While all three of its major rivals have recorded minor gains today, shares of Commonwealth Bank of Australia (ASX: CBA) have sunk $3.04 per share, or 4.1%, to trade at just $71.26.

The reason for the fall can mostly be attributed to the shares going ex-dividend this morning. The bank reported its first-half earnings on Wednesday last week, announcing a $4.7 billion cash profit and a $1.98 fully franked dividend per share – unchanged from the year before.

Investors who were holding the shares leading into today’s session are entitled to the dividend and will receive it on Thursday 31 March, 2016.

The bank has also announced that it was raising $1.25 billion in its latest PERLS hybrid offering, and the proceeds will be used to fund the group’s business. With a $100 face value and to be listed on the ASX under the code ‘CBAPE’, the notes will also be used to satisfy Commonwealth Bank’s tier one regulatory requirements.

Commonwealth Bank’s share price has now fallen 16.7% since the beginning of the year, while its shares are down 25.9% since peaking in March 2015. Despite the shares’ heavy fall, there are a number of headwinds facing the banking sector which could drag the shares even lower.

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.