On 8/15/13, The Charles Schwab Corporation's 6.00% Non-Cumulative Perpetual Preferred Stock, Series B (NYSE: SCHW.PRB) will trade ex-dividend, for its quarterly dividend of $0.375, payable on 9/3/13. As a percentage of SCHW.PRB's recent share price of $24.43, this dividend works out to approximately 1.53%, so look for shares of SCHW.PRB to trade 1.53% lower — all else being equal — when SCHW.PRB shares open for trading on 8/15/13. On an annualized basis, the current yield is approximately 6.08%, which compares to an average yield of 5.37% in the "Financial" preferred stock category, according to Preferred Stock Channel.
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