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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on April 22

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The Clorox Company, Lowe's Companies, and ADT Corporation are on the list.

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Nine 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 April 22 as their ex-dividend date. All annual yields are estimated.

The Clorox Company (NYSE:CLX) yields 2.89% annually and has a market cap of $11.59 billion. The manufacturer and marketer of consumer and professional products worldwide will pay a quarterly dividend of $0.64 on May 10, and the quarterly yield will be 0.72% based on Friday's closing price of $88.76. The company began paying a dividend last year.

Lowe's Companies (NYSE:LOW) yields 1.65% annually and has a market cap of $42.09 billion. The home improvement retailer will pay a quarterly dividend of $0.16 on May 8, and its quarterly yield will be 0.26% based on Friday's closing price of $38.92. The company has paid a quarterly dividend since the second half of 1985, and each dividend payment has either increased or remained the same from the prior quarter.

ADT Corporation (NYSE:ADT) yields 1.09% annually and has a market cap of $10.10 billion. The electronic security and monitoring services company in the US and Canada will pay a quarterly dividend of $0.125 on May 15. Its monthly yield will be 0.27% based on Friday's closing price of $45.98. The company began paying a quarterly dividend last year.

Pier 1 Imports (NYSE:PIR) yields 0.87% annually and has a market cap of $2.40 billion. The importer and specialty retailer of decorative home furnishings will pay a quarterly dividend of $0.05 on May 8, and its quarterly yield will be 0.22% based on Friday's closing price of $23.19. The company first paid a quarterly dividend from 1988 through 2006 and resumed paying a quarterly dividend last year.

Lennar Corporation (NYSE:LEN) yields 0.40% annually and has a market cap of $7.61 billion. The company operates in homebuilding, financial services, and real estate businesses in the US will pay a quarterly dividend of $0.04 on May 8, and its quarterly yield will be 0.10% based on Friday's closing price of $40.48. The company has paid a quarterly dividend since 1988.

These companies also have their ex-dividend date on April 22. All annual yields are estimated.

Telecom Italia (NYSE:TI) yields 2.60% annually and will pay an annual dividend of $0.2084 on May 2.

CPFL Energia, S.A. (NYSE:CPL) yields 4.33% annually and will pay a semi-annual dividend of $0.4615, but the company has not yet announced the pay date.

Costamare (NYSE:CMRE) yields 6.90% annually and will pay a quarterly dividend of $0.27 on May 8.

Banco Santander-Chile (NYSE:BSAC) yields 2.50% annually and will pay an annual dividend of $0.6733, but company has not yet announced the pay date.

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

Twitter: @ChrisWitrak
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