On 5/13/14, Banco Santander SA's 6.41% Non-Cumulative Guaranteed Series 1 Preferred Securities ( SAN.PRI) will trade ex-dividend, for its quarterly dividend of $0.4006, payable on 6/11/14. As a percentage of SAN.PRI's recent share price of $25.26, this dividend works out to approximately 1.59%, so look for shares of SAN.PRI to trade 1.59% lower — all else being equal — when SAN.PRI shares open for trading on 5/13/14. On an annualized basis, the current yield is approximately 6.33%, which compares to an average yield of 5.69% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, SAN.PRI was trading at a 1.20% 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.PRI shares, versus SAN: Below is a dividend history chart for SAN.PRI, showing historical dividends prior to the most recent $0.4006 on Banco Santander SA's 6.41% Non-Cumulative Guaranteed Series 1 Preferred Securities: According to the ETF Finder at ETF Channel, Banco Santander SA ( SAN) makes up 5.63% of the Bank and Brokerage ETF (RKH) which is trading lower by about 1.2% on the day Friday. In Friday trading, Banco Santander SA's 6.41% Non-Cumulative Guaranteed Series 1 Preferred Securities ( SAN.PRI) is currently down about 0.2% on the day, while the common shares ( SAN) are down about 1.1%.