On 2/27/14, Webster Financial Corp's 6.40% Series E Non-Cumulative Perpetual Preferred Stock (WBS.PRE) will trade ex-dividend, for its quarterly dividend of $0.40, payable on 3/17/14. As a percentage of WBS.PRE's recent share price of $24.05, this dividend works out to approximately 1.66%, so look for shares of WBS.PRE to trade 1.66% lower — all else being equal — when WBS.PRE shares open for trading on 2/27/14. On an annualized basis, the current yield is approximately 6.76%, which compares to an average yield of 5.76% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, WBS.PRE was trading at a 5.28% 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 WBS.PRE shares, versus WBS: Below is a dividend history chart for WBS.PRE, showing historical dividends prior to the most recent $0.40 on Webster Financial Corp's 6.40% Series E Non-Cumulative Perpetual Preferred Stock : According to the ETF Finder at ETF Channel, Webster Financial Corp ( WBS) makes up 2.83% of the KBW Regional Banking Portfolio ETF (KBWR) which is trading relatively unchanged on the day Tuesday. In Tuesday trading, Webster Financial Corp's 6.40% Series E Non-Cumulative Perpetual Preferred Stock ( WBS.PRE) is currently up about 1.6% on the day, while the common shares ( WBS) are off about 0.3%.