On 3/31/14, Federal Agricultural Mortgage Corp.'s 5.875% Non-Cumulative Preferred Stock, Series A ( AGM.PRA) will trade ex-dividend, for its quarterly dividend of $0.3672, payable on 4/17/14. As a percentage of AGM.PRA's recent share price of $22.65, this dividend works out to approximately 1.62%, so look for shares of AGM.PRA to trade 1.62% lower — all else being equal — when AGM.PRA shares open for trading on 3/31/14. On an annualized basis, the current yield is approximately 6.49%, which compares to an average yield of 5.69% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, AGM.PRA was trading at a 9.40% 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 AGM.PRA shares, versus AGM: Below is a dividend history chart for AGM.PRA, showing historical dividends prior to the most recent $0.3672 on Federal Agricultural Mortgage Corp.'s 5.875% Non-Cumulative Preferred Stock, Series A: In Thursday trading, Federal Agricultural Mortgage Corp.'s 5.875% Non-Cumulative Preferred Stock, Series A ( AGM.PRA) is currently trading flat on the day, while the common shares ( AGM) are down about 0.2%.