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X Factor: Three Stock Reaching Their Ex-Dividend Date on October 16

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Acuity Brands, WD-40 Company, and Zep are on the list.

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MINYANVILLE ORIGINAL Three 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 three stocks that schedule October 16 as their ex-dividend date. All annual yields are estimated.

WD-40 Company (NASDAQ:WDFC) yields 2.24% annually and has a market cap of $816.66 million. The producer of WD-40 will pay a quarterly dividend of $0.29 on October 31, and its quarterly yield will be 0.56% based on Friday's closing price of $51.73. The company has paid a quarterly dividend since 1990.

Zep (NYSE:ZEP) yields 1.10% annually and has market cap of $316.13 million. The producers of cleaning and maintenance chemicals will pay a quarterly dividend of $0.04 on November 1, and its quarterly yield will be 0.28% based on Friday's closing price of $14.48. The company has paid a quarterly dividend since 2008.

Acuity Brands (NYSE:AYI) yields 0.84% annually and has a market cap of $2.56 billion. The global designer and producer of lighting solutions will pay a quarterly dividend of $0.13 on November 1, and its quarterly yield will be 0.21% based on Friday's closing price of $61.57. The company has paid a quarterly dividend since 2002. The dividend is down from a high of $0.15 in 2007.
Twitter: @ChrisWitrak
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