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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on May 20

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Maxim Integrated Products, Aflac, and Valero Energy Corporation are on the list.

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Many stocks will reach their ex-dividend date next Monday, 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 May 20 as their ex-dividend date. All annual yields are estimated.

Maxim Integrated Products (NASDAQ:MXIM) yields 2.98% annually and has a market cap of $9.37 billion. The global producer of linear and mixed-signal integrated circuits will pay a quarterly dividend of $0.24 on June 5, and its quarterly yield will be 0.74% based on Friday's closing price of $32.32. The company has paid a quarterly dividend since the end of 2002.

Aflac (NYSE:AFL) yields 2.61% annually and has a market cap of $24.98 billion. The provider of supplemental health and life insurance products will pay a quarterly dividend of $0.35 on June 3, and the quarterly yield will be 0.65% based on Friday's closing price of $53.95. The company has paid a quarterly dividend since the middle of 1984, and each dividend payment has either increased or remained the same from the prior quarter.

Valero Energy Corporation (NYSE:VLO) yields 2.09% annually and has a market cap of $21.11 billion. The independent petroleum refining company will pay a quarterly dividend of $0.20 on June 19, and the quarterly yield of the dividend will be 0.52% based on Friday's closing price of $38.80. The company first paid a quarterly dividend from 1982 through 1984 and resumed paying a quarterly dividend in 1989.

Assured Guaranty (NYSE:AGO) yields 1.67% annually and has a market cap of $4.66 billion. The provider of credit protection products will pay a quarterly dividend of $0.10 on June 5, and the quarterly yield will be 0.42% based on Friday's closing price of $24.08. The company has paid a quarterly dividend since the middle of 2004.

Gerdau S.A. (NYSE:GGB) yields 0.57% annually and has a market cap of $11.84 billion. The global producer and seller of steel products will pay a quarterly dividend of $0.0099 on June 10, and the quarterly yield will be 0.14% based on Friday's closing price of $7.01. The company has paid a dividend since 1999 and began paying a quarterly dividend in 2003.

These companies also have their ex-dividend date on May 20. All annual yields are estimated.

Hawaiian Electric Industries (NYSE:HE) yields 4.52% annually and will pay a quarterly dividend of $0.31, on June 12.

Regency Centers (NYSE:REG) yields 3.18% annually and will pay a quarterly dividend of $0.4625 on June 5.

Highwoods Properties (NYSE:HIW) yields 4.26% annually and will pay a quarterly dividend of $0.425 on June 11.

Autoliv (NYSE:ALV) yields 2.54% annually and will pay a quarterly dividend of $0.50 on June 7.

Tenaris (NYSE:TS) yields 0.74% annually and will pay a semi-annual dividend of $0.60, but the pay date has not been announced.

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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