Dividend Watch: 5 Stocks Going Ex-Dividend Tomorrow: FLC, PMM, FFC, RQI, PKG

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Tomorrow, Dec. 19, 2013, 23 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 1.3% to 9.6%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Flaherty & Crumrine Total Return Fund

Owners of Flaherty & Crumrine Total Return Fund (NYSE: FLC) shares as of market close today will be eligible for a dividend of 23 cents per share. At a price of $17.87 as of 9:33 a.m. ET, the dividend yield is 9.2%.

The average volume for Flaherty & Crumrine Total Return Fund has been 36,000 shares per day over the past 30 days. Flaherty & Crumrine Total Return Fund has a market cap of $175.2 million and is part of the financial services industry. Shares are down 11.4% year-to-date as of the close of trading on Tuesday.

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The company has a P/E ratio of 9.12.

Putnam Managed Municipal Income

Owners of Putnam Managed Municipal Income (NYSE: PMM) shares as of market close today will be eligible for a dividend of 4 cents per share. At a price of $6.66 as of 9:35 a.m. ET, the dividend yield is 7.2%.

The average volume for Putnam Managed Municipal Income has been 181,200 shares per day over the past 30 days. Putnam Managed Municipal Income has a market cap of $376.7 million and is part of the financial services industry. Shares are down 17.1% year-to-date as of the close of trading on Tuesday.

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The company has a P/E ratio of 12.80.

Flaherty & Crumrine Preferred Securities In

Owners of Flaherty & Crumrine Preferred Securities In (NYSE: FFC) shares as of market close today will be eligible for a dividend of 18 cents per share. At a price of $17.01 as of 9:30 a.m. ET, the dividend yield is 9.6%.

The average volume for Flaherty & Crumrine Preferred Securities In has been 133,600 shares per day over the past 30 days. Flaherty & Crumrine Preferred Securities In has a market cap of $738.6 million and is part of the financial services industry. Shares are down 13.2% year-to-date as of the close of trading on Tuesday.

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The company has a P/E ratio of 8.67.

Cohen & Steers Quality Income Realty Fund

Owners of Cohen & Steers Quality Income Realty Fund (NYSE: RQI) shares as of market close today will be eligible for a dividend of 18 cents per share. At a price of $9.20 as of 9:34 a.m. ET, the dividend yield is 7.9%.

The average volume for Cohen & Steers Quality Income Realty Fund has been 353,800 shares per day over the past 30 days. Cohen & Steers Quality Income Realty Fund has a market cap of $1.0 billion and is part of the financial services industry. Shares are down 10.1% year-to-date as of the close of trading on Tuesday.

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The company has a P/E ratio of 11.13.

Packaging Corporation of America

Owners of Packaging Corporation of America (NYSE: PKG) shares as of market close today will be eligible for a dividend of 40 cents per share. At a price of $61.57 as of 9:35 a.m. ET, the dividend yield is 2.6%.

The average volume for Packaging Corporation of America has been 864,100 shares per day over the past 30 days. Packaging Corporation of America has a market cap of $6.1 billion and is part of the consumer non-durables industry. Shares are up 59.6% year-to-date as of the close of trading on Tuesday.

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Packaging Corporation of America engages in the manufacture and sale of containerboard and corrugated packaging products for industrial and consumer markets in the United States. The company has a P/E ratio of 22.36.

TheStreet Ratings rates Packaging Corporation of America as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, impressive record of earnings per share growth and solid stock price performance. We feel these strengths outweigh the fact that the company shows low profit margins. You can view the full Packaging Corporation of America 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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