The Bank of Queensland Ltd (ASX: BOQ) share price is edging lower amid the company's eligible shareholders being rewarded today.
The regional bank's shares are currently down 0.84% to $8.30 apiece. This means its shares have tumbled almost 5% in the past week, and 10% in a month.
In context, the broader S&P/ASX 200 Index (ASX: XJO) is climbing higher during Thursday's morning trade. The benchmark index is up 0.3% to 7,391.7 points.
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Bank of Queensland pays out final dividend
The Bank of Queensland reported strong growth across key metrics in its results for the 2021 financial year.
In summary, statutory net profit after tax (NPAT) rose 221% year-on-year to $369 million. An increased net interest income and credit to loan impairment expense, partly offset by higher operating expenses, underpinned the result.
Management noted that the digital transformation and ME Bank integration were executed as planned. Bank of Queensland is aiming for all of its retail brands to operate from a common cloud-based digital platform.
The board declared a fully franked FY21 dividend of 22 cents per share to be paid on 18 November (today). This is a significant increase on the first-half dividend of 17 cents and almost double the FY20 dividend of 12 cents.
When calculating against the current share price, Bank of Queensland is trailing on a forecast fully franked dividend yield of 4.7%. In addition, the payout ratio is calculated to be 61% of the bank's profits.
It's worth remembering that the company has paid relatively consistent dividends over the years. Before COVID-19, the regional bank had been paying shareholders fully franked dividends of above 30 cents on a biannual basis.
Bank of Queensland share price snapshot
Despite falling in recent times, the Bank of Queensland share price has gained around 17% in the last 12 months. When looking specifically at year to date, its shares are hovering around 10%.
Bank of Queensland has a price-to-earnings (P/E) ratio of 21.67 and commands a market capitalisation of roughly $5.32 billion.
