Did you buy the October dip in Macquarie shares? Here's the dividend yield you're now earning

Macquarie Group Ltd (ASX: MQG) shares are frequently sought out for their reliable dividend payments as well as a lengthy run of capital gains.

Since January 2013, the diversified S&P/ASX 200 Index (ASX: XJO) financial stock has gained some 400%.

And in 2013, and every year since then, Macquarie shares have also delivered two partly franked dividends. That's placed it high on the radar of investors seeking some useful passive income.

So far in 2023, the Macquarie share price is up 6.5%. Shares closed yesterday trading for $174.84 apiece.

What's the dividend yield on Macquarie shares bought on 3 October?

The Macquarie board declared a final dividend of $4.50 per share, 40% franked when the company reported its full-year results earlier this month.

With profits coming in at $5.2 billion, that was a 29% increase from the $3.50 final dividend Macquarie shares delivered the prior year.

The stock traded ex-dividend yesterday, 15 May. Shareholders will see that passive income land in their bank accounts on 4 July.

Together with the $3.00 per share interim dividend, paid out on 13 December, that adds up to a full-year payout of $7.50 per share.

That's approximately $2.9 billion of passive income delivered to shareholders over the 12 months.

At the current share price, that equates to a trailing yield of 4.3%, with some potential tax benefits from the franking credits. Or $430 in annual passive income from a $10,000 investment.

Of course, like all stocks, Macquarie shares haven't gone up in a straight line. There are always plenty of dips and peaks along the way.

Well-advised, well-researched, or just plain lucky investors who bought shares on 3 October, when the stock closed for $151.41 per share, will be sitting pretty today.

First, they'll have enjoyed a 16% lift in the Macquarie share price.

Even more importantly, from a passive income perspective, they'll be earning a dividend yield of 5.0% on that investment.

Or a very handy $500 second income from that $10,000 investment. And, mind you, that's just since October.