Everything else held constant, the price of a share of stock should drop by approximately the amount of the dividend on the:

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The ex-dividend date is the date on which a stock's price is adjusted to reflect the fact that the seller, rather than the buyer, is entitled to the upcoming dividend payment. As a result, the stock's price typically drops by approximately the amount of the dividend on the ex-dividend date. The declaration date is the date on which the company announces the upcoming dividend payment, the record date is the date on which a shareholder must be on the company's books to be entitled to the dividend, and the payment date is the date on which the dividend is actually paid out to shareholders.

Everything Else Held Constant, the Price of a Share of Stock