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X Factor: 5 Stock Reaching Their Ex-Dividend Date on October 11

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Just Energy Group, SAIC Group, and Shaw Communications 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 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 October 11 as their ex-dividend date. All annual yields are estimated.

Just Energy Group (NYSE:JE) yields 11% annually and has a market cap of $1.57 billion. The provider of natural gas and electricity to residential and commercial customers will pay a monthly dividend of $0.1033 on October 31. Its monthly yield will be 0.92% based on yesterday's closing price of $11.27. The company began paying a monthly dividend this year.

Hercules Technology Group (NYSE:HTGZ) yields 8.03% annually and has a market cap of $1.24 billion. The finance firm provides additional capital to entrepreneurial companies by working with their venture capital and private equity financial sponsors. The firm will pay a quarterly dividend of $0.4375 on October 30. This dividend results in a quarterly yield of 1.72% based on yesterday's closing price of $25.47. The firm began paying a quarterly dividend this year.

Shaw Communications (NYSE:SJR) yields 4.45% annually and has a market cap of $9.13 billion. Shaw Communications provides broadband cable television, Internet, home phone, telecommunications services, and satellite direct-to-home services in Canada and the United States. It will pay a monthly dividend of $0.0806 on October 30, and its monthly yield will be 0.39% based on yesterday's closing price of $20.66. The company began paying a dividend in 1998, and it began paying a monthly dividend in 2005. Since 2005, each dividend payment has either increased or remained the same from the prior month.
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