Investors who own ASX bank shares, like National Australia Bank Ltd (ASX: NAB), look forward to two dates on the financial calendar more than most. Bank stocks like NAB are well known for paying some of the largest, fattest, and most consistent dividends on the ASX.
So it makes sense that bank shareholders would hold a special affinity for the day that they receive these fat, and usually fully franked, dividends.
Well, luckily for NAB shareholders, today is one of the two days this year that they will receive a dividend payment.
Back in May, we covered NAB's latest earnings report, covering the half-year ended 31 March. As we went through at the time, these earnings were well-received, with NAB shares surging as a result. This surge was despite the bank reporting a 0.9% drop in operating income to $10.14 billion for the six months to 31 March. That was alongside a 12.8% decline in cash earnings to $3.55 billion.
Despite these sobering metrics, NAB still announced an additional $1.5 billion share buyback program. As well as an increase to its interim dividend for 2024.
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How much is the latest NAB dividend worth?
The bank revealed that its latest dividend would be worth 84 cents per share, fully franked. That's a 1.3% rise over last year's interim dividend, which was worth 83 cents per share. It's also the same value as NAB's last dividend. That was the final payment of 84 cents per share that we saw doled out back in December. Both of these payments came fully franked as well.
As we warned back in May, the ex-dividend date for this latest NAB dividend was set for 7 May. So if you didn't own NAB shares as of 6 May's market close, you'll miss out on this shareholder paycheque.
But for eligible investors, the long wait for this dividend is finally over. Today is dividend payday. Yep, shareholders will be getting the proverbial cheque in the mail sometime this Wednesday. If someone owned 500 NAB shares right now (worth approximately $17,810 at current pricing), they can expect to receive $420 in dividend cash today.
If shareholders instead selected the optional dividend reinvestment plan (DRP) by 9 May, they will receive additional NAB shares in lieu of the traditional cash payment.
At the time of writing, NAB shares are down 0.17% at $35.63 each. At this pricing, NAB is currently trading on a dividend yield of 4.72%.
