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Ex Dividend

From lawbrain.com

A phrase used by stockbrokers that denotes that a stock is sold without the purchaser receiving the right to own its recently declared dividend which has not yet been paid to the stockholders.

The seller of a stock sold ex dividend retains the right to receive payment of the declared dividend. The purchaser of such a stock usually buys it at a price that is reduced by the amount of the dividend to be paid to the seller.