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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on October 2


Cisco Systems, Legg Mason, and Lennox International are on the list.

MINYANVILLE ORIGINAL Nine 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 stocks that schedule October 2 as their ex-dividend date. All annual yields are estimated.

ABM Industries (NYSE:ABM) yields 3.06% annually and has a market cap of $1.03 billion. The facilities management solutions provider will pay a quarterly dividend of $0.145 on November 11. This dividend results in a quarterly yield of 0.77% based on Friday's closing price of $18.93. The company has paid a quarterly dividend since the end of 1984. Each dividend payment has either increased or remained from the prior quarter.

Cisco Systems (NASDAQ:CSCO) yields 2.93% annually and has a market cap of $101.01 billion. The provider of Internet protocol based networking and other information technology products will pay a quarterly dividend of $0.14 on October 24, and its quarterly yield will be 0.73% based on Friday's closing price of $19.09. The company began paying a quarterly dividend last year.
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