Our club bought some stocks today, and the broker gave the following
information about the transaction:

Bought 50 XXX @27.7952            (1400.75 was subtracted from our account)

(50 times 27.7952 = 1389.76 plus the commission of 10.99 is 1400.75, so
27.7952 is not the cost basis/share.)

How can the price of a stock contain a fraction of a cent?  Is this common,
or do I need to check with the broker?

Yes, the price of a stock can contain a fraction of a cent. It used to be very common when stocks were priced in 1/8s of a dollar.

 

Ira Smilovitz