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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on April 11

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ARMOUR Residential REIT, Freeport-McMoRan Copper & Gold, and AbbVie are on the list.

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Many stocks will reach their ex-dividend date next Thursday, 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 April 11 as their ex-dividend date. All annual yields are estimated.

ARMOUR Residential REIT (NYSE:ARR) yields 13.08% annually and has a market cap of $1.98 billion. The real estate investment trust, or REIT, will pay a monthly dividend of $0.07 on April 29, and the monthly yield will be 1.10% based on yesterday's closing price of $6.36. The company has paid a monthly dividend since 2010.

Freeport-McMoRan Copper & Gold (NYSE:FCX) yields 3.94% annually and has a market cap of $30.13 billion. The explorer of mineral resource properties will pay a quarterly dividend of $0.3125 on May 1, and its quarterly yield will be 0.99% based on yesterday's closing price of $31.55. The company first paid a dividend from 1995 through 1998 and resumed paying a quarterly dividend in 2003, except for 2009.

AbbVie (NYSE:ABBV) yields 3.85% annually and has a market cap of $65.60 billion. The research-based biopharmaceutical company will pay a quarterly dividend of $0.40 on May 15, and its quarterly yield will be 0.99% based on yesterday's closing price of $40.57. The company began paying a quarterly dividend this year.

SAIC (NYSE:SAI) yields 3.53% annually and has a market cap of $4.65 billion. The science and engineering company will pay a quarterly dividend of $0.12 on April 30, and its quarterly yield will be 0.88% based on yesterday's closing price of $13.56. The company began paying a quarterly dividend last year.

Abbott Laboratories (NYSE:ABT) yields 1.53% annually and has a market cap of $57.52 billion. The global developer of healthcare products will pay a quarterly dividend of $0.14 on May 15. Its quarterly yield will be 0.84% based on yesterday's closing price of $36.32. The company has paid a quarterly dividend since 1983, and each dividend payment has either increased or remained the same from the prior quarter.

These companies also have their ex-dividend date on April 11. All annual yields are estimated.

Fifth Street Finance (NASDAQ:FSC) yields 10.52% annually and will pay a monthly dividend of $0.0958 on April 30.

Mid-America Apartment Communities (NYSE:MAA) yields 3.95% annually and will pay a quarterly dividend of $0.695 on April 30.

Harsco Corporation (NYSE:HSC) yields 3.45% annually and will pay a quarterly dividend of $0.205 on May 15.

Graco (NYSE:GGG) yields 1.76% annually and will pay a quarterly dividend of $0.25 on May 1.

The Buckle (NYSE:BKE) yields 1.69% annually and will pay a quarterly dividend of $0.20 on April 26.

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

Twitter: @ChrisWitrak
No positions in stocks mentioned.
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