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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on September 17

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Cincinnati Financial Corp., Kraft Foods, and International Flavors & Fragrances 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. 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 17 as their ex-dividend date. All annual yields are estimated.

UIL Holdings Corporation (UIL) yields 4.77% annually and has a market cap of $1.84 billion. The electricity utility for the southwestern part of Connecticut will pay a monthly dividend of $0.432 on October 1. Its monthly yield will be 1.19% based on yesterday's closing price of $36.25. The company has paid a quarterly dividend since the middle of 1987.

Cincinnati Financial Corp. (CINF) yields 4.09% annually and has a market cap of $6.47 billion. The property casualty insurance company will pay a quarterly dividend of $0.4075 on October 15. This dividend results in a quarterly yield of 1.02% based on yesterday's closing price of $39.84. The company has paid a quarterly since the middle of 1990, and the value of the dividend has either increased or remained the same each quarter.

Kraft Foods (KFT) yields 2.89% annually. The food products company has a market cap of $71.22 billion and will pay a quarterly dividend of $0.29 on October 15. Its quarterly yield will be 0.72% based on yesterday's closing price of $40.13. The company has paid a quarterly dividend since the last quarter of 2001. The dividend has only increased or remained the same each quarter.

International Flavors & Fragrances (IFF) yields 2.23% annually and has a market cap of $4.96 billion. The flavor and fragrance products company will pay a quarterly dividend of $0.34 on October 3. Its quarterly yield will be 0.56% based on yesterday's closing price of $60.86. The company has paid a quarterly dividend since 1982.

Allegheny Technologies (ATI) yields 2.07% annually and has a market cap of $3.73 billion. The specialty metals producer will pay a quarterly dividend of $0.18 on September 28. Its quarterly yield will be 0.52% based on yesterday's closing price of $34.76. The company has paid a quarterly dividend since 2000.
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