This excerpt taken from the CINF DEF 14A filed Mar 21, 2005.
Cincinnati Financial Corporation 5 Percent Stock Dividend
At its February 5 meeting, your companys board of directors declared a 5 percent stock dividend to be paid April 26 on shares outstanding and of record on April 6.
On Monday, April 4 the Nasdaq-specified ex-dividend date our common stock price and all historic stock price data will be adjusted by 5 percent to reflect the upcoming stock dividend. If you purchase shares between April 4 and April 26, you will pay the lower split-adjusted price, but you will not receive the dividend shares.
Between the ex-dividend date and April 26, all stock ownership records will show the share price adjusted 5 percent but will not yet reflect the additional shares to be issued April 26.