The Myer Holdings Ltd (ASX: MYR) share price is heading south during late Wednesday morning trade.
At the time of writing, the Australian department store group's shares are down 0.98% to 50.5 cents.
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Why are Myer shares falling today?
Following the company's half year results released on 10 March, investors are eyeing Myer shares as they go ex-dividend today.
Yesterday, Myer shares rose by 0.99% as investors contested to lock in the company's upcoming dividend.
The ex-dividend date is when investors must have purchased shares to be eligible for the dividend. For example, if the investor did not buy Myer shares before this date, the dividend will go to the seller.
What does this mean for Myer shareholders?
For those eligible for Myer's interim dividend, shareholders will receive a payment of 1.5 cents per share on 12 May. The dividend is fully-franked, which means investors can expect to receive tax credits from this.
It is worth noting that this is the first dividend that has been declared since the final FY17 dividend. The board reinstated the dividend based on the company's strong financial performance achieved in H1 FY22.
Also, in case you were wondering, there is no dividend reinvestment plan (DRP) being offered at this stage.
Myer share price summary
Since the beginning of 2022, Myer shares have gained 11% on the back of positive investor sentiment. On the other hand, the All Ordinaries (ASX: XAO) is down around 1.6% over the same timeframe.
Myer shares reached a 52-week high of 63.5 cents in September, before travelling on a downhill trend until earlier this month.
Based on today's price, Myer has a price-to-earnings (P/E) ratio of 11.63 and commands a market capitalisation of $410.64 million.
