Just verified it at Ameritrade and---
The settlement date recognizes ownership but has nothing directly to do with the dividend entitlement. It is a matter of bookkeeping involving the transfer of assets between the brokerage and the transfer agent.
When we buy an income producer, we do it in either of two ways---with or w/o its pending distribution. Buy the stock by the eve of the planned distribution and you pay for the stock WITH its dividend included in the purchase price.
When it goes ex, it has been stripped (by SEC mandate) by the brokerage in the amount of the distribution now set aside for purposes of distributing. Of course gaps to the upside or down due to other circumstances will increase or offset accordingly.
Thus, the stock is going ex-dividend on the 20th. Buy it on Monday the 19th and you'll get the distribution.
I hope you'll check this out for yourself as this is a bone of contention for many, many retail investors and this discussion is good for us all.
Jugs
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