On 2/26/14, Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L ( WFC.PRL) will trade ex-dividend, for its quarterly dividend of $18.75, payable on 3/17/14. As a percentage of WFC.PRL's recent share price of $1180.00, this dividend works out to approximately 1.59%, so look for shares of WFC.PRL to trade 1.59% lower — all else being equal — when WFC.PRL shares open for trading on 2/26/14. On an annualized basis, the current yield is approximately 6.37%, which compares to an average yield of 5.76% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, WFC.PRL was trading at a 17.90% premium to its liquidation preference amount. It should be noted that the preferred shares are convertible, with a conversion ratio of 32.0513. 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 WFC.PRL shares, versus WFC: Below is a dividend history chart for WFC.PRL, showing historical dividends prior to the most recent $18.75 on Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L: According to the ETF Finder at ETF Channel, Wells Fargo & Co. ( WFC) makes up 11.15% of the Bank and Brokerage ETF (RKH) which is trading relatively unchanged on the day Monday. In Monday trading, Wells Fargo & Co.'s 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L ( WFC.PRL) is currently up about 0.1% on the day, while the common shares ( WFC) are trading flat.