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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on September 21

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Royal Caribbean Cruises, Iron Mountain, and Portland General Electric Company 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. 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 21 as their ex-dividend date. All annual yields are estimated.

Pembina Pipeline Corporation (NYSE:PBA) yields 5.67% annually and has a market cap of $8.25 billion. The Canadian energy transportation and service provider company will pay a monthly dividend of $0.135 on October 15. Its monthly yield will be 0.47% based on yesterday's closing price of $28.58. The company began paying a monthly dividend this year.

Portland General Electric Company (NYSE:POR) yields 3.96% annually. The Oregon-based electric utility company has a market cap of $2.06 billion and will pay a quarterly dividend of $0.27 on October 15. Its quarterly yield will be 0.99% based on yesterday's closing price of $27.30. The company has paid a quarterly dividend since 2006. The dividend has either increased or remained the same from the prior quarter.

Iron Mountain (NYSE:IRM) yields 3.21% annually and has a market cap of $5.78 billion. The international information management services company will pay a quarterly dividend of $0.27 on October 15. Its quarterly yield will be 0.80% based on last yesterday's closing price of $33.65. The company has paid a quarterly dividend since 2010.

Royal Caribbean Cruises (NYSE:RCL) yields 1.54% annually and has a market cap of $6.81 billion. The international vacation cruise operator will pay a quarterly dividend of $0.12 on October 9. Its quarterly yield will be 0.38% based on yesterday's closing price of $31.25. The company has paid a quarterly dividend since the third quarter of 1993, except for the last quarter of 2008 through the first half of 2011.

HollyFrontier Corporation (NYSE:HFC) yields 1.48% annually and has a market cap of $8.22 billion. The Texas-based independent petroleum refiner and marketer will pay a quarterly dividend of $0.15 on October 2. This dividend results in a quarterly yield of 0.37% based on yesterday's closing price of $40.55. HollyFrontier will also pay a special dividend of $0.50 per share on October 2 as well. The company has paid a quarterly dividend since 1994.

These companies also have their ex-dividend date on September 21. All annual yields are estimated.

One Liberty Properties (NYSE:OLP) yields 6.73% annually and will pay a quarterly dividend of $0.33 on October 4.

Kimball International (NASDAQ:KBALB) yields 1.57% annually and will pay a quarterly dividend of $0.05 on October 15.

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

Twitter: @ChrisWitrak
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No positions in stocks mentioned.
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