Best source for info is the company. From latest VGR PR:
"(NYSE: VGR) today announced that it has declared a regular quarterly cash dividend on its common stock of $0.40 per share. Additionally, the Company declared its regular annual stock dividend of 5%. Both the quarterly cash and the annual stock dividends are payable on September 29, 2011 to holders of record as of September 20, 2011.
Vector Group is a holding company that indirectly owns Liggett Group LLC and Vector Tobacco Inc. and directly owns New Valley LLC. Additional information concerning the company is available on the company's website, www.VectorGroupLtd.com. "
Its a $.40 cash dividend and a 5% stock dividend and both are to be paid on same date ... when your broker credits account may be a different matter.
OK, I'm going to ask this for the 3rd time. The .40 cash dividend brings the pps down .40. How much does the 5% stock dividend bring down the pps. Dividends always result in a push. Shareholders have the same dollar amount before and after. How is the additional share amount going to affect the stock price?
It affects the price by the 5% payout + the $0.381 cash dividend, subject to market action on XD day. So, if the share price on the day before XD day is, say, $20.00, then on XD day the stock will open at $18.62 ($20.00 - $1.00 [=5% of $20] - $0.381).
To verify this, look at the daily stock tables for VGR on Yahoo ot other financial site. Compare ther closing price the day before XD date in mid-September to the opening price on XD day.
Technically, the stock issuance on XD day is a stock split of 21:20. By stock Exchange rules, all stock prices must be adjusted for stock splits before trading begins on XD day. If the stock split were 2:1, the price on XD day would be half of the prior day's close, to open. In reverse splits, 1:2, the price doubles, and so on.