diff --git a/tests/test_perf_tracking.py b/tests/test_perf_tracking.py
index 23c34172..088d88dc 100644
--- a/tests/test_perf_tracking.py
+++ b/tests/test_perf_tracking.py
@@ -862,6 +862,56 @@ class TestDividendPerformance(unittest.TestCase):
             [event['cumulative_perf']['capital_used'] for event in results]
         self.assertEqual(cumulative_cash_flows, [0, 0, 0, 0, 0])
 
+    @with_environment()
+    def test_no_dividend_at_simulation_end(self, env=None):
+        # post some trades in the market
+        events = factory.create_trade_history(
+            1,
+            [10, 10, 10, 10, 10],
+            [100, 100, 100, 100, 100],
+            oneday,
+            self.sim_params
+        )
+        dividend = factory.create_dividend(
+            1,
+            10.00,
+            # declared date, when the algorithm finds out about
+            # the dividend
+            events[-3].dt,
+            # ex_date, the date before which the algorithm must hold stock
+            # to receive the dividend
+            events[-2].dt,
+            # pay date, when the algorithm receives the dividend.
+            # This pays out on the day after the last event
+            env.next_trading_day(events[-1].dt)
+        )
+
+        # Set the last day to be the last event
+        self.sim_params.period_end = events[-1].dt
+        self.sim_params._update_internal()
+
+        # Simulate a transaction being filled prior to the ex_date.
+        txns = [create_txn(events[0], 10.0, 100)]
+        results = calculate_results(
+            self,
+            events,
+            dividend_events=[dividend],
+            txns=txns,
+        )
+
+        self.assertEqual(len(results), 5)
+        cumulative_returns = \
+            [event['cumulative_perf']['returns'] for event in results]
+        self.assertEqual(cumulative_returns, [0.0, 0.0, 0.0, 0.0, 0.0])
+        daily_returns = [event['daily_perf']['returns'] for event in results]
+        self.assertEqual(daily_returns, [0.0, 0.0, 0.0, 0.0, 0.0])
+        cash_flows = [event['daily_perf']['capital_used'] for event in results]
+        self.assertEqual(cash_flows, [-1000, 0, 0, 0, 0])
+        cumulative_cash_flows = \
+            [event['cumulative_perf']['capital_used'] for event in results]
+        self.assertEqual(cumulative_cash_flows,
+                         [-1000, -1000, -1000, -1000, -1000])
+
 
 class TestDividendPerformanceHolidayStyle(TestDividendPerformance):
 
diff --git a/zipline/finance/performance/tracker.py b/zipline/finance/performance/tracker.py
index 1b8b21e2..3c529bc9 100644
--- a/zipline/finance/performance/tracker.py
+++ b/zipline/finance/performance/tracker.py
@@ -346,7 +346,7 @@ class PerformanceTracker(object):
         if txn:
             self.process_transaction(txn)
 
-    def check_upcoming_dividends(self, next_trading_day):
+    def check_upcoming_dividends(self, completed_date):
         """
         Check if we currently own any stocks with dividends whose ex_date is
         the next trading day.  Track how much we should be payed on those
@@ -361,6 +361,13 @@ class PerformanceTracker(object):
             # period, so bail.
             return
 
+        # Get the next trading day and, if it is outside the bounds of the
+        # simulation, bail.
+        next_trading_day = TradingEnvironment.instance().\
+            next_trading_day(completed_date)
+        if (next_trading_day is None) or (next_trading_day >= self.last_close):
+            return
+
         # Dividends whose ex_date is the next trading day.  We need to check if
         # we own any of these stocks so we know to pay them out when the pay
         # date comes.
@@ -402,13 +409,9 @@ class PerformanceTracker(object):
                                             bench_since_open,
                                             account)
 
-        # if this is the close, save the returns objects for cumulative risk
-        # calculations and update dividends for the next day.
+        # if this is the close, update dividends for the next day.
         if dt == self.market_close:
-            next_trading_day = TradingEnvironment.instance().\
-                next_trading_day(todays_date)
-            if next_trading_day:
-                self.check_upcoming_dividends(next_trading_day)
+            self.check_upcoming_dividends(todays_date)
 
     def handle_intraday_market_close(self, new_mkt_open, new_mkt_close):
         """
@@ -460,9 +463,8 @@ class PerformanceTracker(object):
         self.todays_performance.period_open = self.market_open
         self.todays_performance.period_close = self.market_close
 
-        next_trading_day = env.next_trading_day(completed_date)
-        if next_trading_day:
-            self.check_upcoming_dividends(next_trading_day)
+        # Check for any dividends
+        self.check_upcoming_dividends(completed_date)
 
         return daily_update