On 5/19/14, Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities ( SAN.PRB) will trade ex-dividend, for its quarterly dividend of $0.26, payable on 6/5/14. As a percentage of SAN.PRB's recent share price of $20.77, this dividend works out to approximately 1.25%, so look for shares of SAN.PRB to trade 1.25% lower — all else being equal — when SAN.PRB shares open for trading on 5/19/14. On an annualized basis, the current yield is approximately 5.01%, which compares to an average yield of 6.22% in the "Banking & Savings" preferred stock category, according to Preferred Stock Channel.As of last close, SAN.PRB was trading at a 16.96% 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 SAN.PRB shares, versus SAN: Below is a dividend history chart for SAN.PRB, showing historical dividends prior to the most recent $0.26 on Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities: According to the ETF Finder at ETF Channel, Banco Santander SA ( SAN) makes up 5.67% of the Bank and Brokerage ETF (RKH) which is trading lower by about 1.6% on the day Thursday. In Thursday trading, Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities ( SAN.PRB) is currently up about 0.1% on the day, while the common shares ( SAN) are down about 2.5%.