The Accent Group Ltd (ASX: AX1) share price has dropped lower on Wednesday.
At the time of writing the footwear-focused retailer's shares are down 4% to $1.65.
Why is the Accent Group share price tumbling lower today?
One catalyst for today's decline is the fact that Accent Group's shares are trading ex-dividend this morning for its final dividend.
When a share trades ex-dividend it means that buyers of its shares will not be entitled to the latest dividend. In light of this, the buy price will almost always drop by the value of the upcoming dividend.
In the case of Accent Group, this was a 3.75 cents per share fully franked final dividend which will now be paid to eligible shareholders on September 26.
In addition to this, news of insider selling appears to be weighing on investor sentiment this morning.
According to a change of director's interest notice, long-standing non-executive director Michael Hopwood has sold a large number of shares through a series of on-market trades.
Mr Hopwood offloaded 286,134 shares for an average of $1.62 per share on September 5, a further 589,616 shares for an average of $1.64 per share on September 6, and finally 368,036 shares for an average of $1.73 per share on September 9.
In total the director sold 1,243,786 at an average of $1.662 per share or a total consideration of ~$2.07 million.
Whilst this is disappointing, it is worth noting that Mr Hopwood still has a considerable holding of 12,756,214 shares, which would appear to indicate that his interests remain firmly in line with the company's shareholders.
Elsewhere, one of the directors of Telstra Corporation Ltd (ASX: TLS) has been buying shares on-market recently. Roy Chestnutt picked up 27,000 of the telco giant's shares for a total of $97,051.50 through an on-market trade on September 5. It appears as though Mr Chestnutt is confident in the company's outlook and has been topping up his holding after a spot of share price weakness.
