On 10/6/14, Toronto Dominion Bank's Class A First Preferred Shares, Series P (TSX: TD-PRP.TO) will trade ex-dividend, for its quarterly dividend of $0.3281, payable on 10/31/14. As a percentage of TD.PRP's recent share price of $26.05, this dividend works out to approximately 1.26%, so look for shares of TD.PRP to trade 1.26% lower — all else being equal — when TD.PRP shares open for trading on 10/6/14. On an annualized basis, the current yield is approximately 5.06%.

As of last close, TD.PRP was trading at a 3.80% 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 TD.PRP shares, versus TD:

Performance Comparison Chart

Below is a dividend history chart for TD.PRP, showing historical dividends prior to the most recent $0.3281 on Toronto Dominion Bank's Class A First Preferred Shares, Series P:

TD.PRP+Dividend+History+Chart

According to the ETF Finder at ETF Channel, Toronto Dominion Bank ( TD - Get Report) makes up 3.42% of the Bank and Brokerage ETF (RKH) which is trading lower by about 0.6% on the day Thursday.

In Thursday trading, Toronto Dominion Bank's Class A First Preferred Shares, Series P (TSX: TD-PRP.TO) is currently up about 0.4% on the day, while the common shares ( TD - Get Report) are down about 0.9%.