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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on October 10

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Armour Residential REIT, Potash Corp, and Freeport-McMoRan are on the list.

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Many stocks will reach their ex-dividend date next Thursday, 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 10 as their ex-dividend date. All annual yields are estimated.

Armour Residential REIT (NYSE:ARR) yields 14.22% annually and has a market cap of $1.56 billion. The real estate investment trust, or REIT, will pay a monthly dividend of $0.05 on October 28, and its quarterly yield will be 1.18% based on yesterday's closing price of $4.23. The company has paid a monthly dividend since 2010.

Potash Corporation of Saskatchewan (NYSE:POT) yields 4.31% annually and has a market cap of $28.14 billion. The producer and seller of fertilizers in the US and Canada will pay a quarterly dividend of $0.35 on November 5, and the quarterly yield will be 1.07% based on yesterday's closing price of $32.84. The company has paid a quarterly dividend since 1990.

Freeport-McMoRan (NYSE:FCX) yields 3.78% annually and has a market cap of $34.26 billion. The gold and resource miner will pay a quarterly dividend of $0.3125 on November 1, and the quarterly yield of the dividend will be 0.93% based on yesterday's closing price of $33.51. The company has paid a quarterly dividend since 2003.

Abbott Laboratories (NYSE:ABT) yields 1.67% annually and has a market cap of $52.12 billion. The global producer of health care products will pay a quarterly dividend of $0.14 on November 15, and the quarterly yield will be 0.41% based on yesterday's closing price of $33.90. The company has paid a quarterly dividend since 1983, and each dividend payment has either increased or remained the same from the prior quarter.

Chesapeake Energy Corporation (NYSE:CHK) yields 1.35% annually and has a market cap of $16.85 billion. The developer of oil and natural gas properties in the US will pay a quarterly dividend of $0.0875 on October 31, and the quarterly yield will be 0.33% based on yesterday's closing price of $26.17. The company has paid a quarterly dividend since the second half of 2002, and each dividend payment has either increased or remained the same from the prior quarter.

These companies also have their ex-dividend date on October 10. All annual yields are estimated.

Fifth Street Finance (NASDAQ:FSC) yields 11.30% annually and will pay a monthly dividend of $0.0958 on October 31.

Harsco Corporation (NYSE:HSC) yields 3.36% annually and will pay a quarterly dividend of $0.205 on November 15.

General Growth Properties REIT (NYSE:GGP) yields 2.64% annually and will pay a quarterly dividend of $0.13 on October 29.

Belo Corporation (NYSE:BLC) yields 2.34% annually and will pay a quarterly dividend of $0.08 on December 6.

The Buckle (NYSE:BKE) yields 1.50% annually and will pay a quarterly dividend of $0.20 on October 25.

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

Twitter: @ChrisWitrak
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