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, Wednesday, July 30, 2014, 4:00 AM ET, 43 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.7% to 8.5%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Legacy Reserves

Owners of Legacy Reserves (NASDAQ: LGCY) shares, as of market close today, will be eligible for a dividend of 61 cents per share. At a price of $31.51 as of 9:41 a.m. ET, the dividend yield is 7.4%.

The average volume for Legacy Reserves has been 229,400 shares per day over the past 30 days. Legacy Reserves has a market cap of $1.9 billion and is part of the energy industry. Shares are up 14.3% year-to-date as of the close of trading on Monday.

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Legacy Reserves LP owns and operates oil and natural gas properties in the United States.

TheStreet Ratings rates Legacy Reserves as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, increase in net income, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated. You can view the full Legacy Reserves Ratings Report now.

East West Bancorp

Owners of East West Bancorp (NASDAQ: EWBC) shares, as of market close today, will be eligible for a dividend of 18 cents per share. At a price of $34.64 as of 9:40 a.m. ET, the dividend yield is 2%.

The average volume for East West Bancorp has been 611,000 shares per day over the past 30 days. East West Bancorp has a market cap of $5.0 billion and is part of the banking industry. Shares are down 0.9% year-to-date as of the close of trading on Monday.

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East West Bancorp, Inc. operates as the bank holding company for East West Bank that provides a range of personal and commercial banking services to small and medium-sized businesses, business executives, professionals, and other individuals. The company has a P/E ratio of 15.70.

TheStreet Ratings rates East West Bancorp as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins, growth in earnings per share, increase in net income and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full East West Bancorp Ratings Report now.

First Republic Bank

Owners of First Republic Bank (NYSE: FRC) shares, as of market close today, will be eligible for a dividend of 14 cents per share. At a price of $47.17 as of 9:41 a.m. ET, the dividend yield is 1.2%.

The average volume for First Republic Bank has been 1.1 million shares per day over the past 30 days. First Republic Bank has a market cap of $6.5 billion and is part of the banking industry. Shares are down 10.3% year-to-date as of the close of trading on Monday.

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

First Republic Bank, together with its subsidiaries, provides personalized, relationship-based preferred banking, preferred business banking, real estate lending, trust, and wealth management services to clients in metropolitan areas of the United States. The company has a P/E ratio of 17.86.

TheStreet Ratings rates First Republic Bank as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in net income, expanding profit margins and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity. You can view the full First Republic Bank 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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