3 Stocks With Upcoming Ex-Dividend Dates: AI, TTC, CM

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, Thursday, September 25, 2014, 10 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 1.3% to 13.7%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Arlington Asset Investment

Owners of Arlington Asset Investment (NYSE: AI) shares, as of market close today, will be eligible for a dividend of 88 cents per share. At a price of $27.15 as of 9:46 a.m. ET, the dividend yield is 12.8%.

The average volume for Arlington Asset Investment has been 284,600 shares per day over the past 30 days. Arlington Asset Investment has a market cap of $526.5 million and is part of the real estate industry. Shares are up 2.8% year-to-date as of the close of trading on Tuesday.

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Arlington Asset Investment Corp., an investment firm, acquires mortgage-related and other assets. The company has a P/E ratio of 6.76.

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

Toro

Owners of Toro (NYSE: TTC) shares, as of market close today, will be eligible for a dividend of 20 cents per share. At a price of $59.36 as of 9:45 a.m. ET, the dividend yield is 1.3%.

The average volume for Toro has been 192,300 shares per day over the past 30 days. Toro has a market cap of $3.3 billion and is part of the industrial industry. Shares are down 6.4% year-to-date as of the close of trading on Tuesday.

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The Toro Company designs, manufactures, and markets professional turf maintenance equipment and services worldwide. The company has a P/E ratio of 20.52.

TheStreet Ratings rates Toro as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, increase in net income, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Toro Ratings Report now.

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 92 cents per share. At a price of $94.65 as of 9:46 a.m. ET, the dividend yield is 3.8%.

The average volume for Canadian Imperial Bank of Commerce has been 151,700 shares per day over the past 30 days. Canadian Imperial Bank of Commerce has a market cap of $38.1 billion and is part of the banking industry. Shares are up 11.5% year-to-date as of the close of trading on Tuesday.

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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 13.06.

TheStreet Ratings rates Canadian Imperial Bank of Commerce as a hold. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share and increase in net income. However, as a counter to these strengths, we find that we feel that the company's cash flow from its operations has been weak overall. You can view the full Canadian Imperial Bank of Commerce 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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