The S&P/ASX 300 Index (ASX: XKO) is in the red again today, down 0.16% in early afternoon trade.
As we wrap up ASX reporting season for another year, there are a number of ASX 300 shares turning ex-dividend.
When a company's shares turn ex-dividend, it means those shares no longer come with an entitlement to the upcoming dividend payment.
This typically causes share prices to drop, since the company is paying out dividends from its cash reserves.
What's more, some investors will look to offload shares once they've bagged the next dividend payment.
So, it was no surprise to see these three ASX 300 shares underperforming the market this morning as they turned ex-dividend.
However, the tide has turned this afternoon, with a couple now back trading in the green. Let's check them out.
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Accent Group Ltd (ASX: AX1)
ASX 300 retailer Accent Group is trading today without a fully-franked final dividend of 4 cents.
This likely drove this morning's 2.6% or 4-cent fall in the Accent Group share price. However, shares in the ASX 300 share have since rallied and are now trading up 0.34% at $1.48 apiece.
Investors who were on the company's share registry by the closing bell yesterday should see this payment come through on 15 September.
Despite an 11% increase in revenue in FY22, the company's net profit after tax (NPAT) tumbled 59% on the back of operational challenges and a focus on growth.
As a result, Accent's full-year FY22 dividends came in at 6.5 cents, down 42% from FY21.
Nonetheless, Accent shares were sporting a trailing dividend yield of 4.3% at yesterday's close. Adding in franking credits runs up this yield to 6.1%.
Iress Ltd (ASX: IRE)
Shares in financial software company Iress have also turned ex-dividend today, putting early pressure on the Iress share price.
At the time of writing, Iress shares have climbed back into the green and are trading 0.94% higher at $11.28.
Iress recently declared an interim dividend of 16 cents, in line with the prior period. In fact, Iress has kept its interim dividend steady at 16 cents since 2014.
The level of franking attached to these payments has fluctuated, with the latest interim dividend being 25% franked. It will be paid on 23 September.
Iress shares were attracting a trailing dividend yield of 4.1% when the market closed yesterday. The company has consistently paid annual dividends of 46 cents per share since 2018.
Bega Cheese Ltd (ASX: BGA)
Rounding out this trio of ASX 300 shares going ex-dividend today is leading dairy and food company, Bega.
The company handed in its FY22 results last week, lifting its fully franked final dividend by 10% to 5.5 cents.
At the time of writing, Bega shares have retreated 2.3% to $4.01.
Investors who owned Bega shares when the market closed yesterday should see this payment arrive on 23 September. Alternatively, a dividend reinvestment plan (DRP) is available.
Despite profits sliding in FY22, Bega raised its fully franked full-year dividends to 11 cents.
This put Bega shares on a trailing dividend yield of 2.6% when the market closed yesterday. With the benefit of franking credits, this yield bumps up to 3.8%.
