On 7/12/13, Banco Santander SA's 6.50% Non-Cumulative Series 5 Guaranteed Preferred Securities (NYSE: SAN.PRC) will trade ex-dividend, for its quarterly dividend of $0.4062, payable on 7/31/13. As a percentage of SAN.PRC's recent share price of $25.00, this dividend works out to approximately 1.62%, so look for shares of SAN.PRC to trade 1.62% lower — all else being equal — when SAN.PRC shares open for trading on 7/12/13. On an annualized basis, the current yield is approximately 6.51%, which compares to an average yield of 5.17% in the "Financial" preferred stock category, according to Preferred Stock Channel.
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