Bad data - Incorrect Price Adjustment for Cash Dividend?

Alpaca Market Data
1

The adjusted price for TPG after the dividend ex-date of 2026-02-19 seems wrong.

Querying the raw historical bars I get:

"TPG": [
    { "c": 46.90, "h": 50.08, "l": 46.83,  "n": 54229, "o": 49.16, "t": "2026-02-17T05:00:00Z", "v": 4716935,  "vw": 47.489336 },
    { "c": 47.94, "h": 48.36, "l": 46.75,  "n": 34124, "o": 47.15, "t": "2026-02-18T05:00:00Z", "v": 2942139,  "vw": 47.889388 },
    { "c": 44.58, "h": 46.27, "l": 43.045, "n": 74945, "o": 46.14, "t": "2026-02-19T05:00:00Z", "v": 7317796,  "vw": 43.921166 },
    { "c": 44.51, "h": 44.87, "l": 43.175, "n": 92240, "o": 44.23, "t": "2026-02-20T05:00:00Z", "v": 11964032, "vw": 44.380751 }
]

And from the corporate actions query:

"cash_dividends": [
  {
    "cusip": "872657101",
    "ex_date": "2026-02-19",
    "foreign": false,
    "id": "ae3c1f14-83db-47b2-a556-438627099d2d",
    "payable_date": "2026-03-05",
    "process_date": "2026-03-05",
    "rate": 0.61,
    "record_date": "2026-02-19",
    "special": false,
    "symbol": "TPG"
  }
]

Finally the adjusted historical bars:

"TPG": [
    { "c": 46.27, "h": 49.4,  "l": 46.2,   "n": 54229, "o": 48.5,  "t": "2026-02-17T05:00:00Z", "v": 4716935,  "vw": 46.85 },
    { "c": 47.29, "h": 47.71, "l": 46.12,  "n": 34124, "o": 46.51, "t": "2026-02-18T05:00:00Z", "v": 2942139,  "vw": 47.24 },
    { "c": 44.58, "h": 46.27, "l": 43.045, "n": 74945, "o": 46.14, "t": "2026-02-19T05:00:00Z", "v": 7317796,  "vw": 43.921166 },
    { "c": 44.51, "h": 44.87, "l": 43.175, "n": 92240, "o": 44.23, "t": "2026-02-20T05:00:00Z", "v": 11964032, "vw": 44.380751 }
]

The closing price on 2026-02-18 went from 47.94 to 47.29 - which would indicate a 0.65 dividend. With the 0.61 (correct) dividend shouldn’t it be 47.33?

Cross checking other sources - they have 47.33 as expected. Yahoo as one example:

image
image1720×382 48 KB

What am I getting wrong? Help appreciated.

2

Hi @bursa.fibula :waving_hand:

Thank you so much for reporting this issue. The difference you noted comes from the fact that Alpaca uses the closing price on the ex-date ($44.58) to calculate the adjustment factor. This might be incorrect. We’re going to discuss this internally and get back to you shortly.