teclark, what you say is correct because it takes three days for the stock purchase to settle. But you may want to add that an investor has to buy the stock the day before it goes x-dividend in order to collect the dividend. The x-dividend date is always the second business day prior to the record date. For example, ACG went x-dividend on October 31 and the record date was November 2. One would have had to buy the shares on October 30 to collect the dividend.