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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on May 23

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Johnson & Johnson, Assurant, and Dunkin' Brands 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 May 23 as their ex-dividend date. All annual yields are estimated.

Johnson & Johnson (NYSE:JNJ) yields 3.01% annually and has a market cap of $246.17 billion. The global provider of health care products will pay a quarterly dividend of $0.66 on June 11, and the quarterly yield of the dividend will be 0.75% based on yesterday's closing price of $87.64. The company has paid a quarterly dividend since 1972 and each dividend payment has either increased or remained the same from the prior quarter.

Assurant (NYSE:AIZ) yields 2.02% annually and has a market cap of $3.82 billion. The global provider of specialized insurance products will pay a quarterly dividend of $0.25 on June 11, and the quarterly yield will be 0.50% based on yesterday's closing price of $49.57. The company has paid a quarterly dividend since 2004.

Dunkin' Brands (NASDAQ:DNKN) yields 1.80% annually and has a market cap of $4.49 billion. The global operator of quick service restaurants will pay a quarterly dividend of $0.19 on June 6, and the quarterly yield will be 0.45% based on yesterday's closing price of $42.15. The company began paying a quarterly dividend last year.

Delek US Holdings (NYSE:DK) yields 1.67% annually and has a market cap of $2.15 billion. The integrated downstream energy company will pay a quarterly dividend of $0.15 on June 18, and the quarterly yield will be 0.15% based on yesterday's closing price of $35.98. The company has paid a quarterly dividend since the end of 2006, and each dividend payment has either increased or remained the same from the prior quarter.

Hecla Mining (NYSE:HL) yields 1.29% annually and has a market cap of $884 million. The miner of base and precious metals will pay a quarterly dividend of $0.0025 on June 5, and its quarterly yield will be 0.08% based on yesterday's closing price of $3.10. The company first paid a dividend from 1985 through 1990 and resumed paying a dividend in 2011.

These companies also have their ex-dividend date on May 23. All annual yields are estimated.

Orchid Island Capital (NYSEMKT:ORC) yields 12.31% annually and will pay a quarterly dividend of $0.135 on May 31.

Guaranty Bancorp (NASDAQ:GBNK) yields 4.74% annually and will pay a quarterly dividend of $0.025 on May 31.

Rocky Brands (NASDAQ:RCKY) yields 2.63% annually and will pay a quarterly dividend of $0.10 on June 11.

Griffon Corporation (NYSE:GFF) yields 0.91% annually and will pay a quarterly dividend of $0.025 on June 26.

Vulcan Materials (NYSE:VMC) yields 0.07% annually and will pay a quarterly dividend of $0.01 on June 10.

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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