Homework Answers
a) Friday ,October 27 - Declaration date - On these date the board of directors declares a payment of dividends.
Tuesday, November 7 - last with dividend date means the last day that the stock buyer is eligible for dividend.
Wednesday, November 8 - Ex dividend date means the first day that the seller of stock is eligible for dividend.
Thursday, November 9 - Record date means the list of persons to be recorded as stakeholders by the company.
Friday, December 1 - Payment date means on this day dividend is paid.
b) Stock price fall down on Ex-dividend date, because the stock gets corrected to the ex dividend price.This happened due to reserves of the company. If the reserves of the company falls down the price of stock also falls down. It will ultimately effects the stock price.
c) Formula for dividend yield is Annul dividend / current stock price
from the given date quarterly dividend is $.89 per share. Annul dividend is $.89 x 4= $3.56
stock price is $86
substitute these values in formula = $ 3.56 / 86 =4.14%
d) Formula for Payout Ratio is Dividend per share / Earnings per share
Dividend per share is $ .89
Earnings per share is $ 6.9
So $ .89/6.9 = 12.89%
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