On 2/23/15, Sun Life Financial Inc's Class A Non-Cumulative Preferred Shares Series 5 (TSX: SLF-PRE.TO) will trade ex-dividend, for its quarterly dividend of $0.2812, payable on 3/31/15. As a percentage of SLF.PRE's recent share price of $24.27, this dividend works out to approximately 1.16%, so look for shares of SLF.PRE to trade 1.16% lower — all else being equal — when SLF.PRE shares open for trading on 2/23/15. On an annualized basis, the current yield is approximately 4.64%.

As of last close, SLF.PRE was trading at a 2.92% 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 SLF.PRE shares, versus SLF:

Performance Comparison Chart

Below is a dividend history chart for SLF.PRE, showing historical dividends prior to the most recent $0.2812 on Sun Life Financial Inc's Class A Non-Cumulative Preferred Shares Series 5:

SLF.PRE+Dividend+History+Chart

In Thursday trading, Sun Life Financial Inc's Class A Non-Cumulative Preferred Shares Series 5 (TSX: SLF-PRE.TO) is currently trading flat on the day, while the common shares (TSX: SLF.TO) are trading flat.