The Australian Foundation Investment Co. Ltd (ASX: AFI) share price has travelled in circles over the past couple of weeks.
Following the release of the company's preliminary full-year results on 25 July, shares in the listed investment company (LIC) opened at $8.14 apiece.
Fast-forward two weeks later, and AFIC shares finished at $8.10 on Friday's market close. This implies a slight loss of 0.5% for the 14-day period.
In contrast, the S&P/ASX 200 Index (ASX: XJO) has gained around 3.3%.
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Ex-dividend around the corner for AFIC shares
Despite the general recovery on the ASX, the AFIC share price has been in a sideways channel of late.
This comes after the company reported an outstanding financial scorecard, particularly with net profit up 53.4% to $360.6 million.
AFIC shareholders might want to keep an eye out as the upcoming ex-dividend date approaches.
You will need to buy the company's shares before market close tomorrow to be eligible for the final dividend. The ex-dividend date falls on Wednesday 10 August.
Historically, when a company reaches its ex-dividend day, its shares tend to fall after shareholders lock in the latest dividend.
When can AFIC shareholders expect payment?
If you're eligible for AFIC's final dividend, you will receive a payment of 14 cents per share on 30 August.
This brings its full-year dividend to 24 cents, which is flat from the previous financial year (FY21).
Management noted that its capital will fluctuate with market conditions, and in order to manage these, the dividend may be adjusted.
The final dividend is fully franked which means that you'll receive franking credits to put towards your next tax bill.
AFIC share price summary
Over the last 12 months, the AFIC share price is down 5% following wild price swings since the start of June.
The company's shares reached a 52-week low of $7.40 on 20 June, before sharply accelerating in the weeks thereafter.
AFIC commands a market capitalisation of roughly $9.96 billion and has a dividend yield of 3.15%.
