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X Factor: Five Stocks Reaching Their Ex-Dividend Date on October 9

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Waddell & Reed Financial, InterContinental Hotels Group, and Aetna are on the list.

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MINYANVILLE ORIGINAL Ten 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 schedules October 9 as their ex-dividend date. All annual yields are estimated.

Waddell & Reed Financial (NYSE:WDR) yields 3.12% annually and has a market cap of $2.75 billion. The asset management and financial planning firm will pay a quarterly dividend of $0.25 on November 1. Its quarterly yield will be 0.78% based on Friday's closing price of $32.09. The firm has paid a quarterly dividend since 1998. Each dividend payment has increased or remained the same from the prior quarter.

Sovran Self Shortage (NYSE:SSS) yields 3.08% annually and has market cap of $1.69 billion. The real estate investment trust, or REIT, will pay a quarterly dividend of $0.45 on October 26, and its quarterly yield will be 0.77% based on Friday's closing price of $58.37. The company has paid a quarterly dividend since the end of 1995. The dividend is down from a high of $0.65 in 2009.

Marsh & McLennan Companies (NYSE:MMC) yields 2.65% annually and has a market cap of $18.92 billion. The global professional services firm, which provides solutions in risk, strategy, and human capital, will pay a quarterly dividend of $0.23 on November 15, and its quarterly yield will be 0.66% based on yesterday's closing price of $34.77. The company has paid a quarterly dividend since 1988.

InterContinental Hotels Group (NYSE:IHG) yields 1.99% annually and has a market cap of $7.76 billion. The international hotel company with 4,150 hotels in nearly 100 countries will pay a special dividend of $1.72 on October 22, and the yield of this special dividend will be 6.45% based on Friday's closing price of $26.68. The company has paid a semi-annual dividend since the second half of 2003, except for 2008, when it only paid only one dividend.
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