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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on September 24

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American Eagle Outfitters, Eni SpA, and CYS Investments are on the list.

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MINYANVILLE ORIGINAL Nine stocks will reach their ex-dividend date Monday 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. Dividends are paid on the dividend record date, usually two business days after the ex-dividend date.

Purchasers must own a stock several days prior to the dividend record date to get the dividend. Those purchasing right before the 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 September 24 as their ex-dividend date. All annual yields are estimated.

CYS Investments (NYSE:CYS) yields 12.26% annually. The real estate investment trust, or REIT, has a market cap of $2.45 billion and will pay a quarterly dividend of $0.45 on October 17. Its quarterly yield will be 3.07% based on yesterday's closing price of $14.68. The company has paid a quarterly dividend since the second half of 2009.
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No positions in stocks mentioned.
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