If you're a fan of S&P/ASX 200 Index (ASX: XJO) banks, you're likely aware the Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has struggled over the last five years.
The stock has fallen 22% in that time. That's compared to the ASX 200's 18% gain and the S&P/ASX 200 Financials Index (ASX: XFJ)'s 1% slump.
An investor who bought $6,000 worth of shares in the regional bank in May 2018 likely would have walked away with 558 securities, paying $10.74 apiece.
Today, that parcel would be worth $4,687.20. The Bendigo Bank share price last traded at $8.40.
But Bendigo Bank has been a relatively consistent dividend payer in that time. Could the passive income provided by the banking stock have made up for its sluggish performance?
All dividends paid to owners of Bendigo Bank shares since 2018
Here is all the dividend income provided to those holding Bendigo Bank shares since May 2018:
| Bendigo Bank dividends' pay date | Type | Dividend amount |
| March 2023 | Interim | 29 cents |
| September 2022 | Final | 26.5 cents |
| March 2022 | Interim | 26.5 cents |
| September 2021 | Final | 26.5 cents |
| March 2021 | Interim | 28 cents |
| March 2020 | Interim | 31 cents |
| September 2019 | Final | 35 cents |
| March 2019 | Interim | 35 cents |
| September 2018 | Final | 35 cents |
| Total: | $2.725 |
As the chart above shows, each Bendigo Bank share has yielded $2.725 of dividend income since May 2018.
That means our figurative parcel has likely provided $1,520.55 of passive income.
Considering both the stock's tumble and the dividends provided to investors over the last five years, our imagined investor has realised a total return on investment (ROI) of 3.6%.
While that's certainly not mind-blowing, I'd argue it's better than a loss!
It's also worth considering the fact that all the dividends paid by the bank in that time have been fully franked. Thus, they might have brought about additional benefits for some investors come tax time.
Right now, Bendigo Bank shares offer a notable 6.6% dividend yield.
