The Accent Group Ltd (ASX: AX1) share price is heading south during early morning trade on Wednesday. This comes despite the fashion shoe retailer not releasing any market-sensitive news today.
At the time of writing, Accent shares are down 0.90% to $1.66 apiece.
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Why are Accent shares falling today?
While the company posted a disappointing first-half result, investors are selling Accent shares as they go ex-dividend today.
This means that investors who bought the company's shares on Monday will be eligible for the upcoming dividend. Anyone who purchases the shares today will miss out as the previous seller has secured the dividend.
Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out.
When can Accent shareholders expect payment?
For those eligible for Accent's interim dividend, shareholders will receive a payment of 2.5 cents per share on 17 March. The dividend is fully franked which means that investors will receive tax credits to put towards their tax bill.
The board reduced the latest dividend by 69% from the 8 cents declared in the prior comparable period.
On an annualised basis, Accent has a trailing dividend yield of 6.72%.
Are Accent shares a buy now?
Following the company's H1 FY22 results, a number of brokers weighed in on the Accent share price.
The team at Morgans as well as Wilsons, both slashed their 12-month price target by 4.2% to $2.30 apiece. Based on the current share price, this implies an upside of roughly 37% according to the brokers.
However, UBS analysts had a different view, reducing its outlook on Accent shares by 9.1% to $2.50. This represents an upside of almost 50% from where the company's shares are trading today.
Accent share price summary
Over the past 12 months, the Accent share price has declined by around 28%. It's worth noting that these losses have come from year to date, which Accent is down 31%.
Based on valuation grounds, Accent commands a market capitalisation of around $907.63 million and has approximately 541.87 million shares outstanding.
