Once it goes ex-div the price drops. We all know that. But also the price may drop even more because MONEY FLOWS OUT OF THIS FUND UNTIL IT GETS CLOSE TO THE NEXT DIVIDEND DECLARATION. About 10-14 days before the div declaration money starts flowing back into PHK to get the div. Same thing happens with HYLD.
Don;t ask me why this happens but it does. It's kind of like the MReit's. About a month before those stocks like AGNC,NLY,etc go ex-div money pours into them. After ex-div money flows out and the prices drop until the next quarterly div. There is really no reason to have money in a high div paying stock or fund in the interim between div's. So,the money is placed elsewhere. PHK pays div's monthly,though,and the cycle is much shorter than the MReit's.