The Bank of Queensland Limited (ASX: BOQ) share price has been amongst the worst performers on the market in morning trade.
At the time of writing the regional bank's shares are down over 5% to $12.58.
What happened?
Some of this decline can be attributed to general weakness in the banking sector today.
Banks shares including Bendigo and Adelaide Bank Ltd (ASX: BEN), National Australia Bank Ltd. (ASX: NAB), and Australia and New Zealand Banking Group (ASX: ANZ) are all in the red today despite the market pushing ever so slightly higher.
But the majority of Bank of Queensland's decline today is attributable to its shares going ex-dividend this morning for its fully franked 46 cents per share final dividend.
Eligible shareholders should expect to receive this dividend in their accounts later this month on November 23.
Should you buy the dip?
I don't believe today's decline is enough to warrant a buy. At a little over 13x trailing earnings I think Bank of Queensland is fully valued and offers limited upside over the next 12 months.
In fact, I feel this is representative of the banking sector as a whole and would only consider investing in it should prices pull back around 10% from where they are now.
