The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has been struggling this week.
This comes amid the company releasing its half-year results to the ASX on Wednesday.
On Thursday, ANZ shares closed 1.72% lower at $26.91 apiece. In early trading today, they are down another 0.97% at $26.65. They have now fallen 2.4% since last Friday's close.
ANZ shares set to go ex-dividend
While the company hasn't released any other price-sensitive news, investors are selling off ANZ shares.
This is regardless of the company's shares being set to trade ex-dividend on Monday.
The S&P/ASX 200 Index (ASX: XJO) is also down this week. It's fallen around 3% since last Friday's close, including a 2% fall already this morning.
Investors are jittery after heavy falls were recorded on Wall Street last night. Clearly, fears over rampant inflation and the risk of a recession is putting global markets under selling pressure.
Nonetheless, investors need to buy ANZ shares before market close today to be eligible for the interim dividend.
It's worth noting though that historically when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company's shares after securing the dividend.
When will ANZ shareholders be paid?
For those who are eligible for the ANZ dividend, shareholders will receive a dividend payment of 72 cents per share on 1 July. This represents a growth of 2% when compared to the previous corresponding dividend of 70 cents per share.
It's also worth noting that this is the biggest interim dividend that will be paid by the company since COVID-19.
The dividend is fully franked which means shareholders can expect to receive tax credits from this.
ANZ share price summary
Over the last 12 months, the ANZ share price has fallen by 3.3%. It is also down 2.8% year to date.
The company's shares reached a 52-week low of $24.65 in March, before accelerating to 2021 levels.
ANZ commands a market capitalisation of roughly $75.89 billion and has a trailing dividend yield of 5.28%.
