diff --git "a/18c4479b-4305-41d0-9d37-64491a6c886c.json" "b/18c4479b-4305-41d0-9d37-64491a6c886c.json" new file mode 100644--- /dev/null +++ "b/18c4479b-4305-41d0-9d37-64491a6c886c.json" @@ -0,0 +1,40 @@ +{ + "interaction_id": "18c4479b-4305-41d0-9d37-64491a6c886c", + "search_results": [ + { + "page_name": "Ex-Dividend Dates: When Are You Entitled to Stock and Cash Dividends ...", + "page_url": "https://www.investor.gov/introduction-investing/investing-basics/glossary/ex-dividend-dates-when-are-you-entitled-stock-and", + "page_snippet": "To determine whether you should get a dividend, you need to look at two important dates. They are the "record date" or "date of record" and the "ex-dividend date" or "ex-date." When a company declares a dividend, it sets a record date when you must be on the company's books as a shareholder ...To determine whether you should get a dividend, you need to look at two important dates. They are the \"record date\" or \"date of record\" and the \"ex-dividend date\" or \"ex-date.\" When a company declares a dividend, it sets a record date when you must be on the company's books as a shareholder to receive the dividend. When a company declares a dividend, it sets a record date when you must be on the company's books as a shareholder to receive the dividend. Companies also use this date to determine who is sent proxy statements, financial reports, and other information. Once the company sets the record date, the ex-dividend date is set based on stock exchange rules. The ex-dividend date for stocks is usually set one business day before the record date. If you purchase a stock on its ex-dividend date or after, you will not receive the next dividend payment. The ex-dividend date for stocks is usually set one business day before the record date. If you purchase a stock on its ex-dividend date or after, you will not receive the next dividend payment. Instead, the seller gets the dividend. If you purchase before the ex-dividend date, you get the dividend.", + "page_result": "\n\n\n\n\n\t\n\n\n\n\n\n\n\n\n\n\t\t\n\t\t\n\t\tEx-Dividend Dates: When Are You Entitled to Stock and Cash Dividends | Investor.gov\n\t\t\n\t\t\n\n\n\t\t\n\t\n\t\n\t
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Ex-Dividend Dates: When Are You Entitled to Stock and Cash Dividends

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To determine whether you should get a dividend, you need to look at two important dates. They are the \"record date\" or \"date of record\" and the \"ex-dividend date\" or \"ex-date.\"

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When a company declares a dividend, it sets a record date when you must be on the company's books as a shareholder to receive the dividend. Companies also use this date to determine who is sent proxy statements, financial reports, and other information.

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Once the company sets the record date, the ex-dividend date is set based on stock exchange rules. The ex-dividend date for stocks is usually set one business day before\u00a0the record date. If you purchase a stock on its ex-dividend date or after, you will not receive the next dividend payment. Instead, the seller gets the dividend. If you purchase before the ex-dividend date, you get the dividend.

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Here is an example:

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Declaration Date

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Ex-Dividend Date

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Record Date

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Payable Date

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Friday, 9/8/2017

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Friday, 9/15/2017

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Monday, 9/18/2017

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Tuesday, 10/3/2017

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On September 8, 2017, Company XYZ declares a dividend payable on October 3, 2017 to its shareholders. XYZ also announces that shareholders of record on the company's books on or before September 18, 2017 are entitled to the dividend. The stock would then go ex-dividend one business day before the record date.

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In this example, the record date falls on a Monday. Excluding weekends and holidays, the ex-dividend is set one business day before the record date or the opening of the market\u2014in this case on the preceding Friday. This means anyone who bought the stock on Friday or after would not get the dividend. At the same time, those who purchase before the ex-dividend date on Friday will receive the dividend.

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With a significant dividend, the price of a stock may fall by that amount on the ex-dividend date.

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If the dividend is 25% or more of the stock value, special rules apply to the determination of the ex-dividend date.\u00a0 In these cases, the ex-dividend date will be deferred until one business day after the dividend is paid.\u00a0 In the above example, the ex-dividend date for a stock that\u2019s paying a dividend equal to 25% or more of its value, is October 4, 2017.

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Sometimes a company pays a dividend in the form of stock rather than cash. The stock dividend may be additional shares in the company or in a subsidiary being spun off. The procedures for stock dividends may be different from cash dividends. The ex-dividend date is set the first business day after the stock dividend is paid (and is also after the record date).

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If you sell your stock before the ex-dividend date, you also are selling away your right to the stock dividend. Your sale includes an obligation to deliver any shares acquired as a result of the dividend to the buyer of your shares, since the seller will receive an I.O.U. or \"due bill\" from his or her broker for the additional shares. Thus, it is important to remember that the day you can sell your shares without being obligated to deliver the additional shares is\u00a0not\u00a0the first business day after the record date, but usually is the first business day after the stock dividend is paid.

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If you have questions about specific dividends, you should consult with your financial advisor.

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\n\t\t\n\n\n \n\n", + "page_last_modified": "" + }, + { + "page_name": "Ex-dividend date - Wikipedia", + "page_url": "https://en.wikipedia.org/wiki/Ex-dividend_date", + "page_snippet": "If a corporation is distributing something other than a cash dividend, such as rights or warrants, then the relevant date is called an ex rights date, or ex warrants date, etc. In the United States, the Securities and Exchange Commission (SEC) stipulates the T+2 rule, that stock trades settle two business days after purchase. That time period was last ...If a corporation is distributing something other than a cash dividend, such as rights or warrants, then the relevant date is called an ex rights date, or ex warrants date, etc. In the United States, the Securities and Exchange Commission (SEC) stipulates the T+2 rule, that stock trades settle two business days after purchase. That time period was last shortened on September 5, 2017. The ex-date or ex-dividend date represents the date on or after which a security is traded without a previously declared dividend or distribution. The opening price on the ex-dividend date, in comparison to the previous closing price, can be expected to decrease by the amount of the dividend, although this change may be obscured by other influences on the stock's value. As far as the company registrar is concerned, to determine the ultimate eligibility for a dividend or distribution, the record date, not the ex-date, is relevant. Each shareholder entered in the shareholders' register at the record date is entitled to a dividend. At the market opening on the ex-dividend date, the stock will trade at a lower price, adjusted for the amount of the dividend paid. If a corporation is distributing something other than a cash dividend, such as rights or warrants, then the relevant date is called an ex rights date, or ex warrants date, etc. Large distributions such as special dividends or stock splits involve different ex-dividend timing formulas than for regular dividends. For example, the Nasdaq market provides a different ex-dividend timing when distributions are 25 percent or more of a security's value.", + "page_result": "\n\n\n\nEx-dividend date - Wikipedia\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nJump to content\n
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Ex-dividend date

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The ex-dividend date (coinciding with the reinvestment date for shares held subject to a dividend reinvestment plan) is an investment term involving the timing of payment of dividends on stocks of corporations, income trusts, and other financial holdings, both publicly and privately held. The ex-date or ex-dividend date represents the date on or after which a security is traded without a previously declared dividend or distribution.[1] The opening price on the ex-dividend date, in comparison to the previous closing price, can be expected to decrease by the amount of the dividend, although this change may be obscured by other influences on the stock's value.[2]\n

A person purchasing a stock before its ex-dividend date, and holding the position before the market opens on the ex-dividend date, is by convention entitled to the dividend. A person purchasing a stock on its ex-dividend date or after will not receive the current dividend payment. \n

As far as the company registrar is concerned, to determine the ultimate eligibility for a dividend or distribution, the record date, not the ex-date, is relevant. Each shareholder entered in the shareholders' register at the record date is entitled to a dividend.[3] Usually, the person owning the stock at the end of the trading day one business day before the ex-date is also the person registered in the shareholders register on the record date, because companies set the ex-date and record date of the dividend in line with the settlement cycle of the security. \n

However if, for whatever reason, a share transfer prior to the ex-dividend date is not recorded on the register in time, the seller will receive the dividend from the company but is then obligated to pay the dividend to the buyer.\n

Most developed financial markets such as the US, UK, Germany, France, etc. use a settlement cycle of T+2 for stocks.[4] As a result, companies in these markets set the ex-date one business day before the record date of the dividend (example: ex-date Wednesday, record date Thursday: a security purchased on Tuesday will settle on Thursday; a person who bought the security on Tuesday bought one day before the ex-date and will be registered as shareholder on Thursday and hence be entitled to the dividend).\n

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Background[edit]

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Many publicly traded companies, and some privately held ones, pay dividends on their stock. Stock shares trade fluidly on public markets, so the ownership of the shares may change at the end of each trading day, and any given share may have a series of different owners over time. When declaring a dividend, a company will designate a record date for the dividend. The practical rules of the financial system determine precisely which of the owners will be entitled to receive the dividend payment: namely the owner of record, who owned the share(s) at the end of the trading day on the record date. The company thus resolves payment to the share owner identified on the company's share register as of the record date. Since the process of settlement involves some days of delay, stock exchanges set an earlier date, known as the ex-dividend date (typically the business day prior to the record date) to synchronize the time for this processing. Thus the key date for a stock purchase is the ex-dividend date: a purchase on that date (or after) will be ex (outside, without right to) the dividend.\n

If, for whatever reason, a share transfer prior to the ex-dividend date is not recorded on the register in time, the seller is obligated to repay the dividend to the buyer when he receives it.\n

In the United States, the IRS defines the ex-dividend date thus: \"The ex-dividend date is the first date following the declaration of a dividend on which the purchaser of a stock is not entitled to receive the next dividend payment.\"[5] The London Stock Exchange defines the term \"ex\" as \"when a stock or dividend is issued by a company it is based upon an 'on register' or 'record date'. However, to create a level playing field when shares are traded on the London Stock Exchange during this benefit period an 'ex' date is set. Before this 'ex' date if shares are sold the selling party will need to pass on the benefit or dividend to the buying party.\"[6]\n

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Adjustment of Standing Orders[edit]

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On some markets, after the close of business on the day before the ex-dividend date and before the market opens on the ex-dividend date, all open good-until-canceled limit, stop, and stop limit orders are automatically reduced by the amount of the dividend, except for orders that the customer indicated \"do not reduce.\" This is done because the dividend payout will decrease the value of the company, as it comes directly from the company's reserves. At the market opening on the ex-dividend date, the stock will trade at a lower price, adjusted for the amount of the dividend paid. If a corporation is distributing something other than a cash dividend, such as rights or warrants, then the relevant date is called an ex rights date, or ex warrants date, etc.\n

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United States[edit]

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In the United States, the Securities and Exchange Commission (SEC) stipulates the T+2 rule, that stock trades settle two business days after purchase. That time period was last shortened on September 5, 2017.[7] The ex-dividend date is normally the business day (2 days minus 1) before the record date. For the purpose of calculating an ex-dividend date, business days are days on which both the major stock exchanges and the banks in New York State are open.[8] Thus Columbus Day and Veterans Day are trading days, but not business days for calculating an ex-dividend date, since they are legal holidays and banks are not open.\n

If the record date is not a business day, then counting begins from the most recent business day instead of the actual record date.[9] For instance, if the record date is Sunday, then the ex-dividend date is the preceding Thursday, not Friday \u2014 assuming no intervening holidays. \n

The ex-dividend date is usually the business day prior to the record date. To be a stockholder on the record date an investor must purchase the stock before the ex-dividend date. The latest date he can buy the stock to be a stockholder on record and be entitled to the dividend would be one day prior to the ex-dividend date (this includes extended hours (pre-market and after-hours) of that day) to allow for the two stock trading day settlement of the stock purchase. If the investor purchases the stock the day before the ex-dividend date the investor would be a stockholder on the record date and would be entitled to receive the dividend payment.[10]\n

An investor who wishes to be entitled to the dividend does not have to wait until after the record date to sell the stock; however, the investor must hold the stock until the ex-dividend date. If the investor were to sell the stock on the ex-dividend date or afterwards, the investor would still be entitled to the dividend payment. In this example, assuming that the investor purchased the stock one day before the ex-dividend date, the investor would be a stockholder on the record date. If the investor sells the stock on the ex-dividend date, the buyer of the stock would be a stockholder one day after the record date given the two stock business trading day settlement. The person that bought the stock would not be entitled to receive the dividend.\n

An investor only needs to own the stock for one day (the record date) to be entitled to receive the dividend payment. If the investor buys before the ex-dividend date, and sells on the ex-dividend date or after, the investor will receive the dividend payment. More precisely, the owner at the close of trading on the record date receives the dividend, since shares may be traded frequently and have a series of owners on any given single day.\n

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Tax consequences[edit]

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The ex-dividend date is also a factor in computing U.S. taxes that depend on holding periods. To receive favorable personal income tax rates on qualified dividends of a common stock, the stock must be held continuously for over 60 calendar days within the window of 121 calendar days centered on the ex-dividend date. Otherwise the dividend income is taxed at higher rates for ordinary income.[11]\n

The ex-dividend date does not determine the tax year of the dividend income. The tax year of a dividend is determined by the payment date, which is typically a week or more after the ex-dividend date. However, if a mutual fund or real estate investment trust (REIT) declares a dividend in October, November, or December that is payable to shareholders of record on a date in one of those months but actually pays the dividend during January of the next calendar year, the dividend is considered to have been received for tax purposes on December 31 of the year it was declared.[11]\n

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Exceptions[edit]

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Large distributions such as special dividends or stock splits involve different ex-dividend timing formulas than for regular dividends. For example, the Nasdaq market provides a different ex-dividend timing when distributions are 25 percent or more of a security's value.[12]\n

Market regulators occasionally change the supervisory rules governing market trading, with the consequence of changing the ex-dividend date formulas. For example, in September 2017 the SEC shortened the T+3 rule to T+2 in U.S. securities markets, resulting in subsequent ex-dividend dates being a day later than they would have been before the change.[7] Since such a rule transition creates a day with a possible confusion of which rule applies, companies are notified well in advance of the transition, and are directed to simply avoid choosing that specific day for paying dividends.[12] Investors concerned with details of ex-dividend dates must also be aware of such rare changes to the trading system.\n

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United Kingdom[edit]

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For shares listed on the London Stock Exchange, the ex-dividend date is usually one business day before the record date. The ex-dividend date is almost always on a Thursday, and the associated record date is the Friday immediately following. Exceptions to this timetable are usually special dividends, and dividends provided by overseas issuers who only have a secondary listing on the London Stock Exchange. Before 9 October 2014, the ex-dividend date was usually two business days before the record date, i.e. typically Wednesdays.[13]\n

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See also[edit]

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References[edit]

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  1. ^ \"Ex-Dividend Date Definition\". Investopedia.com.\n
    2. \n
  2. ^ \"How Dividends Affect Stock Prices\". investopedia.com.\n
    3. \n
  3. ^ \"Dividend Dates Explained: Ex-Dividend, Record, Payment & Declaration Date\". dividend.com.\n
    4. \n
  4. ^ \"T+2 Settlement Cycle | State Street Corporation\". www.statestreet.com. Retrieved 2020-01-05.\n
    5. \n
  5. ^ \"2016 Instructions for Form 1099-DIV\" (PDF). Internal Revenue Service. p. 1. Retrieved August 10, 2017.\n
    6. \n
  6. ^ \"Admission and Disclosure Standards\" (PDF). londonstockexchange.com.\n
    7. \n
  7. ^ a b \"SEC Adopts T+2 Settlement Cycle for Securities Transactions\". Securities and Exchange Commission. March 22, 2017. Retrieved August 2, 2017.\n
    8. \n
  8. ^ \"NYSE Rule 12\". FINRA Manual. FINRA. Retrieved 2011-03-10.\n
    9. \n
  9. ^ \"NASDAQ - 11140. Transactions in Securities Ex-Dividend, Ex-Rights or Ex-Warrants\". NASDAQ Equity Rules. NASDAQ. Retrieved 2011-03-10.\n
    10. \n
  10. ^ \"Ex-Dividend Dates: When Are You Entitled to Stock and Cash Dividends\". Securities and Exchange Commission. Retrieved 6 December 2011.\n
    11. \n
  11. ^ a b \"Investment and Income Expenses\" (PDF). U.S. Department of the Treasury, Internal Revenue Service. 2018. Retrieved December 10, 2019.\n
    12. \n
  12. ^ a b Nasdaq (September 2017). \"Changes to Ex-dividend Procedures Effective September 5, 2017 to Accommodate T+2 Settlement\" (PDF). Retrieved 27 September 2017.\n
    13. \n
  13. ^ \"LSE Dividend Procedures\" (PDF). London Stock Exchange. Archived from the original (PDF) on 1 August 2014. Retrieved 19 April 2015.\n
    14. \n
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Retrieved from \"https://en.wikipedia.org/w/index.php?title=Ex-dividend_date&oldid=1210631995\"
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\n\n\n\n", + "page_last_modified": " Tue, 27 Feb 2024 15:34:42 GMT" + }, + { + "page_name": "How Dividends Affect Stock Prices With Examples", + "page_url": "https://www.investopedia.com/articles/investing/091015/how-dividends-affect-stock-prices.asp", + "page_snippet": "Find out how dividends affect the underlying stock's price, market psychology, and how to predict price changes after dividend declarations.Before a dividend is distributed, the issuing company must first declare the dividend amount and the date when it will be paid. The last date when shares can be purchased to receive the dividend is the day before the ex-dividend date. The ex-dividend date is set based on stock exchange rules and generally falls one business day before the date of record, which is the date when the company reviews the list of shareholders on its books. Companies pay dividends to distribute profits to shareholders, which also signals corporate health and earnings growth to investors. Because share prices represent future cash flows, future dividend streams are incorporated into the share price, and discounted dividend models can help analyze a stock's value. The ex-date, or ex-dividend date, is the date on or after which a security is traded without a previously declared dividend or distribution. more \u00b7 Dividend Growth Rate: Definition, How to Calculate, and Example For example, company HIJ has five million outstanding shares and paid dividends of $2.5 million last year; no special dividends were paid. The DPS for company HIJ is 50 cents ($2,500,000 \u00f7 5,000,000) per share. A company can decrease, increase, or eliminate all dividend payments at any time.", + "page_result": "\n\t\t\t\t\n\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t \n \n \n\n\t\t\t\t\t\n\t\t\t\t\t\n\n\n\n\n\n\n\n\nHow Dividends Affect Stock Prices With Examples\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\n\n\t\t\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n
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\n\nTable of Contents\n
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\n\nTable of Contents\n\n\n\n
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  • \n
    \nHow Dividends Work\n
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    \nThe Effect of Dividend Psychology\n
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    \nDividends and Stock Price\n
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    \nStock Dividends\n
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    \nDividend Yield/Payout Ratio\n
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    \nDividends Per Share\n
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    \nFAQs\n
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    \nThe Bottom Line\n
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  • \nStocks\n\n\n\n
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  • \nDividend Stocks\n
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\nHow Dividends Affect Stock Prices With Examples

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\nClaire Boyte-White is the lead writer for NapkinFinance.com, co-author of I Am Net Worthy, and an Investopedia contributor. Claire's expertise lies in corporate finance & accounting, mutual funds, retirement planning, and technical analysis.\n
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Updated August 29, 2023
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Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

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\nDividends can affect the price of their underlying stock in a variety of ways. While the dividend history of a given stock plays a general role in its popularity, the declaration and payment of dividends also have a specific and predictable effect on market prices. After the ex-dividend date, the share price of a stock usually drops by the amount of the dividend.\n

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\nKey Takeaways

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  • Companies pay dividends to distribute profits to shareholders, which also signals corporate health and earnings growth to investors.
  • Because share prices represent future cash flows, future dividend streams are incorporated into the share price, and discounted dividend models can help analyze a stock's value.
  • After a stock goes ex-dividend, the share price typically drops by the amount of the dividend paid to reflect the fact that new shareholders are not entitled to that payment.
  • Dividends paid out as stock instead of cash can dilute earnings, which can also have a negative impact on share prices in the short term.
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How Dividends Work

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\nFor investors, dividends serve as a popular source of investment income. For the issuing company, they are a way to redistribute profits to shareholders as a means of thanking them for their support and encouraging additional investment.\n

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\nDividends also serve as an announcement of the company's success. Because dividends are issued from a company's retained earnings, only companies that are substantially profitable issue dividends with any consistency.\n

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\nDividends are often paid in cash, but they can also be issued in the form of additional shares of stock. In either case, the amount each investor receives is dependent on their current ownership stakes.\n

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\nIf a company has one million shares outstanding and declares a 50-cent dividend, then an investor with 100 shares receives $50 and the company pays out a total of $500,000. If it instead issues a 10% stock dividend, the same investor receives 10 additional shares, and the company doles out 100,000 new shares in total.\n

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The Effect of Dividend Psychology

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\nStocks that pay consistent dividends are popular among investors. Though dividends are not guaranteed on common stock, many companies pride themselves on generously rewarding shareholders with consistent\u2014and sometimes increasing\u2014dividends each year.\n

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\nCompanies that do this are perceived as financially stable, and financially stable companies make for good investments, especially among buy-and-hold investors who are most likely to benefit from dividend payments.\n

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\nWhen companies display consistent dividend histories, they become more attractive to investors. As more investors buy in to take advantage of this benefit of stock ownership, the stock price naturally increases, thereby reinforcing the belief that the stock is strong. If a company announces a higher-than-normal dividend, public sentiment tends to soar.\n

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\nConversely, when a company that traditionally pays dividends issues a lower-than-normal dividend or no dividend at all, it may be interpreted as a sign that the company has fallen on hard times.\n

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\nThe truth could be that the company's profits are being used for other purposes\u2014such as funding expansion\u2014but the market's perception of the situation is always more powerful than the truth. Many companies work hard to pay consistent dividends to avoid spooking investors, who may see a skipped dividend as darkly foreboding.\n

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The Effect of Dividend Declaration on Stock Price

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\nBefore a dividend is distributed, the issuing company must first declare the dividend amount and the date when it will be paid. The last date when shares can be purchased to receive the dividend is the day before the ex-dividend date. The ex-dividend date is set based on stock exchange rules and generally falls one business day before the date of record, which is the date when the company reviews the list of shareholders on its books.\n

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\nThe declaration of a dividend naturally encourages investors to purchase stock. Because investors know that they will receive a dividend if they purchase the stock before the ex-dividend date, they are willing to pay a premium.\n

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\nThis causes the price of a stock to increase in the days leading up to the ex-dividend date. In general, the increase is about equal to the amount of the dividend, but the actual price change is based on market activity and not determined by any governing entity.\n

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\nOn the ex-date, investors may drive down the stock price by the amount of the dividend to account for the fact that new investors are not eligible to receive dividends and are therefore unwilling to pay a premium.\n

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\nHowever, if the market is particularly optimistic about the stock leading up to the ex-dividend date, the price increase this creates may be larger than the actual dividend amount, resulting in a net increase despite the automatic reduction. If the dividend is small, the reduction may even go unnoticed due to the back and forth of normal trading.\n

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\nMany people invest in certain stocks at certain times solely to collect dividend payments. Some investors purchase shares just before the ex-dividend date and then sell them again right after the date of record\u2014a tactic that can result in a tidy profit if it is done correctly.\n

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Stock Dividends

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\nThough stock dividends do not result in any actual increase in value for investors at the time of issuance, they affect stock prices similar to that of cash dividends. After the declaration of a stock dividend, the stock's price often increases; however, because a stock dividend increases the number of shares outstanding while the value of the company remains stable, it dilutes the book value per common share, and the stock price is reduced accordingly.\n

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\nAs with cash dividends, smaller stock dividends can easily go unnoticed. A 2% stock dividend paid on shares trading at $200 only drops the price to $196.10, a reduction that could easily be the result of normal trading. However, a 35% stock dividend drops the price down to $148.15 per share, which is pretty hard to miss.\n

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Dividend Yield/Payout Ratio

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\nThe dividend yield and dividend payout ratio (DPR) are two valuation ratios investors and analysts use to evaluate companies as investments for dividend income. The dividend yield shows the annual return per share owned that an investor realizes from cash dividend payments or the dividend investment return per dollar invested. It is expressed as a percentage and calculated as:

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend yield\n\n\n=\n\n\n\nannual dividends per share\n\n\nprice per share\n\n\n\n\n\n\n\n\n\\begin{aligned}&\\text{Dividend yield}=\\frac{\\text{annual dividends per share}}{\\text{price per share}}\\end{aligned}\n\n\n\u200bDividend yield=price per shareannual dividends per share\u200b\u200b\n
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The dividend yield provides a good basic measure for an investor to use in comparing the dividend income from his or her current holdings to potential dividend income available through investing in other equities or mutual funds.

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Concerning overall investment returns, it is important to note that increases in share price reduce the dividend yield ratio even though the overall investment return from owning the stock may have improved substantially. Conversely, a drop in share price shows a higher dividend yield but may indicate the company is experiencing problems and lead to a lower total investment return.

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The dividend payout ratio is considered more useful for evaluating a company's financial condition and the prospects for maintaining or improving its dividend payouts in the future. The dividend payout ratio reveals the percentage of net income a company is paying out in the form of dividends.

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It is calculated using the following equation:

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDPR\n\n\n=\n\n\n\nTotal dividends\n\n\nNet income\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nwhere:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDPR\n\n\n=\n\n\nDividend payout ratio\n\n\n\n\n\n\n\n\\begin{aligned}&\\text{DPR}=\\frac{\\text{Total dividends}}{\\text{Net income}}\\\\&\\textbf{where:}\\\\&\\text{DPR}=\\text{Dividend payout ratio}\\end{aligned}\n\n\n\u200bDPR=Net incomeTotal dividends\u200bwhere:DPR=Dividend payout ratio\u200b\n
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If the dividend payout ratio is excessively high, it may indicate less likelihood a company will be able to sustain such dividend payouts in the future, because the company is using a smaller percentage of earnings to reinvest in company growth.

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Therefore, a stable dividend payout ratio is commonly preferred over an unusually big one. A good way to determine if a company's payout ratio is a reasonable one is to compare the ratio to that of similar companies in the same industry.
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Dividends Per Share

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\nDividends per share (DPS) measures the total amount of profits a company pays out to its shareholders, generally over a year, on a per-share basis. DPS can be calculated by subtracting the special dividends from the sum of all dividends over one year and dividing this figure by the outstanding shares.

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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDPS\n\n\n=\n\n\n\n\nD\n\n\n\u2212\n\n\nSD\n\n\n\nS\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nwhere:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nD\n\n\n=\n\n\nsum of dividends over a period (usually\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\na quarter or year)\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSD\n\n\n=\n\n\nspecial, one-time dividends in the period\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nS\n\n\n=\n\n\nordinary shares outstanding for the period\n\n\n\n\n\n\n\n\\begin{aligned} &\\text{DPS} = \\frac { \\text{D} - \\text{SD} }{ \\text{S} } \\\\ &\\textbf{where:} \\\\ &\\text{D} = \\text{sum of dividends over a period (usually} \\\\ &\\text{a quarter or year)} \\\\ &\\text{SD} = \\text{special, one-time dividends in the period} \\\\ &\\text{S} = \\text{ordinary shares outstanding for the period} \\\\ \\end{aligned}\n\n\n\u200bDPS=SD\u2212SD\u200bwhere:D=sum of dividends over a period (usuallya quarter or year)SD=special, one-time dividends in the periodS=ordinary shares outstanding for the period\u200b

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For example, company HIJ has five million outstanding shares and paid dividends of $2.5 million last year; no special dividends were paid. The DPS for company HIJ is 50 cents ($2,500,000 \u00f7 5,000,000) per share. A company can decrease, increase, or eliminate all dividend payments at any time.

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A company may cut or eliminate dividends when the economy is experiencing a downturn. Suppose a dividend-paying company is not earning enough; it may look to decrease or eliminate dividends because of the fall in sales and revenues. For example, if Company HIJ experiences a fall in profits due to a recession the next year, it may look to cut a portion of its dividends to reduce costs.

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Another example would be if a company is paying too much in dividends. A company can gauge whether it is paying too much of its earnings to shareholders by using the payout ratio. For example, suppose company HIJ has a DPS of 50 cents per share and its earnings per share (EPS) is 45 cents per share. The payout ratio is 1.11% = (50/45); this figure shows that HIJ is paying out more to its shareholders than the amount it is earning. The company will look to cut or eliminate dividends because it should not be paying out more than it is earning.

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The Dividend Discount Model

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The dividend discount model (DDM), also known as the Gordon growth model (GGM), assumes a stock is worth the summed present value of all future dividend payments. This is a popular valuation method used by fundamental investors and value investors. In simplified theory, a company invests its assets to derive future returns, reinvests the necessary portion of those future returns to maintain and grow the firm, and transfers the balance of those returns to shareholders in the form of dividends.

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According to the DDM, the value of a stock is calculated as a ratio with the next annual dividend in the numerator and the discount rate less the dividend growth rate in the denominator. To use this model, the company must pay a dividend and that dividend must grow at a regular rate over the long term. The discount rate must also be higher than the dividend growth rate for the model to be valid.

The DDM is solely concerned with providing an analysis of the value of a stock based solely on expected future income from dividends. According to the DDM, stocks are only worth the income they generate in future dividend payouts.

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One of the most conservative metrics to value stocks, this model represents a financial theory that requires a significant amount of assumptions regarding a company\u2019s dividend payments, patterns of growth, and future interest rates. Advocates believe projected future cash dividends are the only dependable appraisal of a company\u2019s intrinsic value.

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The DDM requires three pieces of data for its analysis, including the current or most recent dividend amount paid out by the company; the rate of growth of the dividend payments over the company's dividend history; and the required rate of return the investor wishes to make or considers minimally acceptable.

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The current dividend payout can be found among a company's financial statements on the statement of cash flows. The rate of growth of dividend payments requires historical information about the company that can easily be found on any number of stock information websites. The required rate of return is determined by an individual investor or analyst based on a chosen investment strategy.
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While the dividend discount model provides a solid approach for projecting future dividend income, it falls short as an equity valuation tool by failing to include any allowance for capital gains through appreciation in stock price.

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What Are the Different Types of Dividends?

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The different types of dividends are cash dividends (cash is paid out to the investor on each share), stock dividends (extra shares are provided to the investor), and scrip dividends (when a company has no cash and issues a promissory note to pay shareholders later).

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Are Dividends Taxed?

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Yes, dividends are taxed as income. Depending on the type of dividend, they are taxed at either ordinary income tax rates or capital gains tax rates. The latter applies if they are qualified dividends that meet certain requirements.

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How Do Dividends Work?

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Dividends are a payout to shareholders in the form of either cash or additional shares on every share they hold. A shareholder must have purchased a stock by a certain date to be eligible to receive the next dividend. Dividends are usually paid quarterly to shareholders.

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The Bottom Line

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\nDividends can be an attractive feature of a stock for investors, particularly if they are following a dividend investment strategy. Before choosing a stock, determine how the dividend impacts its price and if it falls in line with your investment goals.\n

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\nCorrection\u2014Nov. 30, 2023: This article has been corrected to state the last date when shares can be purchased to receive a dividend.\n

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\nArticle Sources
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\nInvestopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our\neditorial policy.\n
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  1. Bureau of Economic Analysis. "How Are Dividends Defined in the U.S. National Accounts?"

    2. \n

  2. U.S. Securities & Exchange Commission. "Ex-Dividend Dates: When Are You Entitled to Stock and Cash Dividends."

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  3. NASDAQ. "The Truth About Dividend Payout Ratio."

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\nRelated Terms
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\nDividend Yield: Meaning, Formula, Example, and Pros and Cons\n
\nThe dividend yield is a financial ratio that shows how much a company pays out in dividends each year relative to its stock price.
\nmore\n
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\nPayment Date for Dividends: Overview, Key Dates, and Examples\n
\nThe payment date is the date set by a company when it will issue payment on the stock's dividend.
\nmore\n
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\nWhat Does Ex-Dividend Mean, and What Are the Key Dates?\n
\nEx-dividend is a classification in stock trading that indicates when a declared dividend belongs to the seller rather than the buyer.
\nmore\n
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\nDividend Arbitrage: What It Is, How It Works, and Example\n
\nDividend arbitrage is an options trading strategy that involves purchasing puts and stock before the ex-dividend date and then exercising the put.
\nmore\n
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\nEx-Dividend Date: Definition, Key Dates, and Example\n
\nThe ex-date, or ex-dividend date, is the date on or after which a security is traded without a previously declared dividend or distribution.
\nmore\n
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\nDividend Growth Rate: Definition, How to Calculate, and Example\n
\nThe dividend growth rate is the annualized percentage rate of growth of a particular stock's dividend over time.
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\t\t\n\n\t\t\n", + "page_last_modified": "" + }, + { + "page_name": "Ex-Dividend Date vs. Date of Record: What's the Difference?", + "page_url": "https://www.investopedia.com/articles/02/110802.asp", + "page_snippet": "To get stock dividends, you must buy the stock or already own it at least two days before the date of record or one day before the ex-dividend date. Here's why.The record date is the last date on which shareholders are eligible to receive a dividend or distribution. It's established by the company's board. more \u00b7 Payment Date for Dividends: Overview, Key Dates, and Examples \u00b7 The payment date is the date set by a company when it will issue payment on the stock's dividend. more \u00b7 What Does Ex-Dividend Mean, and What Are the Key Dates? Ex-dividend is a classification in stock trading that indicates when a declared dividend belongs to the seller rather than the buyer. more \u00b7 Ex-Dividend Date: Definition, Key Dates, and Example Are you mystified by the workings of dividends and dividend distributions? Chances are it's not the concept of dividends that confuses you. The ex-dividend date and date of record are the tricky factors. Briefly, in order to be eligible for payment of stock dividends, you must buy the stock (or already own it) at least two days before the date of record and still own the shares at the close of trading one business day before the ex-date. Another rarer type of dividend is the property dividend, which is a tangible asset distributed to stockholders. For instance, if Cory's Brewing Company wanted to pay out dividends but didn't have enough stock or money to spare, the company could look for something physical to distribute. For instance, if Cory's Brewing Company wanted to pay out dividends but didn't have enough stock or money to spare, the company could look for something physical to distribute. In this case, Cory's might distribute a couple of six-packs of its famous peach beer to all shareholders.", + "page_result": "\n\t\t\t\t\n\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t \n \n \n\n\t\t\t\t\t\n\t\t\t\t\t\n\n\n\n\n\n\n\n\nComparing Ex-Dividend Date vs. Date of Record\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\t\t\t\t\t\n\t\t\t\t\t\t\t\n\n\t\t\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n
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    \nEx-Dividend Date vs. Date of Record\n
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    \nWhy Issue a Dividend?\n
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    \nEx-Dividend Date\n
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    \nDate of Record\n
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    \nSpecial Considerations\n
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\nEx-Dividend Date vs. Date of Record: What's the Difference?

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What Is the Difference Between Ex-Dividend Date and Date of Record?

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\nAre you mystified by the workings of dividends and dividend distributions? Chances are it's not the concept of dividends that confuses you. The ex-dividend date and date of record are the tricky factors. Briefly, in order to be eligible for payment of stock dividends, you must buy the stock (or already own it) at least two days before the date of record and still own the shares at the close of trading one business day before the ex-date. That's one day before the ex-dividend date.\n

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\nSome investment terms are tossed around more than a Frisbee on a hot summer day, so first let's fill in some of the basics of stock dividends.\n

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\nKey Takeaways

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  • The trading date on or after which a new buyer of a stock is not yet owed the dividend is known as the ex-dividend date.
  • The company identifies all shareholders of the company on what is called the date of record.
  • To be eligible for the dividend, you must buy the stock at least two business days before the date of record and own it by the close one business day before the ex-date.
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\nThere are actually four major dates in the process of a dividend distribution:\n

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  • The declaration date is the day on which the board of directors announces the dividend.
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  • The ex-date or ex-dividend date is the trading date on (and after) which the dividend is not owed to a new buyer of the stock. The ex-date is one business day before the date of record.
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  • The date of record is the day on which the company checks its records to identify shareholders of the company. An investor must be listed on that date to be eligible for a dividend payout.
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  • The date of payment is the day the company mails out the dividend to all holders of record. This may be a week or more after the date of record.
    • \n
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Why Issue a Dividend?

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\nThe decision to distribute a dividend is made by a company's board of directors. Essentially, it is a share of the profits that is awarded to the company's shareholders.\n

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\nMany investors view a steady dividend history as an important indicator of a good investment, so companies are reluctant to reduce or stop regular dividend payments.\n

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\nDividends can be paid in various ways, but the big two are cash and stock.\n

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Example of a Cash Dividend

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\nFor example, suppose you own 100 shares of Cory's Brewing Company. Cory has enjoyed record sales this year thanks to the high demand for its unique peach-flavored beer. The company decides to share some of the good fortune with stockholders and declares a dividend of $0.10 per share. You will receive a payment from Cory's Brewing Company of $10.00.\n

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\nIn practice, companies that pay dividends, issue them four times a year. A one-time dividend such as the one in this example is called an extra dividend.\n

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Example of a Stock Dividend

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\nThe stock dividend, the second-most common dividend-paying method, pays in shares rather than cash. Cory might issue a dividend of $0.05 new shares for every existing one. You will receive five shares for every 100 shares that you own. If any fractional shares are left over, the dividend is paid as cash because stocks don't trade fractionally.\n

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The Rare Property Dividend

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\nAnother rarer type of dividend is the property dividend, which is a tangible asset distributed to stockholders. For instance, if Cory's Brewing Company wanted to pay out dividends but didn't have enough stock or money to spare, the company could look for something physical to distribute. In this case, Cory's might distribute a couple of six-packs of its famous peach beer to all shareholders.\n

\n
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Ex-Dividend Date

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\nAs noted above, the ex-date or ex-dividend date marks the cutoff point for a pending stock dividend. Some trading platforms, market data, and news services might add an XD modifier to the ticker symbol to show it is trading ex-dividend.\n

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\nIf you buy a stock one day before the ex-dividend, you will get the dividend. If you buy on the ex-dividend date or any day after, you won't get the dividend.\n

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\nConversely, if you want to sell a stock and still get a dividend that has been declared, you need to hang onto it until the ex-dividend day.\n

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\nThe ex-date is one business day before the date of record.\n

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Date of Record

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\nThe date of record is the date in which the company identifies all of its current stockholders, and therefore everyone who is eligible to receive the dividend. If you're not on the list, you don't get the dividend.\n

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\nIn today's market, settlement of stocks is a T+2 process, which means that a transaction is entered into the company's record books two business days after the trade.\n

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\nTo ensure that you are in the record books, you need to buy the stock at least two business days before the date of record, or one day before the ex-dividend date.\n

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\nImage by Sabrina Jiang \u00a9 Investopedia\u00a02020\n
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\nAs you can see from the diagram above, if you buy on the ex-dividend date (Tuesday), only one day before the date of record, you will not get the dividend because your name will not appear in the company's record books until Thursday. If you want to buy the stock and receive the dividend, you need to buy it on Monday. When the stock is trading with the dividend, the term cum dividend is used.\n

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\nIf you want to sell the stock and still receive the dividend, you need to sell on or after Tuesday the 6th. Different rules apply if the dividend is 25%, or greater, of the value of the security. In this case, the Financial Industry Regulatory Authority (FINRA) indicates that the ex-date is the first business day following the payable date.\n

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Special Considerations on Dividends

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\nThe only other date that is worth mentioning is the date of payment. That is the date the company delivers dividends to the shareholders of record. This can be a week or more after the date of record.\n

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\nIt may sound like easy money. Just buy a stock two days before the date of record and grab the dividend.\n

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\nIt's not that easy. Remember, the declaration date has passed and everybody else knows when the dividend is going to be paid too. On the ex-dividend date, the stock price will drop by roughly the amount of the dividend as traders acknowledge the reduction in the company's cash reserves.\n

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\nInvestopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our\neditorial policy.\n
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    \n

  1. U.S. Securities and Exchange Commission. "Ex-Dividend Dates: When Are You Entitled to Stock and Cash Dividends."

    2. \n

  2. PwC. "U.S. Financing Guide: 4.4 Dividends."

    3. \n

  3. Financial Industry Regulatory Authority. "Stocks: Overview."

    4. \n

  4. U.S. Securities and Exchange Commission. "Settling Securities Transactions, T+2."

    5. \n

  5. Financial Industry Regulatory Authority. "11140. Transactions in Securities 'Ex-Dividend,' 'Ex-Rights' or 'Ex-Warrants'."

    6. \n
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\nRelated Terms
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\nWhat Is the Record Date and Why Is It Important? Plus an Example\n
\nThe record date is the last date on which shareholders are eligible to receive a dividend or distribution. It's established by the company's board.
\nmore\n
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\nPayment Date for Dividends: Overview, Key Dates, and Examples\n
\nThe payment date is the date set by a company when it will issue payment on the stock's dividend.
\nmore\n
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\nWhat Does Ex-Dividend Mean, and What Are the Key Dates?\n
\nEx-dividend is a classification in stock trading that indicates when a declared dividend belongs to the seller rather than the buyer.
\nmore\n
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\nEx-Dividend Date: Definition, Key Dates, and Example\n
\nThe ex-date, or ex-dividend date, is the date on or after which a security is traded without a previously declared dividend or distribution.
\nmore\n
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\nDividend Arbitrage: What It Is, How It Works, and Example\n
\nDividend arbitrage is an options trading strategy that involves purchasing puts and stock before the ex-dividend date and then exercising the put.
\nmore\n
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\nCum Dividend: Definition, Meaning, How It Works, and Example\n
\nCum dividend is when a buyer of a security will receive a dividend that a company has declared but has not yet paid.
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\t\t\n\n\t\t\n", + "page_last_modified": "" + }, + { + "page_name": "Dividend History | Nasdaq", + "page_url": "https://www.nasdaq.com/market-activity/quotes/dividend-history", + "page_snippet": "What are Dividends? Dividends are the distribution of earnings to shareholders, prorated by the class of security and paid in the form of money, stock, scrip, or, rarely, company products or property. The amount is decided by the Board of Directors and is usually paid quarterly.Dividends are the distribution of earnings to shareholders, prorated by the class of security and paid in the form of money, stock, scrip, or, rarely, company products or property. The amount is decided by the Board of Directors and is usually paid quarterly. Mutual fund dividends are paid out of income, usually on a quarterly basis from the fund's investments. The Dividend History page provides a single page to review all of the aggregated Dividend payment information. Janus Henderson Head of Global Equity Income Ben Lofthouse discusses the factors behind the rise in global dividends with Bloomberg's Vonnie Quinn and Romaine Bostick on \"Bloomberg Markets: European Close.\" Aug 21, 2018 Find out who is paying dividends next View dividend terms in our glossary", + "page_result": "\n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Dividend History | Nasdaq\n \n\n\n \n \n \n \n \n \n\n\n\n\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n\n \n \n
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Dividend History\n

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The Dividend History page provides a single page to review all of the aggregated Dividend payment information.

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Most popular Dividend History pages

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SymbolCompany Name
AAPL Apple, Inc.
SBUXStarbucks, Inc.
MSFTMicrosoft, Inc.
CSCOCisco Systems, Inc.
QCOMQUALCOMM Incorporated
METAMeta, Inc.
AMDAdvanced Micro Devices, Inc.
AMZNAmazon.com, Inc.
NFLXNetflix Inc.
NVDANVIDIA Corporation
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\n \n Dividend Calendar\n

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      \n Dividends and Investing News \n

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      \n

      Learn More About Dividends

      \n
      What are Dividends?
      \r\nDividends are the distribution of earnings to shareholders, prorated by the class of security and paid in the form of money, stock, scrip, or, rarely, company products or property. The amount is decided by the Board of Directors and is usually paid quarterly. Mutual fund dividends are paid out of income, usually on a quarterly basis from the fund's investments.
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      Don't Dismiss Dividends

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      Don't Dismiss Dividends

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      Mix It Up: Diversify!

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      \n \n How to Invest\n \n\n\n

      Mix It Up: Diversify!

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      \n Latest Dividend Videos\n

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      \n

      Why Global Dividends Soared to New Record in 2Q

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      Janus Henderson Head of Global Equity Income Ben Lofthouse discusses the factors behind the rise in global dividends with Bloomberg's Vonnie Quinn and Romaine Bostick on "Bloomberg Markets: European Close."

      \n Aug 21, 2018\n
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