On 12/29/14, OFG Bancorp's Series D Non-Cumulative Perpetual Preferred Stock ( OFG.PRD) will trade ex-dividend, for its quarterly dividend of $0.4453, payable on 1/15/15. As a percentage of OFG.PRD's recent share price of $23.50, this dividend works out to approximately 1.89%, so look for shares of OFG.PRD to trade 1.89% lower — all else being equal — when OFG.PRD shares open for trading on 12/29/14. On an annualized basis, the current yield is approximately 7.60%, which compares to an average yield of 5.78% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, OFG.PRD was trading at a 6.20% 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 OFG.PRD shares, versus OFG: Below is a dividend history chart for OFG.PRD, showing historical dividends prior to the most recent $0.4453 on OFG Bancorp's Series D Non-Cumulative Perpetual Preferred Stock : According to the ETF Finder at ETF Channel, OFG Bancorp ( OFG) makes up 1.03% of the SPDR S&P Regional Banking ETF (KRE) which is trading up by about 0.5% on the day Friday. In Friday trading, OFG Bancorp's Series D Non-Cumulative Perpetual Preferred Stock ( OFG.PRD) is currently up about 0.2% on the day, while the common shares ( OFG) are up about 1%.