The Collins Foods Ltd (ASX: CKF) share price is heading south during early Friday afternoon.
At the time of writing, the restaurant operator's shares are down 4.18% to $10.10.
For context, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.80% to 6,891.5 points.
Why are Collins Foods shares falling today?
Following the company's full year results, investors are eyeing Collins Foods shares as they go ex-dividend today.
This date is particularly important as it determines which shareholders will receive the company's latest dividend.
If you held Collins Foods shares at yesterday's market close, you will be eligible for the final dividend.
So, what does this mean?
For those lucky enough to make it on the company's register on time, you will receive a dividend payment of 15 cents per share on 1 August.
The dividend is fully-franked and reflects a 20% increase when compared against the prior corresponding period (12.5 cents per share).
It is also the biggest dividend that is set to be paid in the company's history.
Investors who elect for the dividend reinvestment plan (DRP) will see a number of shares added to their portfolio. This will be based on a volume-weighted average price from 13 July to 26 July.
There is no DRP discount and the last election date for shareholders to opt in is on 12 July.
Is the Collins Foods share price a buy now?
Following the company's financial scorecard, a couple of brokers weighed in on the Collins Foods share price.
According to ANZ Share Investing, the team at Macquarie cut its 12-month price target by 22% to $11.50 for the restaurant operator's shares.
Based on the current share price, this implies an upside of about 14% for investors.
On the other hand, UBS raised its rating on Collins Foods shares by 13% to $10.30 a pop.
This implies an upside of around 2% from where the company trades today.
Collins Foods commands a market capitalisation of roughly $1.23 billion and has a dividend yield of 2.33%.
