On 5/29/14, State Street Corp.'s Non-Cumulative Perpetual Preferred Stock, Series C ( STT.PRC) will trade ex-dividend, for its quarterly dividend of $0.3281, payable on 6/16/14. As a percentage of STT.PRC's recent share price of $23.26, this dividend works out to approximately 1.41%, so look for shares of STT.PRC to trade 1.41% lower — all else being equal — when STT.PRC shares open for trading on 5/29/14. On an annualized basis, the current yield is approximately 5.66%, which compares to an average yield of 5.67% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, STT.PRC was trading at a 7.12% 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 STT.PRC shares, versus STT: Below is a dividend history chart for STT.PRC, showing historical dividends prior to the most recent $0.3281 on State Street Corp.'s Non-Cumulative Perpetual Preferred Stock, Series C: According to the ETF Finder at ETF Channel, State Street Corp. ( STT) makes up 3.06% of the SPDR S&P Capital Markets ETF (KCE) which is trading higher by about 0.8% on the day Tuesday. In Tuesday trading, State Street Corp.'s Non-Cumulative Perpetual Preferred Stock, Series C ( STT.PRC) is currently up about 0.1% on the day, while the common shares ( STT) are up about 1.1%.