On 12/12/14, 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 12/31/14. As a percentage of RBS.PRM's recent share price of $24.71, this dividend works out to approximately 1.62%, so look for shares of RBS.PRM to trade 1.62% lower — all else being equal — when RBS.PRM shares open for trading on 12/12/14. On an annualized basis, the current yield is approximately 6.45%, which compares to an average yield of 5.74% in the "Banking & Savings" preferred stock category, according to Preferred Stock Channel.As of last close, RBS.PRM was trading at a 0.64% 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 Wednesday trading, Royal Bank of Scotland Group plc's Non-cumulative Dollar Preference Shares, Series M ( RBS.PRM) is currently down about 0.5% on the day, while the common shares ( RBS) are trading flat.