On 3/12/14, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series M ( RBS.PRM) will trade ex-dividend, for its quarterly dividend of $0.40, payable on 3/31/14. As a percentage of RBS.PRM's recent share price of $22.65, this dividend works out to approximately 1.77%, so look for shares of RBS.PRM to trade 1.77% lower — all else being equal — when RBS.PRM shares open for trading on 3/12/14. On an annualized basis, the current yield is approximately 7.04%, which compares to an average yield of 6.26% in the "Banking & Savings" preferred stock category, according to Preferred Stock Channel.As of last close, RBS.PRM was trading at a 9.00% 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.PRM shares, versus RBS: Below is a dividend history chart for RBS.PRM, showing historical dividends prior to the most recent $0.40 on Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series M: In Monday trading, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series M ( RBS.PRM) is currently off about 0.4% on the day, while the common shares ( RBS) are down about 2.4%.