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X Factor: 13 Stocks Hit Ex-Dividend Date on August 23

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Abercrombie & Fitch, Northrop Grumman, and Scotts Miracle-Gro are on the list.

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MINYANVILLE ORIGINAL Six stocks will reach their ex-dividend date tomorrow, which is significant for investors since 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. Dividends are paid on the dividend record date, which is usually two business days after the ex-dividend date.

Purchasers must own a stock several days prior to the dividend record date to get the dividend. Those purchasing right before the date forfeit the dividend and normally get the stock for a reduced amount.

It may seem like an anachronism in this era of high-frequency trading, but the dividend rate rules are in effect since it can still take up to three business days for transactions to be credited to and settled in an investor's account.

Thirteen stocks claim August 23 as their ex-dividend date and include the company where "naked models underwhelm," Abercrombie & Fitch (ANF), which holds a yearly dividend yield of 1.90%.

The largest annual dividend of the group belongs to Deswell Industries (DSWL) with an annual dividend yield of 7.12%.

FirstMerit (FMER) has a dividend yield of 3.97%; Atmos Energy (ATO) yields 3.84%; Diebold (DBD) yields 3.37%; Northrup Grumman (NOC) yields 3.16%; and Scotts Miracle-Gro (SMG) yields 3.01%.

Assurant (AIZ) yields 2.43% and Apollo Global Management (APO) has a dividend yield of 2.08%.

Further down on the dividend yield scale are HollyFrontier (HFC) with an annual dividend yield of 1.50%, Pan American Silver (PAAS) at 1.18%, Radian Group (RDN) at 0.29%, and Vulcan Materials (VMC) at 0.10%.

Purchase -- and have your broker settle -- before the ex-dividend date to secure the dividend.
No positions in stocks mentioned.
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