You might be wondering why the Goodman Group (ASX: GMG) share price is backtracking almost 4% today.
The S&P/ASX 200 Index (ASX: XJO) is also down by 1.06% to 6,692.2 points following losses overnight on Wall Street.
Nonetheless, the integrated commercial and industrial property group shares are down 3.79% to $18.27 at the time of writing.
Let’s take a look at why Goodman shares are heading south during early morning trade.
Shareholders set eyes on Goodman dividend
Investors are offloading Goodman shares as they set to trade without rights (ex-dividend) today.
Listed one business day before the record date, the ex-dividend date is when investors must have purchased shares. If you did not buy Goodman shares before this date, the dividend will be paid to the seller.
For those eligible for Goodman’s interim dividend, shareholders will receive a payment of 15 cents per stapled security on 25 August.
The dividend is unfranked which means there are no tax credits attached to this.
In case you weren’t aware, the company’s dividend reinvestment plan (DRP) remains suspended with no indication as to when it will return.
Goodman’s policy is to distribute in the low 50% range of operating earnings and taxable income for the full year. This is reviewed by its board each financial year in light of operating performance and current market conditions.
Since the beginning of 2022, Goodman shares have lost more than 30% on the back of weakened investor sentiment. The benchmark ASX 200 Index is also down around 10% over the same timeframe.
Goodman shares reached a 52-week low of $16.80 this month, before rebounding in the following weeks.
Based on today’s price, Goodman commands a market capitalisation of roughly $34.5 billion, and has a dividend yield of 1.61%.
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