Thursday, July 14, 2016 11:50:52 AM
Quote:
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Why All These Dates?
Ex-dividend dates are used to make sure dividend checks go to the right people. In today's market, settlement of stocks is a T+3 process, which means that when you buy a stock, it takes three days from the transaction date (T) for the change to be entered into the company's record books.
As mentioned, if you are not in the company's record books on the date of record, you won't receive the dividend payment. To ensure that you are in the record books, you need to buy the stock at least three business days before the date of record, which also happens to be the day before the ex-dividend date.
exdiv.gif (check article for chart)
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As you can see by the diagram above, if you buy on the ex-dividend date (Tuesday), which is only two business days before the date of record, you will not receive the dividend because your name will not appear in the company's record books until Friday. 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). But, if you want to sell the stock and still receive the dividend, you need to sell on or after Tuesday the 6th.
*Note: 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. For further details on dividend issues, look at FINRA's website.
Read more: Dissecting Declarations, Ex-Dividends And Record Dates | Investopedia http://www.investopedia.com/articles/02/110802.asp#ixzz4EOjsJfK5
According to the company:
The record date is 7/18/2016 so I believe today is the last date to buy. The payable date is 7/29/2016 and the ex-date is 8/1/2016. So I believe you need to buy today to be on record and hold through 8/1/2016 to get the dividend. The shares should not be adjusted until 8/1/2016 if then. I'm not sure and checking if there is a down adjustment since it is a special dividend.
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