I was surprised to learn from my broker that when a stock issues a dividend there is no gain for the?

investor. For example if the XYZ Company issues a dividend on July 1 of 1% at the time they issue it they shrink the price of the stock by the amount of the dividend. So if it was trading at $50.00 on June 30 it might be trading at for example $40.75 on July 2. The dividend is also taxable. By comparison a stock that pays no dividend does not generate a taxable event unless it is sold. Considering this what is the value of a dividend paying stock?