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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on September 25

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Philip Morris International, Cypress Semiconductor, and ProAssurance are on the list.

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MINYANVILLE ORIGINAL Seven 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 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 September 25 as their ex-dividend date. All annual yields are estimated.

Philip Morris International (NYSE:PM) yields 3.69% annually. The producer and seller of cigarettes and tobacco products has a market cap of $155.32 billion and will pay a quarterly dividend of $0.85 on October 11. Its quarterly yield will be 0.92% based on Friday's closing price of $92.14. The company has paid a quarterly dividend since 2008, and the dividend has increased every year.

Cypress Semiconductor (NASDAQ:CY) yields 3.66% annually and has a market cap of $1.78 billion. The producer of mixed-signal and programmable solutions will pay a quarterly dividend of $0.11 on October 18. This dividend results in a quarterly yield of 0.92% based on Friday's closing price of $12.01. The company paid a one-time dividend in 2008 and then began paying a quarterly dividend in the middle of 2011.

Getty Realty Corp. (NYSE:GTY) yields 2.67% annually and has a market cap of $624.80 million. The real estate investment trust, or REIT, will pay a quarterly dividend of $0.125 on October 11. Its quarterly yield will be 0.67% based on Friday's closing price of $18.71. The REIT has paid a dividend since 1987, except for 1993, 1994, and the first quarter of this year. Since the 1996, the dividend has been quarterly.

ProAssurance (NYSE:PRA) yields 1.11% annually and has a market cap of $2.76 billion. The provider of professional liability insurance products in the United States will pay a quarterly dividend of $0.25 on October 11. Its quarterly yield will be 0.28% based on Friday's closing price of $89.97. The company has paid a quarterly dividend since the middle of 2011.

Zimmer Holdings (NYSE:ZMH) yields 1.07% annually and has a market cap of $11.78 billion. The international producer of orthopedic reconstructive devices will pay a quarterly dividend of $0.18 on October 28. Its quarterly yield will be 0.27% based on Friday's closing price of $67.45. The company began paying a dividend this year.

These companies also have their ex-dividend date on September 25. All annual yields are estimated.

Analogic Corp. (NASDAQ:ALOG) yields 0.50% annually and will pay a quarterly dividend of $0.10 on October 9.

BanColombia (NYSE:CIB) will go ex-dividend tomorrow, but it has not announced the dividend amount or the pay date.

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

Twitter: @ChrisWitrak
No positions in stocks mentioned.
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