On 6/11/14, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series P ( RBS.PRP) will trade ex-dividend, for its quarterly dividend of $0.3906, payable on 6/30/14. As a percentage of RBS.PRP's recent share price of $23.51, this dividend works out to approximately 1.66%, so look for shares of RBS.PRP to trade 1.66% lower — all else being equal — when RBS.PRP shares open for trading on 6/11/14. On an annualized basis, the current yield is approximately 6.65%, which compares to an average yield of 6.24% in the "Banking & Savings" preferred stock category, according to Preferred Stock Channel.As of last close, RBS.PRP was trading at a 6.04% 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.PRP shares, versus RBS: Below is a dividend history chart for RBS.PRP, showing historical dividends prior to the most recent $0.3906 on Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series P: In Monday trading, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series P ( RBS.PRP) is currently up about 0.1% on the day, while the common shares ( RBS) are trading flat.