It’s looking like this Friday will prove a very disappointing end to the week for ASX shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has shed a nasty 2.6%, which puts it back under 7,200 points. Unfortunately for enthusiasts of the Macquarie Group Ltd (ASX: MQG) share price, the news is even worse.
Macquarie shares are currently down a depressing 7.78% at $186.88 each. This steep fall comes after the ASX bank reported its full-year results for the 2022 financial year this morning.
As my Fool colleague James covered earlier, Macquarie reported a 56% increase in profits to $4.71 billion. It also announced a 36% rise in operating income to $17.32 billion, with $774.8 billion in assets under management.
But let’s check out Macquarie’s dividend announcement in more detail.
Macquarie dividend: everything you need to know
Macquarie doesn’t have the same kind of dividend income reputation as its peers in the ASX banking sector. But the bank still announced a final dividend for FY 2022 of $3.50 a share this morning. This represents a slight 4.5% increase on last year’s final dividend of $3.35 per share. Like most of Macquarie’s dividends of recent years, this payment will also come partially franked at 40%.
Macquarie shares will trade ex-dividend for this payment on 16 May, so any investor who wants to receive it will have to own Macquarie shares before then. It will then hit investors’ bank accounts on 4 June.
Macquarie is operating its dividend reinvestment plan (DRIP) for this dividend too. So investors have the option of receiving Macquarie shares instead of cash for this dividend if they so wish. In this case, Macquarie’s DRIP allows a 1.5% discount rate for shares received if an investor opts for the reinvestment plan.
Macquarie‘s previous dividend was the interim payment of $2.72 per share that was doled out back in December. Together with the newly announced final dividend, this means Macquarie shares would have a forward dividend yield of 3.32% on current pricing.
Macquarie shares have been a poor performer in 2022 so far. The ASX investment bank has lost almost 12% of its value over the year to date. However, it is still up by 17% over the past 12 months.
At the current Macquarie share price, the company has a market capitalisation of $72.48 billion.
The post Everything you need to know about the latest Macquarie dividend appeared first on The Motley Fool Australia.
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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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