The Motley Fool

Why Westpac Banking Corp (ASX:WBC) shares are down 4% today

The Westpac Banking Corp (ASX: WBC) share price has weighed heavily on the market on Thursday.

In afternoon trade the banking giant’s shares are down 4% to $29.00.

Why are Westpac’s shares sinking lower?

Don’t worry, there isn’t another Royal Commission bombshell leading to a selloff today.

Almost the entirety of Westpac’s decline today can be attributed to the bank’s shares going ex-dividend this morning.

Eligible shareholders can now look forward to receiving Westpac’s interim fully franked dividend of 94 cents per share in their accounts on July 4.

Westpac is the last of the big four banks to go ex-dividend for interim payouts following Australia and New Zealand Banking Group (ASX: ANZ) on Monday and National Australia Bank Ltd. (ASX: NAB) on Tuesday.

Commonwealth Bank of Australia (ASX: CBA), which operates over a different financial period, paid its interim dividend to shareholders in March of this year.

OUR #1 dividend pick to grow your wealth over the new financial year is revealed for FREE here!

Financial year 2018 is here and The Motley Fool’s dividend detective Andrew Page has revealed his must buy dividend share to grow your wealth in 2018.

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of National Australia Bank Limited. 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 Scott Phillips.

NEW. Five Cheap and Good Stocks to Buy in 2019…

Our Motley Fool experts have just released a brand new FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.8% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!