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X Factor: 5 Stock Reaching Their Ex-Dividend Date on October 15

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Pier 1 Imports, EOG Resources, and Teekay Corporation are on the list.

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MINYANVILLE ORIGINAL Twelve 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 15 as their ex-dividend date. All annual yields are estimated.

Teekay Corporation (NYSE:TK) yields 3.96% annually and has a market cap of $2.21 billion. The marine transporter of crude oil and gas in Bermuda and internationally will pay a quarterly dividend of $0.3162 on October 26, and its quarterly yield will be 0.99% based on yesterday's closing price of $31.91. The company has paid a quarterly dividend since the end of 1995. Each dividend payment has either increased or remained the same from the prior quarter.

McGrath Rentcorp (NASDAQ:MGRC) yields 3.58% annually and has a market cap of $651.23 million. The business-to-business rental company will pay a quarterly dividend of $0.235 on October 31, and its quarterly yield will be 0.89% based on yesterday's closing price of $26.29. The company has paid a quarterly dividend since the end of 1990. Each dividend payment has either increased or remained the same.
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