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Ex-Dividend Calendar for the Week of 8/3/2020
 

A list of stocks going ex-dividend during the week of 8/3/2020 is listed below. In order to receive a dividend, shares of a stock must be purchased no later than the last trading day before the ex-dividend date. Common questions about ex-dividend dates.

CompanyPeriodAmountYieldEx-Dividend DateRecord DatePayable Date
1st Source logo
SRCE
1st Source
quarterly$0.283.23%8/3/20208/4/20208/14/2020
FIF
1ST TR ENERGY I/SH
monthly$0.067.24%8/3/20208/4/20208/17/2020
FIV
1ST TR SR FR 20/COM
monthly$0.022.59%8/3/20208/4/20208/17/2020
Bank of Montreal logo
BMO
Bank of Montreal
quarterly$0.765.88%8/3/20208/4/20208/26/2020
Banner logo
BANR
Banner
quarterly$0.414.37%8/3/20208/4/20208/13/2020
BKEPP
BLUEKNIGHT ENER/UT LTD PARTN INT S
quarterly$0.1812.40%8/3/20208/4/20208/14/2020
Blueknight Energy Partners logo
BKEP
Blueknight Energy Partners
quarterly$0.0411.11%8/3/20208/4/20208/14/2020
CHOW TAI FOOK J/ADR logo
CJEWY
CHOW TAI FOOK J/ADR
semi-annual$0.148/3/20208/4/20209/4/2020
Conagra Brands logo
CAG
Conagra Brands
quarterly$0.212.31%8/3/20208/4/20209/3/2020
Crossamerica Partners logo
CAPL
Crossamerica Partners
quarterly$0.5315.54%8/3/20208/4/20208/11/2020
East West Bancorp logo
EWBC
East West Bancorp
quarterly$0.283.10%8/3/20208/4/20208/17/2020
EVGBC
Eaton Vance Global Income Builder NextShares
monthly$0.033.50%8/3/20208/4/20208/6/2020
EVLMC
Eaton Vance TABS 5 to 15 Year Laddered Municipal NextShares
monthly$0.022.10%8/3/20208/4/20208/6/2020
ETRN
Equitrans Midstream
quarterly$0.156.30%8/3/20208/4/20208/13/2020
FDEU
First Trust Dynamic Europe Eqty Incm Fd
monthly$0.066.75%8/3/20208/4/20208/17/2020
FSD
First Trust High Income Long/short Fund
monthly$0.119.77%8/3/20208/4/20208/17/2020
FPF
First Trust Intrmdt Drtn Prfrd & Incm Fd
monthly$0.137.48%8/3/20208/4/20208/17/2020
FEI
First Trust MLP and Energy Income Fund
monthly$0.0510.89%8/3/20208/4/20208/17/2020
FPL
First Trust New Opprtnts MLP & Engy Fd
monthly$0.0410.88%8/3/20208/4/20208/17/2020
FCT
First Trust Senior Fltng Rate Incm Fd II
monthly$0.1111.68%8/3/20208/4/20208/17/2020
FAM
First Trust/Aberdeen Global Opportunity
monthly$0.089.55%8/3/20208/4/20208/17/2020
FMY
First Trust/FIDAC Mortgage Income Fund
monthly$0.065.27%8/3/20208/4/20208/17/2020
Independent Bank Co.(MI) logo
IBCP
Independent Bank Co.(MI)
quarterly$0.206.00%8/3/20208/4/20208/14/2020
Itau Unibanco logo
ITUB
Itau Unibanco
monthly$0.002.60%8/3/20208/4/20209/11/2020
Landmark Infrastructure Partners LP Unit logo
LMRK
Landmark Infrastructure Partners LP Unit
quarterly$0.208.22%8/3/20208/4/20208/14/2020
Metlife logo
MET
Metlife
quarterly$0.465.00%8/3/20208/4/20209/14/2020
Shell Midstream Partners logo
SHLX
Shell Midstream Partners
quarterly$0.4615.70%8/3/20208/4/20208/14/2020
Sprague Resources logo
SRLP
Sprague Resources
quarterly$0.6715.57%8/3/20208/4/20208/10/2020
Suburban Propane Partners logo
SPH
Suburban Propane Partners
quarterly$0.308.65%8/3/20208/4/20208/11/2020
USD Partners logo
USDP
USD Partners
quarterly$0.1114.61%8/3/20208/4/20208/14/2020
Valero Energy logo
VLO
Valero Energy
quarterly$0.986.85%8/3/20208/4/20209/2/2020
VCIT
Vanguard Intermediate-Term Corporate Bond ETF
$0.218/3/20208/4/20208/6/2020
VGIT
Vanguard Intermediate-Term Government Bond ETF
$0.098/3/20208/4/20208/6/2020
VCLT
Vanguard Long-Term Corporate Bond ETF
$0.298/3/20208/4/20208/6/2020
VGLT
Vanguard Long-Term Government Bond ETF
$0.158/3/20208/4/20208/6/2020
VMBS
Vanguard Mortgage-Backed Securities ETF
$0.088/3/20208/4/20208/6/2020
VGSH
Vanguard Short-Term Government Bond ETF
$0.058/3/20208/4/20208/6/2020
BND
Vanguard Total Bond Market ETF
$0.168/3/20208/4/20208/6/2020
VTC
Vanguard Total Corporate Bond Fund
$0.218/3/20208/4/20208/6/2020
BNDW
Vanguard Total World Bond ETF
$0.108/3/20208/4/20208/6/2020
IGD
Voya Global Equity Div & Prm Oppty Fund
monthly$0.049.74%8/3/20208/4/20208/17/2020
IID
Voya International High Div Eqt Incm Fd
monthly$0.038.59%8/3/20208/4/20208/17/2020
Waste Connections logo
WCN
Waste Connections
quarterly$0.190.74%8/3/20208/4/20208/18/2020
Whitestone REIT logo
WSR
Whitestone REIT
monthly$0.045.80%8/3/20208/4/20208/13/2020
Banco Bradesco logo
BBD
Banco Bradesco
monthly$0.004.00%8/4/20208/5/20209/9/2020
BBDO
BANCO BRADESCO/S
monthly$0.003.10%8/4/20208/5/20209/9/2020
Bank of N.T. Butterfield & Son logo
NTB
Bank of N.T. Butterfield & Son
quarterly$0.446.60%8/4/20208/5/20208/19/2020
Bank of N.T. Butterfield & Son logo
NTB
Bank of N.T. Butterfield & Son
quarterly$0.446.66%8/4/20201/1/19001/1/1900
Brown & Brown logo
BRO
Brown & Brown
quarterly$0.090.75%8/4/20208/5/20208/12/2020
Columbia Banking System logo
COLB
Columbia Banking System
quarterly$0.283.70%8/4/20208/5/20208/19/2020
Employers logo
EIG
Employers
quarterly$0.252.93%8/4/20208/5/20208/19/2020
Heritage Financial logo
HFWA
Heritage Financial
quarterly$0.203.81%8/4/20208/5/20208/19/2020
IDACORP logo
IDA
IDACORP
quarterly$0.672.93%8/4/20208/5/20208/31/2020
MarketAxess logo
MKTX
MarketAxess
quarterly$0.600.45%8/4/20208/5/20208/19/2020
Northfield Bancorp logo
NFBK
Northfield Bancorp
quarterly$0.114.18%8/4/20208/5/20208/19/2020
SFBC
Sound Financial Bancorp
quarterly$0.152.22%8/4/20208/5/20208/19/2020
Webster Financial logo
WBS
Webster Financial
quarterly$0.405.82%8/4/20208/5/20208/19/2020
West Bancorporation logo
WTBA
West Bancorporation
quarterly$0.215.00%8/4/20208/5/20208/19/2020
Affiliated Managers Group logo
AMG
Affiliated Managers Group
quarterly$0.010.10%8/5/20208/6/20208/20/2020
Armstrong World Industries logo
AWI
Armstrong World Industries
quarterly$0.201.00%8/5/20208/6/20208/20/2020
Bluegreen Vacations logo
BXG
Bluegreen Vacations
none$1.198/5/20208/6/20208/21/2020
Dime Community Bancshares logo
DCOM
Dime Community Bancshares
quarterly$0.144.70%8/5/20208/6/20208/13/2020
Franklin Electric logo
FELE
Franklin Electric
quarterly$0.161.15%8/5/20208/6/20208/20/2020
FS Bancorp logo
FSBW
FS Bancorp
quarterly$0.212.26%8/5/20208/6/20208/20/2020
Heritage Commerce logo
HTBK
Heritage Commerce
quarterly$0.137.19%8/5/20208/6/20208/20/2020
Hess Midstream Partners logo
HESM
Hess Midstream Partners
quarterly$0.449.80%8/5/20208/6/20208/14/2020
KCLI
Kansas City Life Insurance
quarterly$0.274.00%8/5/20208/6/20208/12/2020
KB Home logo
KBH
KB Home
quarterly$0.091.18%8/5/20208/6/20208/20/2020
LSBK
Lake Shore Bancorp
quarterly$0.124.20%8/5/20208/6/20208/20/2020
Matson logo
MATX
Matson
quarterly$0.233.35%8/5/20208/6/20209/3/2020
Nextera Energy Partners logo
NEP
Nextera Energy Partners
quarterly$0.583.60%8/5/20208/6/20208/14/2020
NGL Energy Partners logo
NGL
NGL Energy Partners
quarterly$0.2016.99%8/5/20208/6/20208/14/2020
Northwest Bancshares logo
NWBI
Northwest Bancshares
quarterly$0.197.80%8/5/20208/6/20208/14/2020
OFED
Oconee Federal Financial
quarterly$0.101.54%8/5/20208/6/20208/20/2020
OPBK
Op Bancorp
quarterly$0.074.40%8/5/20208/6/20208/20/2020
RELL
Richardson Electronics
quarterly$0.065.71%8/5/20208/6/20208/27/2020
Silicon Motion Technology logo
SIMO
Silicon Motion Technology
quarterly$0.353.10%8/5/20208/6/20208/20/2020
Standex Int'l logo
SXI
Standex Int'l
quarterly$0.221.56%8/5/20208/6/20208/25/2020
Veritex logo
VBTX
Veritex
quarterly$0.174.00%8/5/20208/6/20208/20/2020
Wintrust Financial logo
WTFC
Wintrust Financial
quarterly$0.282.51%8/5/20208/6/20208/20/2020
WSFS Financial logo
WSFS
WSFS Financial
quarterly$0.121.72%8/5/20208/6/20208/20/2020
AWF
AllianceBernstein Global Hgh Incm Fd
monthly$0.077.60%8/6/20208/7/20208/21/2020
AFB
AllianceBernstein Natnl Muncpl Incm Fnd.
monthly$0.054.70%8/6/20208/7/20208/21/2020
ArcBest logo
ARCB
ArcBest
quarterly$0.080.99%8/6/20208/7/20208/21/2020
Artesian Resources logo
ARTNA
Artesian Resources
quarterly$0.252.80%8/6/20208/7/20208/21/2020
BCB Bancorp logo
BCBP
BCB Bancorp
quarterly$0.146.40%8/6/20208/7/20208/21/2020
Boston Private Financial logo
BPFH
Boston Private Financial
quarterly$0.063.90%8/6/20208/7/20208/21/2020
Brookline Bancorp logo
BRKL
Brookline Bancorp
quarterly$0.124.57%8/6/20208/7/20208/21/2020
Capital Product Partners logo
CPLP
Capital Product Partners
quarterly$0.106.90%8/6/20208/9/20208/14/2020
Capitol Federal Financial logo
CFFN
Capitol Federal Financial
quarterly$0.093.42%8/6/20208/7/20208/21/2020
Central Valley Community Bancorp logo
CVCY
Central Valley Community Bancorp
quarterly$0.113.19%8/6/20208/7/20208/21/2020
Charles Schwab logo
SCHW
Charles Schwab
quarterly$0.182.06%8/6/20208/7/20208/28/2020
Cheniere Energy Partners logo
CQP
Cheniere Energy Partners
quarterly$0.657.30%8/6/20208/7/20208/14/2020
CIT Group logo
CIT
CIT Group
quarterly$0.357.02%8/6/20208/7/20208/21/2020
CMS Energy logo
CMS
CMS Energy
quarterly$0.412.70%8/6/20208/7/20208/31/2020
CNX Midstream Partners logo
CNXM
CNX Midstream Partners
quarterly$0.5016.50%8/6/20208/7/20208/14/2020
CBAN
Colony Bankcorp
quarterly$0.103.80%8/6/20208/7/20208/21/2020
Columbus McKinnon logo
CMCO
Columbus McKinnon
quarterly$0.060.72%8/6/20208/7/20208/17/2020
Concho Resources logo
CXO
Concho Resources
quarterly$0.201.55%8/6/20208/7/20209/28/2020
Crestwood Equity Partners logo
CEQP
Crestwood Equity Partners
quarterly$0.6318.48%8/6/20208/7/20208/14/2020
Delek Logistics Partners logo
DKL
Delek Logistics Partners
quarterly$0.9012.82%8/6/20208/7/20208/12/2020
DHF
Dreyfus High Yield Strategies Fund
monthly$0.029.89%8/6/20208/7/20208/21/2020
ET
Energy Transfer LP Unit
quarterly$0.3118.30%8/6/20208/7/20208/19/2020
FHI
Federated Hermes
quarterly$0.274.10%8/6/20208/7/20208/14/2020
First Bank logo
FRBA
First Bank
quarterly$0.031.80%8/6/20208/7/20208/21/2020
First Commonwealth Financial logo
FCF
First Commonwealth Financial
quarterly$0.115.56%8/6/20208/7/20208/21/2020
First Community Bankshares logo
FCBC
First Community Bankshares
quarterly$0.254.86%8/6/20208/7/20208/21/2020
First Interstate Bancsystem logo
FIBK
First Interstate Bancsystem
quarterly$0.344.64%8/6/20208/7/20208/17/2020
FirstEnergy logo
FE
FirstEnergy
quarterly$0.394.18%8/6/20208/7/20209/1/2020
FRAF
Franklin Financial Services
quarterly$0.304.80%8/6/20208/7/20208/26/2020
GMLPP
GOLAR LNG PAR 8 75 SRS A CUM RED PRF
quarterly$0.5511.00%8/6/20208/7/20208/14/2020
Golar LNG Partners logo
GMLP
Golar LNG Partners
quarterly$0.023.10%8/6/20208/7/20208/14/2020
Heartland Financial USA logo
HTLF
Heartland Financial USA
quarterly$0.202.57%8/6/20208/7/20208/29/2020
Heidrick & Struggles International logo
HSII
Heidrick & Struggles International
quarterly$0.152.83%8/6/20208/7/20208/21/2020
HomeStreet logo
HMST
HomeStreet
quarterly$0.152.30%8/6/20208/7/20208/24/2020
Intel logo
INTC
Intel
quarterly$0.332.24%8/6/20208/7/20209/1/2020
J B Hunt Transport Services logo
JBHT
J B Hunt Transport Services
quarterly$0.270.81%8/6/20208/7/20208/21/2020
John B. Sanfilippo & Son logo
JBSS
John B. Sanfilippo & Son
annual$2.502.88%8/6/20208/7/20208/21/2020
Lamb Weston logo
LW
Lamb Weston
quarterly$0.231.34%8/6/20208/7/20209/4/2020
Luther Burbank logo
LBC
Luther Burbank
quarterly$0.062.40%8/6/20208/7/20208/17/2020
Magellan Midstream Partners logo
MMP
Magellan Midstream Partners
quarterly$1.039.82%8/6/20208/7/20208/14/2020
Martin Midstream Partners logo
MMLP
Martin Midstream Partners
quarterly$0.010.93%8/6/20208/7/20208/14/2020
Mplx logo
MPLX
Mplx
quarterly$0.6915.03%8/6/20208/7/20208/14/2020
Nexstar Media Group logo
NXST
Nexstar Media Group
quarterly$0.562.64%8/6/20208/7/20208/21/2020
Noble Midstream Partners logo
NBLX
Noble Midstream Partners
quarterly$0.1924.70%8/6/20208/7/20208/14/2020
Norfolk Southern logo
NSC
Norfolk Southern
quarterly$0.942.02%8/6/20208/7/20209/10/2020
NuStar Energy logo
NS
NuStar Energy
quarterly$0.4010.80%8/6/20208/7/20208/13/2020
Pacific Premier Bancorp logo
PPBI
Pacific Premier Bancorp
quarterly$0.254.81%8/6/20208/7/20208/14/2020
PC Tel logo
PCTI
PC Tel
quarterly$0.063.40%8/6/20208/7/20208/17/2020
Pinnacle Financial Partners logo
PNFP
Pinnacle Financial Partners
quarterly$0.161.58%8/6/20208/7/20208/28/2020
PNM Resources logo
PNM
PNM Resources
quarterly$0.312.94%8/6/20208/7/20208/14/2020
Pzena Investment Management logo
PZN
Pzena Investment Management
quarterly$0.032.30%8/6/20208/7/20208/28/2020
Reliant Bancorp logo
RBNC
Reliant Bancorp
quarterly$0.102.72%8/6/20208/7/20208/21/2020
Rio Tinto logo
RIO
Rio Tinto
semi-annual$1.556.30%8/6/20208/7/20209/17/2020
RUSHB
Rush Enterprises
quarterly$0.141.35%8/6/20208/7/20209/10/2020
Rush Enterprises logo
RUSHA
Rush Enterprises
quarterly$0.141.15%8/6/20208/7/20209/10/2020
SBFG
SB Financial Group
quarterly$0.102.76%8/6/20208/7/20208/21/2020
SEB
Seaboard
quarterly$2.250.30%8/6/20208/7/20208/17/2020
Sirius XM logo
SIRI
Sirius XM
quarterly$0.010.94%8/6/20208/7/20208/31/2020
SmartFinancial logo
SMBK
SmartFinancial
quarterly$0.051.43%8/6/20208/7/20208/24/2020
Starbucks logo
SBUX
Starbucks
quarterly$0.412.23%8/6/20208/7/20208/21/2020
Sunoco logo
SUN
Sunoco
quarterly$0.8313.46%8/6/20208/7/20208/19/2020
TD Ameritrade logo
AMTD
TD Ameritrade
quarterly$0.313.29%8/6/20208/7/20208/21/2020
Unilever logo
UL
Unilever
quarterly$0.473.00%8/6/20208/7/20209/9/2020
Unilever logo
UN
Unilever
quarterly$0.472.60%8/6/20208/7/20209/9/2020
Unilever logo
UN
Unilever
$0.478/6/20201/1/19001/1/1900
AUB
Union Bankshares
quarterly$0.254.40%8/6/20208/7/20208/21/2020
Warrior Met Coal logo
HCC
Warrior Met Coal
quarterly$0.051.20%8/6/20208/7/20208/13/2020
Washington Federal logo
WAFD
Washington Federal
quarterly$0.223.74%8/6/20208/7/20208/21/2020
Wells Fargo & Co logo
WFC
Wells Fargo & Co
quarterly$0.101.56%8/6/20208/7/20209/1/2020
ALX
Alexander's
quarterly$4.507.00%8/7/20208/10/20208/21/2020
ALTA
Alterola Biotech
quarterly$0.132.90%8/7/20208/10/20208/17/2020
American Campus Communities logo
ACC
American Campus Communities
quarterly$0.475.36%8/7/20208/10/20208/21/2020
American Electric Power logo
AEP
American Electric Power
quarterly$0.703.19%8/7/20208/10/20209/10/2020
AFIN
American Finance Trust
monthly$0.0710.70%8/7/20208/10/20208/17/2020
Ameriprise Financial logo
AMP
Ameriprise Financial
quarterly$1.042.65%8/7/20208/10/20208/21/2020
Apple logo
AAPL
Apple
quarterly$0.820.80%8/7/20208/10/20208/13/2020
Archrock logo
AROC
Archrock
quarterly$0.158.94%8/7/20208/10/20208/14/2020
Arcos Dorados logo
ARCO
Arcos Dorados
quarterly$0.031.00%8/7/20208/10/20208/13/2020
BKR
Baker Hughes
quarterly$0.184.70%8/7/20208/10/20208/21/2020
Banco Latinoamericano de Comerci Extr logo
BLX
Banco Latinoamericano de Comerci Extr
quarterly$0.258.06%8/7/20208/10/20208/25/2020
Banco Santander Brasil logo
BSBR
Banco Santander Brasil
quarterly$0.0410.00%8/7/20208/10/202010/5/2020
Bright Scholar Education Holdngs logo
BEDU
Bright Scholar Education Holdngs
--$0.121.40%8/7/20208/10/20208/24/2020
California Water Service Group logo
CWT
California Water Service Group
quarterly$0.211.77%8/7/20208/10/20208/21/2020
Capital One Financial logo
COF
Capital One Financial
quarterly$0.100.63%8/7/20208/10/20208/20/2020
Carriage Services logo
CSV
Carriage Services
quarterly$0.091.77%8/7/20208/10/20209/1/2020
Cedar Realty Trust logo
CDR
Cedar Realty Trust
quarterly$0.014.42%8/7/20208/10/20208/20/2020
EBR
CENTRAIS ELETRI/S
annual$0.304.10%8/7/20208/10/20201/1/1900
Clarus logo
CLAR
Clarus
--$0.030.80%8/7/20208/10/20208/21/2020
First Bancshares logo
FBMS
First Bancshares
quarterly$0.101.90%8/7/20208/10/20208/24/2020
German American Bancorp. logo
GABC
German American Bancorp.
quarterly$0.192.61%8/7/20208/10/20208/20/2020
Global Partners logo
GLP
Global Partners
quarterly$0.4617.00%8/7/20208/10/20208/14/2020
Goosehead Insurance logo
GSHD
Goosehead Insurance
quarterly$1.158/7/20208/10/20208/24/2020
Hanmi Financial logo
HAFC
Hanmi Financial
quarterly$0.083.50%8/7/20208/10/20208/31/2020
HAPP
Happiness Biotech Group
$0.028/7/20208/10/20208/17/2020
Hercules Capital logo
HTGC
Hercules Capital
quarterly$0.3212.02%8/7/20208/10/20208/17/2020
Home Bancorp logo
HBCP
Home Bancorp
quarterly$0.223.50%8/7/20208/10/20208/21/2020
Hope Bancorp logo
HOPE
Hope Bancorp
quarterly$0.146.70%8/7/20208/10/20208/24/2020
IBM logo
IBM
IBM
quarterly$1.635.20%8/7/20208/10/20209/10/2020
Independent Bank Group logo
IBTX
Independent Bank Group
quarterly$0.252.29%8/7/20208/10/20208/20/2020
Investors Bancorp logo
ISBC
Investors Bancorp
quarterly$0.125.83%8/7/20208/10/20208/25/2020
Janus Henderson Group logo
JHG
Janus Henderson Group
quarterly$0.366.90%8/7/20208/10/20208/26/2020
Koninklijke KPN logo
KKPNY
Koninklijke KPN
semi-annual$0.048/7/20208/10/20208/12/2020
Landstar System logo
LSTR
Landstar System
quarterly$0.210.70%8/7/20208/10/20208/28/2020
Lazard logo
LAZ
Lazard
quarterly$0.476.44%8/7/20208/10/20208/21/2020
Marine Products logo
MPX
Marine Products
quarterly$0.082.11%8/7/20208/10/20209/10/2020
Marlin Business Services logo
MRLN
Marlin Business Services
quarterly$0.147.80%8/7/20208/10/20208/20/2020
MRBK
Meridian Bank
quarterly$0.133.30%8/7/20208/10/20208/24/2020
MPB
Mid Penn Bancorp
quarterly$0.183.86%8/7/20208/10/20208/24/2020
Moelis & Co logo
MC
Moelis & Co
quarterly$0.263.45%8/7/20208/10/20209/30/2020
Mueller Water Products logo
MWA
Mueller Water Products
quarterly$0.052.08%8/7/20208/10/20208/20/2020
Navios Maritime Partners logo
NMM
Navios Maritime Partners
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OneMain
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What is the Ex-Dividend Date in Investing?

There are many benefits to investing in dividend-paying companies, not the least of which is that dividends will usually increase over time. Dividends can provide a hedge against the inherent risk in the market because they offer at least a partial return on an investment. And while there are no guarantees in the market, once a company starts to issue a dividend, they typically work very hard to continue to offer one – and increase it if possible. In fact, the elite group of companies known as “dividend aristocrats” have achieved this status by increasing their dividend payouts for more than 25 consecutive years. The average compounded annual growth rate for dividends of S&P 500 companies is 3.2%.

For many investors, collecting their dividend is something they don’t even think about. They may have owned the stock for years and are accustomed to receiving their dividend check on a regular basis. Other investors have a dividend reinvestment plan (DRIP) that allows them to simply reinvest the dividends to buy more shares in the company. DRIPs are a set-it-and-forget-it strategy that can help a portfolio grow.

However, even the most committed buy-and-hold investor confronts times when they have to realistically assess their portfolio, and they may decide there’s a need to sell one dividend stock and add another. For these investors, it may be important to know when the stock is selling ex-dividend.

This article will define ex-dividend, the process and additional dates that are important for investors to be aware of. We’ll also dive into a rarely used trading strategy called dividend capture and why it’s not realistic for the average investor.

What is ex-dividend?

Ex-dividend literally means “without the dividend”. When a stock sells ex-dividend it is said to be trading without the dividend added to its stock price. A simple example can help explain this.

Company A’s stock is selling for $150 per share, and they announce a 3% dividend. On the ex-dividend date (see below), at the opening of trading, Company A’s stock will be marked down by 3% ($4.50). Any investor buying stock will be purchasing it at the discounted price, $145.50, but they will not be able to receive the upcoming dividend if they were not already a shareholder.

What is the ex-dividend date?

The ex-dividend date is the first day a stock will be trading “ex-dividend”. It is automatically established by the market once the company announces a date of record for their dividend. Typical ex-dividend dates are set two business days before the record date.

Other key terms that can help explain ex-dividend

There are four key dates that are part of the dividend issuing process.

Record Date– this is the date set by a company’s board of directors once they decide to issue a dividend. An investor must be on the company’s record as a shareholder on this date to receive the dividend. Currently, the record date is set for one day after the ex-dividend date.

Ex-Dividend Date– once the record date is set the stock market will automatically set the ex-dividend date. As mentioned above, this date will typically be two days before the record date.

Declaration Date– this is simply the day the company announces to the public that they are issuing a dividend. In this announcement, the company will list how much the dividend will be, the ex-dividend date and the payment date. Chronologically, this would occur after the record and ex-dividend date have been set.

Payment Date– this is the date when the dividend payments are distributed to shareholders. This is typically at least two weeks after the record date.

Let’s look at an example of how all this might work together.

On August 16, 2018, Tiffany & Co. (NYSE: TIF) declared a dividend of $0.55/share (the declaration date) to be paid on October 10 (the payment date). The ex-dividend date was set for September 19, 2018, making the record date September 20, 2018.

Why is the ex-dividend date different from the record date?

Although many stock transactions seem to be handled almost instantaneously, most trades take two days to “settle”. This settlement time can cause a delay between an investor being listed as “on the record” to receive a dividend. For this reason, the stock market requires an ex-dividend date to be set. This date will typically be two business days before the record date.

Is the ex-dividend date a firm date?

Yes. Investors need to have their shares purchased and be listed as shareholders of record BEFORE the ex-dividend date. So in our example above, investors had to own shares in Tiffany & Co. on or before September 18 to receive the dividend. After this date, the shares will sell at a price that reflects the dividend already being issued.

Can an investor sell shares after the ex-dividend date but before the payment date and still receive the dividend?

Yes, as long as they are a shareholder of record on the ex-dividend date, they will receive the dividend. There is a practice known as dividend capture which we will explain more below.

How can investors find ex-dividend dates?

Companies are proud of their ability to issue a dividend and will typically have this information available to shareholders and prospective investors on their website, probably in an area called "Investor Relations" or something similar. In addition, many financial websites will have ex-dividend calendars that will provide a list of all announced ex-dividend dates. This is an easy way for investors to see not only the ex-dividend date of a company they may be interested in buying but a comparison of dividend amounts for similar companies. Once the ex-dividend date arrives you'll see an X next to the stock symbol to indicate that it is trading ex-dividend.

What is dividend capture?

For most investors, dividend investing is a straightforward, conservative investment strategy. However,
when turned into an aggressive trading strategy it carries both above-average risks and possible tax consequences. Dividend capture seeks to take advantage of the fact that stocks do not always trade precisely according to a formula or by conventional logic. Dividend stocks are a great example of this. On the ex-dividend day, the stock will start trading at the discounted price, but it will typically not maintain that adjusted price, meaning it could go higher or lower. And although investors usually factor in the anticipated decline in price as the ex-dividend day draws closer, many stocks have been known to go through a period of heightened interest prior to the ex-dividend date as more investors seek to get the dividend.

So for example, let’s say a stock was selling for $100 and announced a $0.50 dividend. On the ex-dividend date, the stock’s price would drop by $0.50, but if a significant amount of investors bought shares of the stock, the stock’s price could have been driven up to $102. So even with the discount factored out of the stock price, it is still trading above where it was on the declaration date.

These market anomalies can make it difficult to make dividend capture a profitable strategy, but here’s where it can sometimes, and the emphasis is on the word sometimes, work. There are times when a stock, for any number of reasons, may not be marked down to the expected amount dictated on the declaration date. In our example above let’s say the stock that was expected to drop by $0.50 only dropped by $0.25. An investor could go through the following process:

  1. Buy the stock prior to the ex-dividend date for $100
  2. Sell it on the ex-dividend date for $99.75
  3. They collect the dividend of $0.50 on the payment date
  4. They realize a total return of $0.25/share. They lost $0.25 on the stock but gained $0.50 on the dividend distribution.

In theory, this is true, but realistically it would require a much higher spread between the expected ex-dividend price and the actual ex-dividend price to make this a profitable trade. This is for two reasons. The first one is taxes. Qualified dividends receive preferential tax treatment. However, that's only if the stock is owned for more than 61 days. In our example, the stock was not so it gets no such treatment. The second issue has to do with trading costs. In many cases, it’s going to cost an investor more than $0.25/share to execute a trade and they’re paying that cost on both ends, you can see why what looks on paper to be a profitable trend could easily be a losing trade.

A better approach for investors looking to profit from dividend capture would be to use either fundamental analysis or technical analysis to predict which stocks may be more likely to trade higher prior to their ex-dividend date. By purchasing the stock well in advance of the ex-dividend date (preferably more than 61 days for tax purposes); investors could turn a profitable trade by selling the stock on or before the ex-dividend date.

Can average investors profit from dividend capture?

The simple answer here is no and for many reasons. First, although the example above could in fact work, the market tends to ensure that “loopholes” like this quickly close. Secondly, as we mentioned above there are commission charges that apply on both ends of the trade, even if the trade is a losing trade. But most importantly, there is an enormous amount of time and research that would have to go into finding not only the right candidates for such a trade, but then the knowledge, discipline, and meticulous execution that is necessary to make the trade work. For most investors, even those involved in day trading, the reward is not worth the effort, let alone the risk.

The bottom line on ex-dividend

Despite the presumption that dividend investing can be boring and conservative, savvy investors frequently buy dividend stocks as part of their portfolio because of the benefits that come from receiving regular dividends. Among these is the benefit that comes from reinvesting dividends to buy more shares which allows compounding to take place. However, if the time comes for an investor to rebalance their portfolio, they may find that they have to swap out one dividend stock for another.

When this happens, they’ll need to know the ex-dividend date for the stock they wish to purchase. By purchasing the stock before the ex-dividend date, they will be considered a shareholder of record by the record date and receive the scheduled dividend. The ex-dividend date is a firm date and once the date arrives, any new investors that buy the stock will not receive the upcoming dividend. Plus, once the ex-dividend date arrives, the stock price of the company will be adjusted downward typically for the same amount as the dividend, although there are times when it is different.

Investors that are wondering when a company is issuing a dividend can usually find this information on a company's website or other financial sites. Dividend-issuing companies are usually very proud of this fact and make the information readily available to investors.

 


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