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X Factor: 5 Stocks Reaching Their Ex-Dividend Date on July 2

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DCT Industrial Trust, Bristol-Myers Squibb, and JPMorgan are on the list.

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Many stocks will reach their ex-dividend date next Tuesday, 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 July 2 as their ex-dividend date. All annual yields are estimated.

DCT Industrial Trust, Inc. (NYSE:DCT) yields 4.08% annually and has a market cap of $2 billion. The real estate investment trust, or REIT, will pay a quarterly dividend of $0.07 on July 17, and the quarterly yield of the dividend will be 0.69% based on yesterday's closing price of $6.87. The company has paid a quarterly dividend since the end of 2006.

Bristol-Myers Squibb Co. (NYSE:BMY) yields 3.08% annually and has a market cap of $74.96 billion. The global biopharmaceutical company will pay a quarterly dividend of $0.35 on August 1, and the quarterly yield will be 0.77% based on yesterday's closing price of $45.47. The company has paid a quarterly dividend since 1979.

JPMorgan Chase & Co. (NYSE:JPM) yields 2.99% annually and has a market cap of $192.95 billion. The financial holding company will pay a quarterly dividend of $0.38 on July 31, and the quarterly yield will be 0.75% based on yesterday's closing price of $50.92. The company has paid a quarterly dividend since 1999.

Medtronic, Inc. (NYSE:MDT) yields 2.17% annually and has a market cap of $52.71 billion. The global manufacturer of device-based medical therapies will pay a quarterly dividend of $0.28 on July 26, and the quarterly yield will be 0.54% based on yesterday's closing price of $51.58. The company has paid a quarterly dividend since 1977.

American Express Company (NYSE:AXP) yields 1.28% annually and has a market cap of $79.11 billion. The global credit card products provider will pay a quarterly dividend of $0.23 on August 9, and its quarterly yield will be 0.32% based on yesterday's closing price of $72.01. The company has paid a quarterly dividend since 1977, and each dividend payment has either increased or remained the same from the prior quarter.

These companies also have their ex-dividend date on July 2. All annual yields are estimated.

BankUnited (NYSE:BKU) yields 3.28% annually and will pay a quarterly dividend of $0.21 on July 19.

ABM Industries, Inc. (NYSE:ABM) yields 2.52% annually and will pay a quarterly dividend of $0.15 on August 5.

Royal Gold, Inc (NASDAQ:RGLD) yields 1.86% quarterly and will pay a quarterly dividend of $0.20 on July 19.

Monsanto Company (NYSE:MON) yields 1.46% annually and will pay a quarterly dividend of $0.375 on July 26.

Whole Foods Market, Inc. (NASDAQ:WFM) yields 0.78% annually and will pay a quarterly dividend of $0.10 on July 16.

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

Twitter: @ChrisWitrak
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