In trading on Wednesday, shares of Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities (NYSE: SAN.PRB) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.00), with shares changing hands as low as $19.87 on the day. This compares to an average yield of 5.71% in the "Financial" preferred stock category, according to Preferred Stock Channel. As of last close, SAN.PRB was trading at a 19.80% discount to its liquidation preference amount, versus the average discount of 1.63% 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.
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The chart below shows the one year performance of SAN.PRB shares, versus SAN:
Below is a dividend history chart for SAN.PRB, showing historical dividend payments on Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities:
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In Wednesday trading, Banco Santander SA's Floating Rate Non-Cumulative Series 6 Guaranteed Preferred Securities (NYSE: SAN.PRB) is currently off about 0.5% on the day, while the common shares (NYSE: SAN) are up about 1.6%.