On 6/26/14, Astoria Financial Corp.'s 6.50% Non-Cumulative Perpetual Preferred Stock, Series C (AF.PRC) will trade ex-dividend, for its quarterly dividend of $0.4062, payable on 7/15/14. As a percentage of AF.PRC's recent share price of $24.82, this dividend works out to approximately 1.64%, so look for shares of AF.PRC to trade 1.64% lower — all else being equal — when AF.PRC shares open for trading on 6/26/14. On an annualized basis, the current yield is approximately 6.56%, which compares to an average yield of 5.52% in the "Financial" preferred stock category, according to Preferred Stock Channel.

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As of last close, AF.PRC was trading at a 0.96% discount to its liquidation preference amount, versus the average premium of 0.11% in the "Financial" category. 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 AF.PRC shares, versus AF:

Performance Comparison Chart

Below is a dividend history chart for AF.PRC, showing historical dividends prior to the most recent $0.4062 on Astoria Financial Corp.'s 6.50% Non-Cumulative Perpetual Preferred Stock, Series C:

AF.PRC+Dividend+History+Chart

According to the ETF Finder at ETF Channel, Astoria Financial Corp. ( AF) makes up 1.16% of the SPDR S&P Mortgage Finance ETF (KME) which is trading up by about 0.6% on the day Tuesday.

In Tuesday trading, Astoria Financial Corp.'s 6.50% Non-Cumulative Perpetual Preferred Stock, Series C ( AF.PRC) is currently up about 0.2% on the day, while the common shares ( AF) are up about 0.1%.