If a stock costs $100 and the quarterly dividend is $3, can I expect the stock to drop $3 in value when:

  • the dividend is announced?
  • the dividend is granted?
  • the dividend is paid?
  • it drops on the ex-dividend date, which I think is what you mean by "granted". – D Stanley Jul 23 '19 at 15:01

Stock exchanges reduce share price by the exact amount of the dividend on the ex-dividend date.

You can read my explanation of this here:

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