FTSE 100 Dividend Data

This page shows upcoming ex-dividends dates for ordinary shares listed and supplied by the London Stock Exchange.

FTSE 100 Data

Company Symbol Ex-Divi Date Dividend Divi % Declaration Date Pay Date
Barratt Developments BDEV 11-04-2024 4.4p 0.95% 07-02-2024 17-05-2024
Smurfit Kappa Group SKG 11-04-2024 €1.184 2.80% 07-02-2024 10-05-2024
Lloyds Banking Group LLOY 11-04-2024 1.84p 3.45% 22-02-2024 21-05-2024
Reckitt Benckiser Group RKT 11-04-2024 115.9p 2.71% 28-02-2024 24-05-2024
Howden Joinery Group HWDN 11-04-2024 16.2p 1.86% 29-02-2024 24-05-2024
Aviva AV. 11-04-2024 22.3p 4.55% 07-03-2024 23-05-2024
F&C Investment Trust FCIT 11-04-2024 4.5p 0.45% 08-03-2024 09-05-2024
Phoenix Group Holdings PHNX 11-04-2024 26.65p 4.87% 22-03-2024 22-05-2024
Antofagasta ANTO 18-04-2024 $0.243 0.88% 20-02-2024 10-05-2024
BAE Systems BA. 18-04-2024 18.5p 1.40% 21-02-2024 03-06-2024
Unite Group UTG 18-04-2024 23.6p 2.50% 27-02-2024 24-05-2024
Croda International CRDA 18-04-2024 62p 1.36% 27-02-2024 29-05-2024
London Stock Exchange Group LSEG 18-04-2024 79.3p 0.85% 29-02-2024 22-05-2024
Weir Group WEIR 18-04-2024 20.8p 1.02% 29-02-2024 31-05-2024
Fresnillo FRES 18-04-2024 $0.042 0.61% 05-03-2024 29-05-2024
St. James’s Place STJ 25-04-2024 8p 1.86% 28-02-2024 24-05-2024
Rightmove RMV 25-04-2024 5.7p 1.05% 01-03-2024 24-05-2024
Legal & General Group LGEN 25-04-2024 14.63p 5.83% 06-03-2024 06-06-2024
ConvaTec Group CTEC 25-04-2024 $0.0446 1.23% 06-03-2024 23-05-2024
Spirax-Sarco Engineering SPX 25-04-2024 114p 1.18% 07-03-2024 24-05-2024
RELX REL 02-05-2024 41.8p 1.26% 15-02-2024 13-06-2024
Glencore GLEN 02-05-2024 $0.065 1.12% 21-02-2024 05-06-2024

Understanding Dividends

A dividend is a company’s way of distributing a segment of its earnings to its shareholders. Typically, these distributions materialise as cash payments to those owning the underlying shares.

The pivotal moment in this process is the ex-dividend date. It determines when trading in the underlying stock no longer incorporates an entitlement to the imminent dividend payment. As such, the value of the underlying share shrinks by approximately the dividend’s worth on this date. If an investor held a position in the stock before and through the ex-dividend date, they would either be eligible to receive or obligated to pay the dividend, contingent upon whether their position is long or short. Conversely, those initiating a position on the ex-dividend date neither receive nor pay the dividend.

 

A Dividend Application Example

Consider an index containing several stocks, including XYZ PLC, which has announced a 7.978p dividend. If XYZ PLC’s price stands at 625.70p, constituting 6.45% of the index’s total value, and the index itself is valued at 7,000 points, then that 6.45% equals 451.5 points of the index. The 7.978p dividend implies a 1.27% dip in XYZ PLC’s share price (from 625.70p to 617.722p). Thus, the equivalent dividend deduction for the index is 5.733 points (451.5 multiplied by 1.27%).

 

Dividend Dynamics for Indices

Indices often represent the weighted mean share price of various underlying stocks trading on a shared exchange. Therefore, when any of these stocks announce a dividend, both the share’s and the index’s price reduce by the dividend value on the ex-dividend date.

For instance, consider an index containing several stocks, including Glencore, which has announced a 48.6p dividend. If Glencore’s price stands at 437.5p, constituting 2.87% of the index’s total value, and the index itself is pegged at 7,000 points, then that 2.87% equals 200.9 points of the index. The 48.6p dividend implies an 11.11% dip in Glencore’s share price (from 437.5p to 388.9p). Thus, the equivalent dividend deduction for the index is 22.319 points (200.9 multiplied by 11.11%).

Holding either a long or short position of 30 units of this index would result in a credit or debit of £223.19 (10 multiplied by 22.319).

 

Dividends and Call Options

Price Adjustments

When a company declares a dividend, the price of the underlying stock often adjusts downward on the ex-dividend date. This adjustment can impact the price of call options. Specifically, the expected drop in the stock’s price might lead to a decrease in the price of its associated call options prior to the ex-dividend date.

Early Exercise

American-style call options, which can be exercised before the expiration date, are particularly sensitive to dividends. If a dividend is expected, the holder of an in-the-money call option might choose to exercise the option early to capture the dividend. This is more probable if the dividend amount surpasses the time value remaining in the option’s price.

 

Dividends and Put Options

Price Appreciation

As the stock price typically drops by roughly the dividend amount on the ex-dividend date, put options, which profit from a decline in stock price, might experience a corresponding appreciation in value.

Potential Increase in Demand

Anticipation of a price drop due to a forthcoming dividend might spike the demand for put options, driving up their price. Investors may seek to buy put options as a hedge against potential declines in the stock’s value post the ex-dividend date.

 

Key Considerations for Options Traders

Ex-dividend Date Awareness: Options traders should be well-acquainted with the ex-dividend dates of stocks they trade options on. This knowledge aids in predicting potential price movements.

Dividend Magnitude: Not all dividends are created equal. The size of the dividend can significantly influence option prices. A larger dividend generally has a more pronounced impact on option premiums.

Time Decay and Dividends: Options inherently possess a time value that diminishes as they approach expiration. This time decay can intertwine with dividend impacts, particularly for options close to expiration.

Implied Volatility: Post the announcement of dividends, implied volatility—a metric indicating the market’s forecast of a stock’s future movement—may change. Traders should monitor this as it directly affects option pricing.

Strategies Involving Covered Calls: Investors using a covered call strategy, wherein they hold the underlying stock and sell call options on it, should be vigilant. The call might be exercised early by its holder seeking to capture the dividend, especially if it’s an American-style option.

Important information: Derivative products are considerably higher risk and more complex than more conventional investments, come with a high risk of losing money rapidly due to leverage and are not, therefore, suitable for everyone. Our website offers information about trading in derivative products, but not personal advice. If you’re not sure whether trading in derivative products is right for you, you should contact an independent financial adviser. For more information, please read our Important Derivative Product Trading Notes.

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