channel, Discover Financial Services ( DFS) makes up 2.19% of the Guggenheim Mid-Cap Core ETF (CZA) which is trading up by about 0.1% on the day Monday. In Monday trading, Discover Financial Services's Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B ( DFS.PRB) is currently up about 0.1% on the day, while the common shares ( DFS) are up about 0.6%.