On 9/11/14, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series R ( RBS.PRR) will trade ex-dividend, for its quarterly dividend of $0.3828, payable on 9/30/14. As a percentage of RBS.PRR's recent share price of $24.00, this dividend works out to approximately 1.60%, so look for shares of RBS.PRR to trade 1.60% lower — all else being equal — when RBS.PRR shares open for trading on 9/11/14. On an annualized basis, the current yield is approximately 6.35%, which compares to an average yield of 5.91% in the "Banking & Savings" preferred stock category, according to Preferred Stock Channel.As of last close, RBS.PRR was trading at a 3.48% 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.PRR shares, versus RBS: Below is a dividend history chart for RBS.PRR, showing historical dividends prior to the most recent $0.3828 on Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series R: In Tuesday trading, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series R ( RBS.PRR) is currently off about 0.5% on the day, while the common shares ( RBS) are trading flat.