Editors' pick: Originally published March 3.

Weyerhaeuser (WY) - Get Report  is one of the world's largest manufacturers and distributors of forest products. It is a solid stock and it is scheduled to go ex-dividend Friday. That means, if you want a dividend check, you have to buy by then. After that, management compiles its investor list and then starts mailing the checks.

It can be a lucrative strategy playing "Dividend Capture" where you buy, get the dividend and sell. It requires excellent timing. But Weyerhaeuser is a stock you want to hold for the long term, and the dividend is just icing on the cake.

Weyerhaeuser stock is currently around $27, so its annual dividend of $1.24 a share yields an impressive 5.11%, more than the 2% yield paid out by the average stock on the S&P 500 (SPX)

In business for over a century, Weyerhaeuser is scheduled to pay its 31-cent quarterly payout on March 18 to shareholders of record on March 8. This amounts to just eight trading days between the record date and the pay date -- a relatively short period of time before dividend check arrives. But holding beyond the dividend can be even more profitable.

Thanks to a recovering housing market that will rely on lumber to build more homes, Weyerhaeuser's growth prospects have become more bullish, suggesting now is the best time to buy the stock, especially when it has declined 10.5% year to date. 

The stock has a consensus buy rating and its average 12-month price target of $34 implies a 27% premium from current levels of around $26. Add in that 5% annual dividend yield and Weyerhaeuser looks like a solid stock on which to build or rebuild any portfolio.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.