Dividend Watch: 5 Stocks Going Ex-Dividend Tomorrow: BNA, DX, OFC, AXS, XRX

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. 27, 2013, 134 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.1% to 14.9%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

BlackRock Income Opportunity Fund

Owners of BlackRock Income Opportunity Fund (NYSE: BNA) shares as of market close today will be eligible for a dividend of 6 cents per share. At a price of $10.00 as of 9:40 a.m. ET, the dividend yield is 7.2%.

The average volume for BlackRock Income Opportunity Fund has been 98,500 shares per day over the past 30 days. BlackRock Income Opportunity Fund has a market cap of $341.5 million and is part of the financial services industry. Shares are down 12.6% year-to-date as of the close of trading on Tuesday.

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The company has a P/E ratio of 17.39.

Dynex Capital

Owners of Dynex Capital (NYSE: DX) shares as of market close today will be eligible for a dividend of 27 cents per share. At a price of $8.50 as of 9:39 a.m. ET, the dividend yield is 12.8%.

The average volume for Dynex Capital has been 356,400 shares per day over the past 30 days. Dynex Capital has a market cap of $459.4 million and is part of the real estate industry. Shares are down 10.6% year-to-date as of the close of trading on Tuesday.

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Dynex Capital, Inc., a mortgage real estate investment trust (REIT), invests in mortgage assets in the United States. The company has a P/E ratio of 7.81.

TheStreet Ratings rates Dynex Capital as a hold. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself. You can view the full Dynex Capital Ratings Report now.

Corporate Office Properties

Owners of Corporate Office Properties (NYSE: OFC) shares as of market close today will be eligible for a dividend of 28 cents per share. At a price of $24.29 as of 9:40 a.m. ET, the dividend yield is 4.6%.

The average volume for Corporate Office Properties has been 638,200 shares per day over the past 30 days. Corporate Office Properties has a market cap of $2.1 billion and is part of the real estate industry. Shares are down 3.9% year-to-date as of the close of trading on Tuesday.

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Corporate Office Properties Trust, a real estate investment trust (REIT), engages in the acquisition, development, ownership, management, and leasing of suburban office properties. The company has a P/E ratio of 800.00.

TheStreet Ratings rates Corporate Office Properties as a hold. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, compelling growth in net income and revenue growth. However, as a counter to these strengths, we find that the company's profit margins have been poor overall. You can view the full Corporate Office Properties Ratings Report now.

Axis Capital Holdings

Owners of Axis Capital Holdings (NYSE: AXS) shares as of market close today will be eligible for a dividend of 27 cents per share. At a price of $47.00 as of 9:40 a.m. ET, the dividend yield is 2.3%.

The average volume for Axis Capital Holdings has been 729,600 shares per day over the past 30 days. Axis Capital Holdings has a market cap of $5.4 billion and is part of the insurance industry. Shares are up 35.9% year-to-date as of the close of trading on Tuesday.

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AXIS Capital Holdings Limited provides specialty lines insurance and treaty reinsurance products in Bermuda, the United States, Europe, Singapore, Canada, Australia, and Latin America. The company has a P/E ratio of 10.94.

TheStreet Ratings rates Axis Capital Holdings 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, solid stock price performance, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income. You can view the full Axis Capital Holdings Ratings Report now.

Xerox Corporation

Owners of Xerox Corporation (NYSE: XRX) shares as of market close today will be eligible for a dividend of 6 cents per share. At a price of $12.21 as of 9:40 a.m. ET, the dividend yield is 1.9%.

The average volume for Xerox Corporation has been 10.7 million shares per day over the past 30 days. Xerox Corporation has a market cap of $15.0 billion and is part of the computer software & services industry. Shares are up 78.6% year-to-date as of the close of trading on Tuesday.

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Xerox Corporation provides business process and document management services worldwide. The company has a P/E ratio of 12.96.

TheStreet Ratings rates Xerox Corporation as a buy. The company's strengths can be seen in multiple areas, such as its solid stock price performance, good cash flow from operations, notable return on equity, increase in net income and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook. You can view the full Xerox Corporation 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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