ANZ Group Holdings Ltd (ASX: ANZ) shares are having a tough time on Thursday.
In morning trade, the banking giant's shares are down almost 3% to $24.32.
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Why are ANZ shares under pressure?
Today's decline isn't because of bad news. In fact, the bank's shares are technically gaining today despite what you might see on your brokerage platform.
That's because today's decline has been driven by ANZ's shares going ex-dividend for its latest dividend.
When this happens, a company's shares will tend to drop in line with the size of the dividend to reflect the fact that the rights to it are now settled and anyone buying shares today will not be entitled to receive it on payday.
Earlier this week, ANZ released its FY 2023 results and revealed a 5% increase in operating income to $20,459 million and a 14% lift in cash earnings to a record of $7,405 million.
This allowed the bank's board to declare a 94 cents per share final dividend. This comprises an 81 cents per share ordinary dividend partially franked at 65% and an additional one-off unfranked dividend of 13 cents per share.
ANZ's shares are down today but only by 73 cents, which is less than the value of the dividend. A net positive for shareholders.
When is payday?
If you're entitled to receive these dividends, then you will no doubt be wondering when to expect them in your bank account.
The good news is you don't have to wait long. It is scheduled to be paid on 22 December. Just in time for some late Christmas shopping!
Based on the the ANZ share price at yesterday's close of $25.01, it represents an attractive 3.75% dividend yield.
