This study investigates whether dividend announcements made concurrent with earnings announcements help to determine persistence levels in earnings and whether the market incorporates this information when pricing stocks. I find that contemporaneous dividend announcements signal different persistence levels in earnings and that variations in the magnitude of post-earnings-announcement drift are associated with persistence levels. My results are robust over alternative measures of abnormal returns, over alternate time periods, and after controlling for other variables identified by prior research. These findings suggest that information uncertainty is not a driving factor behind post-earnings-announcement drift. The market's failure to incorporate information conveyed by dividends leads to predictable differences in post-earnings-announcement drift.