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 8 as their ex-dividend date. All annual yields are estimated.
Pfizer (NYSE:PFE) yields 3.30% annually and has a market cap of $208.91 billion. The biopharmaceutical company will pay a quarterly dividend of $0.24 on June 4, and the quarterly yield will be 0.83% based on yesterday?s closing price of $29.07. The company has paid a quarterly dividend since the second half of 1980.
Wells Fargo & Company (NYSE:WFC) yields 3.17% annually and has a market cap of $199.97 billion. The provider of banking services will pay a quarterly dividend of $0.30 on June 1, and its quarterly yield will be 0.79% based on yesterday?s closing price of $37.98. The company has paid a quarterly dividend since 1998.
BB&T Corporation (NYSE:BBT) yields 3% annually and has a market cap of $21.51 billion. The financial holding company will pay a quarterly dividend of $0.23 on June 3, and the quarterly yield will be 0.75% based on yesterday?s closing price of $30.77. The company has paid a dividend since 1990 and a quarterly dividend since 1992.
Wal-Mart Stores (NYSE:WMT) yields 2.40% annually and has a market cap of $257.63 billion. The global operator of retail stores will pay a quarterly dividend of $0.47 on June 3, and the quarterly yield will be 0.60% based on yesterday?s closing price of $77.72. Wal-Mart has paid a dividend since 1974, and it has increased its dividend each year.
The Charles Schwab Corporation (NYSE:SCHW) yields 1.42% annually and has a market cap of $22.25 billion. The provider of financial services will pay a quarterly dividend of $0.06 on May 24, and the quarterly yield will be 0.35% based on yesterday?s closing price of $16.96. The company has paid a quarterly dividend since 1990, and each dividend payment has either increased or remained the same from the prior quarter.
These companies also have their ex-dividend date on May 8. All annual yields are estimated.
GlaxoSmithKline (NYSE:GSK) yields 4.86% annually and will pay a quarterly dividend of $0.5502 on July 11.
Olin Corporation (NYSE:OLN) yields 3.40% annually and will pay a quarterly dividend of $0.20 on June 10.
Aspen Insurance Holdings (NYSE:AHL) yields 1.88% annually and will pay a quarterly dividend of $0.18 on May 28.
Cytec Industries (NYSE:CYT) yields 0.70% annually and will pay a quarterly dividend of $0.125 on May 24.
Interface (NASDAQ:TILE) yields 0.62% annually and will pay a quarterly dividend of $0.025 on May 24.
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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