A company I owned declared a dividend and on the ex-date I could see the dividend amount pending to be paid on payment date. Late in the ex-date I sold half my shares and when the payment date came, the dividend pending to be paid was cut in half.

When I visit the company's site, there is a dividend calculator that says: enter number of shares at payment date. Is it possible for a company to pay a dividend according to shares on payment and not on ex-date?

As it stands I not only lost half the dividend but I also lost a small amount when the share price corrected.

  • Can you provide details of the stock symbol/name, the exchange/country, the ex-date, the date you sold half of your shares, and the payment date? Commented Aug 4, 2021 at 11:16
  • Not long ago, we had a series of ex-div related questions, one of which will answer this. Will search and link to it. Commented Aug 4, 2021 at 12:37
  • Evidently it was a combination of an error in the indication about the amount pending to be paid and the unfortunate uae of the words payment date on the company's website, that led me to believe the dividend was cut in half. It was in fact paid in full the next day. I was just wondering if a company has a right to change the dividends after ex-date, since everything I've read so far says otherwise.
    – Tsaras
    Commented Aug 4, 2021 at 21:09

1 Answer 1


US centric answer:

There are four dates involved with a dividend.

  1. The declaration date is when the company declares that they are going to pay a dividend and its amount.

  2. Those who own shares before the ex-dividend date will receive the dividend. The ex-dividend date is two days before the record date.

  3. The record date is the date when the company checks its records to determine who will receive the dividend.

  4. The payment date is when the dividend is paid to shareholders.

Once declared, the amount of the dividend is fixed. Yes, dividends get reduced or eliminated. After the declaration date, it would take some sort of catastrophic event, a near impossibility. More likely, the broker or a web site posted inaccurate dividend information or possibly, user error

  • Is the ex-dividend date mentioned in Item 2 the same as the declaration date mentioned in Item 1? And does the timing of the declaration matter? That is, are all dividend declarations made after the close of business or can they be made at, say, 10 a.m. giving traders some time to buy shares before the close of day (perhaps at a new price reflecting the dividend payout to come?) Commented Aug 5, 2021 at 16:25
  • No, not the same. The declaration date is the date on which the board of directors of a company announces the next dividend payment (a later date that may be days to weeks later). This statement includes the dividend's size, ex-dividend date, and payment date. The declaration date is also referred to as the "announcement date." For some examples, see this. Commented Aug 5, 2021 at 16:53

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