O'Garro, Inc., has paid a regular quarterly cash dividend of $0.70 per share for several years. The common stock is publicly traded. On February 21 of the current year, O'Garro's board of directors declared the regular first-quarter dividend of $0.70 per share payable on March 30 to stockholders of record on March 15.
Required:
As a result of this dividend action, state what you would expect to happen to the mar-ket price of the common stock of O'Garro. Inc.. on each of the following dates. Ex-plain your answers.
a. February 21.
b. March 13.
c. March 15.
d. March 30.