Following earnings season in August, scores of ASX companies are paying out millions in dividends to shareholders.

Those participating in dividend reinvestment plans (DRPs) are receiving their new shares, typically on the same day that cash dividends are paid out.

If you'd like to receive any of the dividend payments below, you need to buy these ASX shares before their ex-dividend dates.

Each time a company announces its next dividend, investors have a typically short time period to invest anew or top up their holdings to maximise their dividend income.

Here at The Fool, we do not recommend buying shares in a company you have not researched just to get the next dividend payment.

Our stock analysts say the decision to invest should be much more considered and strategic than that, and based on fundamentals.

Many investors employ a dollar-cost averaging strategy on ex-dividend dates to reduce the average cost of their holdings over time.

These investors already own stock in the company.

They target the ex-dividend date for further purchasing because the share price tends to fall on the ex-dividend day, potentially providing an attractive buy-the-dip opportunity.

Here are 16 ASX shares going ex-dividend next week.

16 ASX shares with ex-dividend dates next week

The post 16 ASX shares going ex-dividend next week appeared first on The Motley Fool Australia.

Turners Automotive Group is an integrated financial services group that, as its name suggests, primarily operates in the automotive sector. The group has three main business segments: automotive retail, finance and insurance, and debt management systems. 

Alongside the cornerstone Turners business, the group has a number of brands under its banner, including Oxford Finance, Autosure, and EC Credit Control.

Headline results

Starting from the top line, FY20 group revenue declined by 1% to NZ$333 million. Turners noted that trading towards the back end of the financial year was impacted by the early effects of COVID-19.

Nonetheless, the group delivered an 11% increase in underlying net profit before tax (NPBT), which rose from NZ$26 million in FY19 to NZ$28.8 million in FY20.

The group attributed this growth to gains made in the insurance, finance and credit divisions, which were partially offset by a drop in auto retail due to COVID-19.

Reported NPBT came in at NZ$29.1 million, in line with the group's guidance range of NZ$28 million to NZ$30 million and flat on FY19 NPBT of NZ$29 million.

Automotive retail

Turners observed a softening of the used car market throughout FY20 due to reduced consumer confidence. Unsurprisingly, this decline was exacerbated during late February and March in the wake of the coronavirus pandemic.

The group highlighted a cyclical reduction in consignment vehicles in FY20. However, this was partially offset by an increase in the sales of owned inventory, with average gross profits per unit up 12% to $529.

Overall, the group's automotive retail segment delivered revenue of NZ$224.9 million and underlying profit of NZ$13.3 million.

Other segment performance

The group's finance business, Oxford Finance, delivered marginal revenue growth of 4% to come in at NZ$45.7 million. Operating profit also jumped 10% to NZ$12.2 million. Turners attributed this improvement to writing higher quality new business and the resulting improved arrears performance.

Meanwhile, the group's insurance arm, Autosure, recorded a 9% drop in revenue as a result of market conditions and focusing on lower risk portfolios and vehicles. Operating profit saw a steeper decline, falling 25% to NZ$6.2 million.

Finally, credit management business EC Credit Control booked in a 1% drop in revenue, while operating profit increased by 3%.

What next?

Looking forward, Turners noted its auto retail business is fully operational, with sales stronger than expected.

The finance segment is seeing arrears performing well, while new insurance policy claims are recovering, with claims tracking below expectations.

On the whole, the group stated that trading in April and May has been "significantly better than what we expected". This comes as New Zealand moved through its COVID-19 alert levels and the benefits of cost reductions, rent reductions and wage subsidies materialised.

At the end of FY20, the group had net debt of NZ$317.6 million, comprising NZ$32.8 million cash and NZ$350.4 million debt. Turners has an additional NZ$78 million of undrawn funding.

After today's strong gains, the Turners Automotive share price is down 3.11% year-to-date.

The post Turners Automotive share price races 28% higher on FY20 results appeared first on The Motley Fool Australia.

What did Turners announce to the market?

Turners Automotive announced that it will re-commence the on-market share buyback program, of up to 5% of its issued share capital (4.474 million shares), that was initiated in November 2018.

Management also said up to a further 1.834 million shares may be acquired between 2 August and 30 September 2019.

The shares will only be acquired on the NZX Main Board (NZSX) and the acquired shares will be cancelled by Turners, thereby reducing the number of shares on issue.

Chairman of Turner's, Grant Baker, commented that the Board continued to believe that the share price did not appropriately reflect the fundamentals of the business.

"The Board believes that the purchase of shares, at current market prices, provides a return above the company's cost of capital and rewards long term shareholders."

He also added, "Turners has a strong balance sheet and is well-positioned to buy shares whilst the share price remains below the intrinsic value of the business."

How has the Turners share price performed in 2019?

The Turners share price has remained flat in morning trade at $2.16 per share, which translates to a market of $188 million for the New Zealand-based automotive group.

The stock remains tightly-held and thinly traded on the ASX, having only listed on the Aussie stock exchange in February 2018.

The group is dual-listed on the New Zealand Stock Exchange (NZX) at $2.17 per share but has fallen 30.67% in the last 12 months, with a similar move on the ASX.

The Turners share price fell on its April 2019 trading update, in which the automotive group reaffirmed its existing $32 million net profit after tax (NPAT) guidance but noted softening demand in its core Auckland market.

Turners also announced a comprehensive group strategy review in the update, with New Zealand's largest used vehicle retailer's share price plummeting from $3.00 per share to its current level at $2.16 per share.

The Turners 2019 share price performance pales in comparison to the likes of Automotive Holdings Group Ltd (ASX: AHG), which has seen its share price rocket 108% higher so far this year.

The post Turners Automotive share price on watch after announcing buyback appeared first on The Motley Fool Australia.