ANZ Group Holdings Ltd (ASX: ANZ) Shares Experience Dip Amidst Dividend Adjustment

November 16, 2023 11:17 AM AEDT | By Team Kalkine Media

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ANZ Group Holdings Ltd (ASX: ANZ) Shares Experience Dip Amidst Dividend Adjustment — Image source: © Tktktk | Megapixl.com

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The shares of ANZ Group Holdings Ltd (ASX: ANZ) encountered a slight setback during Thursday's morning trading session, observing a dip of nearly 3% to AU$24.32.

The downward trend in ANZ's shares does not stem from unfavorable news. Contrarily, the banking giant's shares are technically on the rise today, despite initial observations on brokerage platforms.

This decline is directly associated with ANZ's shares going ex-dividend for its latest dividend payout. Typically, when a company's shares go ex-dividend, the share value tends to adjust downwards, in sync with the dividend's size. This adjustment reflects the settlement of dividend rights, implying that individuals purchasing shares on the ex-dividend date will not be entitled to receive the dividend on the scheduled pay day.

Earlier in the week, ANZ unveiled its fiscal year 2023 results, demonstrating a notable 5% surge in operating income, reaching AU$20,459 million, and a substantial 14% increase in cash earnings, hitting a record high of AU$7,405 million.

The positive financial performance enabled the bank's board to announce a final dividend of 94 cents per share (cps). This dividend comprises an 81cps dividend, partially franked at 65%, along with an additional one-off unfranked dividend of 13cps.

Despite the decline in ANZ's shares today, which total 73 cents, the decrease is lesser in value compared to the declared dividend. This circumstance is viewed as a net positive for shareholders.

For those expecting dividend payouts, the anticipated pay day is just around the corner. The scheduled payout is set for 22 December, providing shareholders the timely opportunity for some last-minute Christmas shopping!

Considering ANZ's share price at the previous day's closing mark of AU$25.01, the announced dividend represents an attractive 3.75% dividend yield.

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