The Commonwealth Bank of Australia (ASX: CBA) share price appears to have put the recent drama of the Royal Commission behind it on Tuesday.
In afternoon trade the shares of Australia's largest bank are up a solid 1.3% to $73.60.
This reduces the bank's 12-month share price decline to just over 17.5%.
Why are its shares higher today?
There doesn't appear to be a single catalyst for today's gain. Instead, it looks as though income investors may have decided that CommBank, National Australia Bank Ltd. (ASX: NAB), Australia and New Zealand Banking Group (ASX: ANZ), and the rest of the banks are too attractive to say no to after recent declines.
At present CommBank's shares provide investors with a trailing fully franked 5.8% dividend, which is significantly higher than the market average of 4% and one of the most generous yields its shares have provided in recent years.
Though investors will be waiting until September for CommBank to next pay out a dividend.
National Australia Bank shares, on the other hand, traditionally go ex-dividend for its interim dividend in the middle of May before eligible shareholders receive the payout roughly six to seven weeks later.
