It has been an encouraging past couple of weeks for the Metcash Limited (ASX: MTS) share price.
Since the release of the company's full-year results on 27 June, the wholesale distributor's shares are up 4.4%.
In contrast, the S&P/ASX 200 Index (ASX: XJO) has gained around 1.5%.
Let's take a look below at what's driving Metcash shares forward lately.
Ex-dividend around the corner for Metcash shares
Despite the recent volatility on the ASX, Metcash shares have continued to climb following the company's outstanding financial scorecard.
This has led investors to take up positions in Metcash shares as the upcoming ex-dividend date approaches.
At Friday's market close, Metcash shares finished at $4.31.
Investors will need to buy the company's shares before market close today to be eligible for the final dividend. The ex-dividend date falls on Tuesday 12 July (tomorrow).
Historically, when a company reaches its ex-dividend day, its shares tend to fall after shareholders lock in the latest dividend.
When can Metcash shareholders expect payment?
For those eligible for Metcash's final dividend, shareholders will receive a payment of 11 cents per share on 10 August.
This brings its full-year dividend to 21.5 cents, which represents a 22.9% improvement from the previous financial year.
For context, the final FY21 dividend came to 9.5 cents per share.
Management noted that the company's strong FY22 underlying earnings led to the board's decision to increase the shareholder distributions.
The dividend is fully franked which means that you'll receive franking credits to put towards your next tax bill.
Metcash share price summary
Over the last 12 months, the Metcash share price is up 10% after registering wild price swings on the ASX.
The company's shares reached a 52-week high of $4.90 in early May, before sharply declining in the following weeks.
Metcash commands a market capitalisation of roughly $4.16 billion and has a dividend yield of 4.67%.
