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X Factor: 5 High-Yield Stocks Reaching Their Ex-Dividend Date on September 27

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Chimera Investment Corporation, Annaly Capital Management, and Newcastle Investment Corp. are on the list.

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MINYANVILLE ORIGINAL Many 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 effect 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 high-yield stocks that schedule September 27 as their ex-dividend date. All annual yields are estimated.

Chimera Investment Corporation (NYSE:CIM) yields 12.81% annually. The US-based real estate investment trust, or REIT, has a market cap of $2.89 billion and will pay a quarterly dividend of $0.09 on October 29. Its quarterly yield will be 3.20% based on yesterday's closing price of $2.81. The company has paid a quarterly dividend since the end of 2007.

Annaly Capital Management (NYSE:NLY) yields 11.43% annually and has a market cap of $17.06 billion. The REIT will pay a quarterly dividend of $0.50 on October 29, and its quarterly yield will be 2.86% based on yesterday's closing price of $17.50. The REIT has paid a quarterly dividend since the end of 1997.

Newcastle Investment Corp. (NYSE:NCT) yields 11.30% annually and has a market cap of $1.34 billion. The REIT will pay a quarterly dividend of $0.22 on October 31. This dividend results in a quarterly yield of 2.82% based on yesterday's closing price of $7.79. The company has paid a quarterly dividend since the end of 2002, except for 2009 and 2010 when it paid no dividend. The dividend is down from a high of $0.72 in 2007.

Vanguard Natural Resources (NYSE:VNR) yields 8.33% annually and has a market cap of $1.50 billion. The developer of oil and natural gas properties in the US will pay a monthly dividend of $0.20 on October 15, and its monthly yield will be 0.69% based on yesterday's closing price of $28.81. The company paid a quarterly dividend from 2008 through the first half of this year. It switched to a monthly dividend beginning in August.

Liberty Property Trust (NYSE:LRY) yields 5.17% annually and has a market cap of $4.33 billion. The REIT will pay a quarterly dividend of $0.475 on October 15. Its quarterly yield will be 1.29% based on yesterday's closing price of $36.78. The REIT has paid a quarterly dividend since the second half of 1995. The dividend is down from a high of $0.63 in 2008.

These companies also have their ex-dividend date on September 27. All annual yields are estimated.

PG&E (NYSE:PCG) yields 4.27% annually and will pay a quarterly dividend of $0.455 on October 15.

Dell (NASDAQ:DELL) yields 3.21% annually and will pay its first quarterly dividend of $0.08 on October 22.

Cardinal Health (NYSE:CAH) yields 2.43% annually and will pay a quarterly dividend of $0.2375 on October 15.

American Tower Corporation (NYSE:AMT) yields 1.26% annually and will pay a quarterly dividend of $0.23 on October 15.

Quest Diagnostics (NYSE:DGX) yields 1.08% annually and will pay a quarterly dividend of $0.17 on October 16.

Purchase -- and have your broker settle -- before the ex-dividend date to secure the dividend.

(Also read When to Buy Back Apple (NASDAQ:AAPL) Stock if You Removed Exposure)

Twitter: @ChrisWitrak
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