On 3/13/14, Banco Santander SA's 10.5% Non-Cumulative Guaranteed Series 10 Preferred Securities ( SAN.PRE) will trade ex-dividend, for its quarterly dividend of $0.6562, payable on 3/31/14. As a percentage of SAN.PRE's recent share price of $26.76, this dividend works out to approximately 2.45%, so look for shares of SAN.PRE to trade 2.45% lower — all else being equal — when SAN.PRE shares open for trading on 3/13/14. On an annualized basis, the current yield is approximately 9.80%, which compares to an average yield of 5.77% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, SAN.PRE was trading at a 7.16% premium 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.PRE shares, versus SAN: Below is a dividend history chart for SAN.PRE, showing historical dividends prior to the most recent $0.6562 on Banco Santander SA's 10.5% Non-Cumulative Guaranteed Series 10 Preferred Securities: In Tuesday trading, Banco Santander SA's 10.5% Non-Cumulative Guaranteed Series 10 Preferred Securities ( SAN.PRE) is currently down about 0.1% on the day, while the common shares ( SAN) are down about 1.2%.