Yesterday morning AWK was highlighted (pending update) at my Fidelity account.
I knew this meant a dividend was about to be paid.
I saw the price was 39.94 (Fridays closing price)
AWK had traded as high as 43 in the previous month, & while none of like to see our shares prices drop, I thought as long as I'm about to purchase more shares, why not get them at a lower price.
My question is the price the dividend was reinvested at.
According to both Yahoo & Marketwatch, the open-high-low&close on June 3rd was as follows..
40.06 40.77 39.87 40.31
According to Fidelity, I paid 40.981 per share
If the high of the day was 40.77 how is it possible that I paid 40.98 ?
Could it be related to the fact that it's a fractional share amount ?