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X Factor: 5 Stock Reaching Their Ex-Dividend Date on October 12

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PNC Financial Services, Tyco International, and DSW are on the list.

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MINYANVILLE ORIGINAL Seven stocks will reach their ex-dividend date tomorrow, which is significant for investors as the seller of the stock on that date, not the buyer, receives the most recent dividend.

A stock must be bought one day before the ex-dividend date to claim any dividends that have been announced but not yet paid. The company determines on the record date, which usually occurs two days after the ex-dividend date, which shareholders qualify for the dividend. Shareholders listed as holders of record after the record date then receive their dividend on the date of payment established by the company. Those purchasing right before the record date forfeit the dividend and normally get the stock for a reduced amount.

It may seem an anachronism in this era of high frequency trading, but the dividend rate rules are in force since it can still take up to three business days for transactions to be credited to and settled in an investor's account.

Below are five stocks that schedule October 12 as their ex-dividend date. All annual yields are estimated.

Sycamore Networks (NASDAQ:SCMR) has a market cap of $424.55 million. The global developer and marketer of bandwidth management solutions will pay a special dividend of $10 on October 11, and the yield for this special dividend will be 68.73% based on yesterday's closing price of $14.55. The company also paid a special dividend in 2009 and 2010.

PNC Financial Services (NYSE:PNC) yields 2.48% annually and has a market cap of $34.17 billion. The international financial services company will pay a quarterly dividend of $0.40 on November 5. This dividend results in a quarterly yield of 0.62% based on yesterday's closing price of $64.55. The company has paid a quarterly dividend since 1986. The dividend is down from a high of $0.66 in 2009.
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