When you drag a Point Label away from it’s default position and into the Drag State it typically adds a leader from the Label back to the Point. (Unless you have turned the leader off in the Label Style) Upon closer examination you will most likely see that the leader stops short of the actual Point location and is pointing at the Point Marker or symbol as shown below.
In some cases this may be what you want, particularly with a larger or more complex symbol like a tree. In other cases you may want the leader pointing at the actual location of the point. There is an option to do this, however, it is not part of the Point Label Style. Instead it is part of the Point Style. While this seems a little strange at first the more I use it the more it makes sense. You might want the same Point Label Style at times point at the symbol and other times pointing at the actual point location, based on the Point Style (symbol) used.
You will find the control for this when you edit the Point Style on the Summary tab under the Marker collection. Here you can set Leader stops at marker to Yes or No.
That’s it. The leader will now extend to the actual location of the point.