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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on September 14

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Allied World Assurance Company Holdings, DSW, and Ecolab 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 14 as their ex-dividend date. All annual yields are estimated.

Navios Maritime Holdings (NM) yields 6.08% annually and has a market cap of $399.76 million. The seaborne shipping company will pay a quarterly dividend of $0.06 on October 4. Its quarterly yield will be 1.52% based on yesterday's closing price of $3.95. The company has paid a quarterly dividend since 2006.

Allied World Assurance Company Holdings, AG (AWH) yields 1.91% annually and has a market cap of $2.80 billion. The insurance company will pay a monthly dividend of $0.375 on September 25. Its monthly yield will be 0.48% based on yesterday's closing price of $78.35. The company has paid a quarterly dividend since the fourth quarter of 2006.

Ecolab (ECL) yields 1.25% annually. The hygiene and safety products company has a market cap of $18.76 billion and will pay a quarterly dividend of $0.20 on October 15. Its quarterly yield will be 0.31% based on yesterday's closing price of $64.14. The company has paid a quarterly dividend since 1988, and the dividend has either increased or remained the same each quarter.
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