5 Stocks Going Ex-Dividend Tomorrow: EVY, PFL, CHI, PCI, ALTR

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

Tomorrow, Nov. 7, 2013, 59 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 1.3% to 11.5%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Eaton Vance NY Muni Income

Owners of Eaton Vance NY Muni Income (AMEX: EVY) shares as of market close today will be eligible for a dividend of 7 cents per share. At a price of $12.32 as of 9:30 a.m. ET, the dividend yield is 7.1%.

The average volume for Eaton Vance NY Muni Income has been 16,300 shares per day over the past 30 days. Eaton Vance NY Muni Income has a market cap of $67.4 million and is part of the financial services industry. Shares are down 21.2% year to date as of the close of trading on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

The company has a P/E ratio of 12.97.

PIMCO Income Strategy Fund

Owners of PIMCO Income Strategy Fund (NYSE: PFL) shares as of market close today will be eligible for a dividend of 9 cents per share. At a price of $11.94 as of 9:35 a.m. ET, the dividend yield is 9%.

The average volume for PIMCO Income Strategy Fund has been 92,200 shares per day over the past 30 days. PIMCO Income Strategy Fund has a market cap of $302.6 million and is part of the financial services industry. Shares are down 6.3% year to date as of the close of trading on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

The company has a P/E ratio of 7.37.

Calamos Convertible Opportunities and Incom

Owners of Calamos Convertible Opportunities and Incom (NASDAQ: CHI) shares as of market close today will be eligible for a dividend of 10 cents per share. At a price of $13.05 as of 9:35 a.m. ET, the dividend yield is 8.7%.

The average volume for Calamos Convertible Opportunities and Incom has been 166,100 shares per day over the past 30 days. Calamos Convertible Opportunities and Incom has a market cap of $886.2 million and is part of the financial services industry. Shares are up 9.9% year to date as of the close of trading on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

The company has a P/E ratio of 8.75.

PIMCO Dynamic Credit Income Fund

Owners of PIMCO Dynamic Credit Income Fund (NYSE: PCI) shares as of market close today will be eligible for a dividend of 16 cents per share. At a price of $22.37 as of 9:30 a.m. ET, the dividend yield is 8.3%.

The average volume for PIMCO Dynamic Credit Income Fund has been 499,500 shares per day over the past 30 days. PIMCO Dynamic Credit Income Fund has a market cap of $3.1 billion and is part of the financial services industry. Shares are unchanged year to date as of the close of trading on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Altera

Owners of Altera (NASDAQ: ALTR) shares as of market close today will be eligible for a dividend of 15 cents per share. At a price of $33.13 as of 9:30 a.m. ET, the dividend yield is 1.8%.

The average volume for Altera has been 3.2 million shares per day over the past 30 days. Altera has a market cap of $10.7 billion and is part of the electronics industry. Shares are down 3.2% year to date as of the close of trading on Tuesday.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Altera Corporation, a semiconductor company, designs, manufactures, and markets programmable logic devices (PLD), HardCopy application-specific integrated circuit (ASIC) devices, pre-defined design building blocks, and proprietary development software. The company has a P/E ratio of 23.29.

TheStreet Ratings rates Altera as a buy. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share. You can view the full Altera Ratings Report now.

More About Dividends:

One benefit of owning a stock is the potential that you will be paid a dividend. The distribution of dividend payments is another way for a company to share its profit with you. A dividend means that the company pays you a certain amount of money, either as a one-time payment or more commonly on a quarterly basis, for each share of stock you own.

Many times, dividends come at the expense of greater price appreciation, because the company is distributing its profits to shareholders rather than reinvesting the profits back into the growth of the company. However, companies that pay dividends can be very attractive to investors when they offer a steady stream of income. There are some important terms and dates an investor should be familiar with before purchasing any dividend-paying companies. Let's work through an example to help better explain some of these terms:

On March 1, ABC Widget Company has decided that because it holds excess cash and lacks investment opportunities, it would like to reward shareholders with a regular quarterly dividend payment. The date for this particular announcement is known as the declaration date. It is on this date that the company announces the specific dividend payment along with the holder of record date (aka record date) and the payment date. The company announces that a dividend payment of 25 cents per share will be payable March 31, 2012 (the payment date) to all shareholders of record at the close of business on March 16, 2012 (holder of record date). What does this all mean? Well the short story is that the company looks at its records on March 16 and anyone listed on the books as an owner of ABC Widget company will be eligible for the dividend payment (on March 31).

The one other important term to remember is the ex-dividend date. The ex-dividend date (typically two trading days before the holder of record date for U.S. securities) is the day in which a company begins trading without the dividend. In order to have a claim on a dividend, shares must be purchased no later than the last business day before the ex-dividend date. A company trading ex-dividend will have the upcoming dividend subtracted from the share price at the start of the trading day. Many times, the price of a stock will increase in anticipation of the upcoming dividend as the ex-dividend date approaches, yet will fall back by the amount of the dividend on the ex-dividend date.

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