The Australia and New Zealand Banking Group (ASX:ANZ) share price is getting crunched.
Down more than 4% at the time of writing, investors will be left wondering what's going on.
Indeed, the ANZ share price is down significantly more than the share prices of any one of its key rivals, for example National Australia Bank Ltd. (ASX: NAB) is down 0.8%.
Ex-dividend
The ANZ share price is down heavily today because its shares are now 'ex-dividend'. That means shareholders on the bank's registry as of yesterday evening stand to receive its upcoming 80 cents-per-share fully franked dividend.
The cash payout, which was down from last year's 87 cents-per-share payment, is due to be paid to eligible shareholders on 1 July 2016.
Perhaps adding to today's selling pressure are news reports that ANZ and Westpac Banking Corp (ASX: WBC) could be the subject of hundreds of fraudulent loans.
Also, in a related note, Commonwealth Bank of Australia (ASX: CBA) released its March quarter trading update to the market today, which hinted at slightly higher income and expenses along with a rise in impairments. Similar to the outlook statements from its peers, Commbank said the local credit market has patches of weakness.
