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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on August 7

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Wells Fargo, MetLife, and Alcoa are on the list.

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Many stocks will reach their ex-dividend date next Wednesday, 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 August 7 as their ex-dividend date. All annual yields are estimated.

Wells Fargo (NYSE:WFC) yields 2.74% annually and has a market cap of $231.89 billion. The provider of retail, commercial, and corporate banking services will pay a quarterly dividend of $0.30 on September 1, and its quarterly yield will be 0.69% based on yesterday's closing price of $43.26. The company has paid a quarterly dividend since 1984.

MetLife (NYSE:MET) yields 2.25% annually and has a market cap of $53.50 billion. The global provider of insurance, annuities, and employee benefit programs will pay a quarterly dividend of $0.275 on September 13, and the quarterly yield of the dividend will be 0.57% based on yesterday's closing price of $48.23. The company has paid a dividend since 2000.

Alcoa (NYSE:AA) yields 1.50% annually and has a market cap of $8.56 billion. The global producer of aluminum will pay a quarterly dividend of $0.03 on August 26, and the quarterly yield will be 0.37% based on yesterday's closing price of $8.03. The company has paid a quarterly dividend since 1962.

Delta Air Lines (NYSE:DAL) yields 1.13% annually and has a market cap of $18.11 billion. The global airline company will pay a quarterly dividend of $0.06 on September 10, and the quarterly yield will be 0.28% based on yesterday's closing price of $21.19. The company began paying a dividend this year.

The Charles Schwab Corporation (NYSE:SCHW) yields 1.08% annually and has a market cap of $28.74 billion. The provider of banking and brokerage services will pay a quarterly dividend of $0.06 on August 23, and the quarterly yield will be 0.27% based on yesterday's closing price of $22.19. The company has paid a quarterly dividend since 1990, and each dividend payment has either increased or remained the same

These companies also have their ex-dividend date on August 7. All annual yields are estimated.

GlaxoSmithKline (NYSE:GSK) yields 4.34% annually and will pay a quarterly dividend of $0.5532 on October 10.

Spectra Energy (NYSE:SE) yields 3.39% annually and will pay a quarterly dividend of $0.305 on September 9.

Boeing (NYSE:BA) yields 1.84% annually and will pay a quarterly dividend of $0.485 on September 6.

Wal-Mart (NYSE:WMT) yields 0.99% annually and will pay a quarterly dividend of $0.47 on September 3.

Dana Holding Corporation (NYSE:DAN) yields 0.91% annually and will pay a quarterly dividend of $0.05 on August 30.

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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