On 2/13/14, Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities ( SAN.PRB) will trade ex-dividend, for its quarterly dividend of $0.25, payable on 3/5/14. As a percentage of SAN.PRB's recent share price of $19.50, this dividend works out to approximately 1.28%, so look for shares of SAN.PRB to trade 1.28% lower — all else being equal — when SAN.PRB shares open for trading on 2/13/14. On an annualized basis, the current yield is approximately 5.15%, which compares to an average yield of 5.78% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, SAN.PRB was trading at a 22.20% 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.PRB shares, versus SAN: Below is a dividend history chart for SAN.PRB, showing historical dividends prior to the most recent $0.25 on Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities: According to the ETF Finder at ETF Channel, Banco Santander SA ( SAN) makes up 4.63% of the Bank and Brokerage ETF (RKH) which is trading up by about 0.1% on the day Tuesday. In Tuesday trading, Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities ( SAN.PRB) is currently up about 0.3% on the day, while the common shares ( SAN) are up about 1.8%.