On 12/26/13, Royal Bank of Scotland Group plc's 6.08% Non-cumulative Guaranteed Trust Preferred Securities ( RBS.PRG) will trade ex-dividend, for its quarterly dividend of $0.38, payable on 12/31/13. As a percentage of RBS.PRG's recent share price of $21.53, this dividend works out to approximately 1.76%, so look for shares of RBS.PRG to trade 1.76% lower — all else being equal — when RBS.PRG shares open for trading on 12/26/13. On an annualized basis, the current yield is approximately 7.03%, which compares to an average yield of 6.58% in the "Banking & Savings" preferred stock category, according to Preferred Stock Channel.As of last close, RBS.PRG was trading at a 13.48% 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 RBS.PRG shares, versus RBS: Below is a dividend history chart for RBS.PRG, showing historical dividends prior to the most recent $0.38 on Royal Bank of Scotland Group plc's 6.08% Non-cumulative Guaranteed Trust Preferred Securities: In Tuesday trading, Royal Bank of Scotland Group plc's 6.08% Non-cumulative Guaranteed Trust Preferred Securities ( RBS.PRG) is currently down about 0.5% on the day, while the common shares ( RBS) are up about 1.7%.