The S&P/ASX 200 may be pushing higher today, but the same cannot be said for the Bank of Queensland Limited (ASX: BOQ) share price.
In morning trade the regional bank's shares are amongst the worst performers on the benchmark index. They are trading over 3% lower at $8.89 at the time of writing.
Why is the Bank of Queensland share price sinking lower?
Today's share price weakness has nothing to do with its performance. Rather, it has everything to do with its shares trading ex-dividend this morning.
When a share trades ex-dividend, it means they are now without the rights to an upcoming dividend. In light of this, as new buyers will not receive this dividend, the share price usually drops by the value of the payout.
In respect to Bank of Queensland, this is its fully franked 31 cents per share final dividend. The bank will be paying this dividend to eligible shareholders on November 27.
Interestingly, if you were to take this dividend out of the equation, the bank's shares would actually be pushing higher today. It appears as though investors are buying the banks again after a spot of weakness this month.
At the time of writing the Commonwealth Bank of Australia (ASX: CBA) share price is up 0.7% and the Westpac Banking Corp (ASX: WBC) share price is up 0.8%.
Other shares trading ex-dividend.
A number of other shares are trading ex-dividend this morning along with Bank of Queensland.
Brickworks Limited (ASX: BKW) shares are now trading without the rights to its 38 cents per share final dividend. Though, this has been offset by news that it is making a major acquisition in the United States.
Elsewhere, Jupiter Mines Ltd (ASX: JMS) and ResMed Inc. (ASX: RMD) shares are both trading lower after going ex-dividend this morning.
