Good observation boe. I did a study of exactly that with another big bank and found that the DRP price was above the SP prevailing around the time of the distribution in around 70% of cases. The DRP price calculation formula is set several days after the record date, so that is not a factor, and one can only conclude it's down to sentiment, which can change at any time for lots of complex and unrelated reasons.
The implementation problem for a 'mum & dad' investor is that the cost of an equivalent small number of additional shares purchased at a time of choosing, would be bloated by brokerage, and in many cases, lower buying limits.
NAB Price at posting:
$36.37 Sentiment: Hold Disclosure: Held
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