Stock dividend and share price

Why would a stock dividend decrease the share price? I would think that share price stays the same because earnings stay in the company in contrast with a cash dividend? The amount of the stock dividend is being added to the contributed capital instead of retained earnings so value remains in the company and stock price theoritically shouldn’t budge all things equal. Or am I missing someting…

I think I just found out myself, there is a dividend in shares instead of cash so more shares have been created reducing the book value per share and share price.

More shares, same total value.