The Aussie share market is relatively flat today after Wall Street recorded a mixed bag overnight.
In midday trade, the S&P/ASX 200 Index (ASX: XJO) is shedding 0.11% to 7,097.8 points.
Also heading south is the Commonwealth Bank of Australia (ASX: CBA) share price.
At the time of writing, the banking giant's shares are down 1.51% to $99.93 apiece.
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CBA shares trade ex-dividend
Following the release of the bank's full-year results earlier this month, investors are eyeing CBA shares as they go ex-dividend today.
This means if you purchased the company's shares yesterday or before and still own them, you will be eligible for the latest dividend.
Traditionally, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors try to make a quick profit after securing the dividend.
For those eligible for CBA's final dividend, shareholders will receive a payment of $2.10 per share on 29 September.
This brings the full-year dividend to $3.85 per share, reflecting an increase of 10% compared to the prior corresponding period.
The dividend is also fully franked.
Under the company's capital management framework, the dividend payout ratio was 68% of the bank's cash earnings.
CBA advised it will continue to target a full-year payout ratio of 70-80% of cash NPAT and an interim payout ratio of approximately 70% of cash NPAT.
Are CBA shares still a buy?
Following the bank's financial scorecard for the full year, analysts at Morgan Stanley weighed in on CBA shares.
According to ANZ Share Investing, the broker raised its 12-month price target by 1.2% to $83.00. Based on the current CBA share price, this implies a downside of 17%.
Similarly, Goldman Sachs cut its rating by 4.4% to $86.86 apiece.
It appears both brokers are in agreeance with what they believe CBA shares should be worth in the current climate.
CBA share price snapshot
Since the beginning of 2022, the CBA share price has travelled in circles to post a small loss of 1%.
In comparison, the benchmark ASX 200 index is down almost 5% over the same time frame.
CBA has a price-to-earnings (P/E) ratio of 18.52 and commands a market capitalisation of roughly $170 billion.
