The payable date is sometimes before the ex-dividend date! How comes?
When the cash dividend is worth more than 25% of the stock value, the ex-dividend date is the business day AFTER the payable day. You still must own the stock at market opening on the ex-dividend date to get the distribution. If you sell on the payable day (this is, the business day before ex-dividend day), you will see the cash dividend paid to you then taken out of your brokerage account.
