5 Stocks Going Ex-Dividend Tomorrow: NGZ, JTP, CM, IFF, CP

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, Dec. 24, 2013, 40 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.5% to 13.3%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

AllianzGI Global Equity & Convertible Incom

Owners of AllianzGI Global Equity & Convertible Incom (NYSE: NGZ) shares as of market close today will be eligible for a dividend of 30 cents per share. At a price of $15.36 as of 9:34 a.m. ET, the dividend yield is 8%.

The average volume for AllianzGI Global Equity & Convertible Incom has been 30,000 shares per day over the past 30 days. AllianzGI Global Equity & Convertible Incom has a market cap of $105.2 million and is part of the financial services industry. Shares are up 12% year-to-date as of the close of trading on Friday.

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

Nuveen Quality Preferred Income Fund

Owners of Nuveen Quality Preferred Income Fund (NYSE: JTP) shares as of market close today will be eligible for a dividend of 4 cents per share. At a price of $7.60 as of 9:35 a.m. ET, the dividend yield is 8.3%.

The average volume for Nuveen Quality Preferred Income Fund has been 219,300 shares per day over the past 30 days. Nuveen Quality Preferred Income Fund has a market cap of $487.6 million and is part of the financial services industry. Shares are down 12.7% year-to-date as of the close of trading on Friday.

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 5.80.

Canadian Imperial Bank of Commerce

Owners of Canadian Imperial Bank of Commerce (NYSE: CM) shares as of market close today will be eligible for a dividend of 90 cents per share. At a price of $85.19 as of 9:35 a.m. ET, the dividend yield is 4.2%.

The average volume for Canadian Imperial Bank of Commerce has been 165,800 shares per day over the past 30 days. Canadian Imperial Bank of Commerce has a market cap of $33.8 billion and is part of the banking industry. Shares are up 5.1% year-to-date as of the close of trading on Friday.

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

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to individuals, small businesses, and commercial, corporate, and institutional clients in Canada and internationally. The company has a P/E ratio of 10.74.

TheStreet Ratings rates Canadian Imperial Bank of Commerce as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income and weak operating cash flow. You can view the full Canadian Imperial Bank of Commerce Ratings Report now.

International Flavors & Fragrances

Owners of International Flavors & Fragrances (NYSE: IFF) shares as of market close today will be eligible for a dividend of 39 cents per share. At a price of $86.59 as of 9:33 a.m. ET, the dividend yield is 1.8%.

The average volume for International Flavors & Fragrances has been 344,000 shares per day over the past 30 days. International Flavors & Fragrances has a market cap of $6.9 billion and is part of the chemicals industry. Shares are up 28.7% year-to-date as of the close of trading on Friday.

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

International Flavors & Fragrances Inc., together with its subsidiaries, creates, manufactures, and supplies flavor and fragrance products worldwide. The company operates in two segments, Flavors and Fragrances. The company has a P/E ratio of 19.47.

TheStreet Ratings rates International Flavors & Fragrances as a buy. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results. You can view the full International Flavors & Fragrances Ratings Report now.

Canadian Pacific Railway

Owners of Canadian Pacific Railway (NYSE: CP) shares as of market close today will be eligible for a dividend of 33 cents per share. At a price of $153.55 as of 9:35 a.m. ET, the dividend yield is 0.9%.

The average volume for Canadian Pacific Railway has been 600,300 shares per day over the past 30 days. Canadian Pacific Railway has a market cap of $26.9 billion and is part of the transportation industry. Shares are up 50.8% year-to-date as of the close of trading on Friday.

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

Canadian Pacific Railway Limited, through its subsidiaries, operates as a transcontinental railway providing freight transportation services, logistics solutions, and supply chain expertise in Canada and the United States. The company has a P/E ratio of 34.60.

TheStreet Ratings rates Canadian Pacific Railway as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, good cash flow from operations, compelling growth in net income and solid stock price performance. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value. You can view the full Canadian Pacific Railway 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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