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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on September 28


WP Carey & Co., The Bank of Nova Scotia, and Choice Hotels are on the list.

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 effectsince 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 September 28 as their ex-dividend date. All annual yields are estimated.

WP Carey & Co. (NYSE:WPC) yields 5.13% annually and has a market cap of $2.03 billion. The investment management company will pay a quarterly dividend of $0.65 on October 16. This dividend results in a quarterly yield of 1.28% based on yesterday's closing price of $50.66. The company has paid a quarterly dividend since 1998. Each dividend has either increased or remained the same from the prior quarter.

The Bank of Nova Scotia (NYSE:BNS) yields 4.16% annually. The Canadian bank, which provides personal, commercial, corporate, and investment banking services, has a market cap of $62.48 billion and will pay a quarterly dividend of $0.57 on October 29. Its quarterly yield will be 1.04% based on yesterday's closing price of $54.83. The company has paid a quarterly dividend since the middle half of 2002.
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