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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on October 4

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Campbell Soup, Eaton Corporation, and Universal Corporation are on the list.

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MINYANVILLE ORIGINAL Six 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 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 October 4 as their ex-dividend date. All annual yields are estimated.

Universal Corporation (NYSE:UVV) yields 3.78% annually and has a market cap of $1.21 billion. The leaf tobacco merchant and processor with global operations will pay a quarterly dividend of $0.49 on November 11, and its quarterly yield will be 0.94% based on yesterday's closing price of $51.86. The company has paid a quarterly dividend since 1972. Each dividend payment has either increased or remained the same from the prior quarter.

Glacier Bancorp (NASDAQ:GBCI) yields 3.37% annually and has a market cap of $1.11 billion. The multi-bank holding company and provider of commercial banking services in the United States will pay a quarterly dividend of $0.13 on October 18, and its quarterly yield will be 0.84% based on yesterday's closing price of $15.41. The company has paid a quarterly dividend since 1992.

Campbell Soup (NYSE:CPB) yields 3.30% annually and has a market cap of $11.03 billion. The producer of convenience food products will pay a quarterly dividend of $0.29 on October 29. This dividend results in a quarterly yield of 0.82% based on yesterday's closing price of $35.18. The company has paid a quarterly dividend since the second half of 1980. Since 2001, each dividend payment has either increased or remained the same from the prior quarter.
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