The Bank of Queensland Ltd (ASX: BOQ) share price has been especially delightful to its investors of late. At the time of writing, BOQ shares have gained a robust 0.66% so far today, putting this ASX 200 bank at $7.68 a share.
Yet at the start of the month, Bank of Queensland was sitting at just $6.51. That means that investors have enjoyed gains worth almost 18% over October so far.
Although this share price rise has no doubt been welcomed, it has had the side effect of lowering the dividend yield on offer for new investors. BOQ's dividend yield is now back under 6%, going at 5.98% at present. Still, that's nothing to turn one's nose up at.
But investors are about to see this dividend in action. That's because Bank of Queensland is about to dole out its latest shareholder payment.
Bank of Queensland set to pay out latest dividend
Yes, this ASX bank is scheduled to pay out its latest final dividend next month on 17 November. But investors will need to be quick if they want to receive it. That's because BOQ is scheduled to trade ex-dividend tomorrow.
When a company trades ex-dividend, any new investors from that day forward are not eligible for the dividend payment in question. So investors will need to own BOQ shares by the end of this trading day if they want to get the 17 November dividend.
So don't be surprised if we see a big drop in the BOQ share price tomorrow. When a company trades ex-dividend, we normally see a commensurate drop in share price. This reflects the value of the dividend leaving the value of the company.
Investors will then receive a payment of 24 cents per share, fully franked, next month. 24 cents per share is a healthy 9.1% increase on the bank's last two dividends, both worth 22 cents per share.
It takes Bank of Queensland's full-year dividend to 46 cents per share.
