Dividend Watch: 3 Stocks Going Ex-Dividend Tomorrow: GGT, RWT, RYN

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.

Tomorrow, Friday, June 12, 2015, 42 U.S. common stocks are scheduled to go ex-dividend. The dividend yields on these stocks range from 0.1% to 16.4%. All of these stocks can be found on our stocks going ex-dividend section of our dividend calendar.

Highlighted Stocks Going Ex-Dividend Tomorrow:

Gabelli Multimedia

Owners of Gabelli Multimedia (NYSE: GGT) shares, as of market close today, will be eligible for a dividend of 22 cents per share. At a price of $9.54 as of 9:30 a.m. ET, the dividend yield is 9.3%.

The average volume for Gabelli Multimedia has been 77,100 shares per day over the past 30 days. Gabelli Multimedia has a market cap of $230.0 million and is part of the financial services industry. Shares are down 4.9% year-to-date as of the close of trading on Wednesday.

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The company has a P/E ratio of 59.12.

Redwood

Owners of Redwood (NYSE: RWT) shares, as of market close today, will be eligible for a dividend of 28 cents per share. At a price of $16.79 as of 9:36 a.m. ET, the dividend yield is 6.9%.

The average volume for Redwood has been 532,400 shares per day over the past 30 days. Redwood has a market cap of $1.4 billion and is part of the real estate industry. Shares are down 14.9% year-to-date as of the close of trading on Wednesday.

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Redwood Trust, Inc., together with its subsidiaries, focuses on investing in mortgage-and other real estate-related assets; and engaging in residential and commercial mortgage banking activities in the United States. The company has a P/E ratio of 13.79.

TheStreet Ratings rates Redwood as a hold. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity and a generally disappointing performance in the stock itself. You can view the full Redwood Ratings Report now.

Rayonier

Owners of Rayonier (NYSE: RYN) shares, as of market close today, will be eligible for a dividend of 25 cents per share. At a price of $25.03 as of 9:37 a.m. ET, the dividend yield is 4%.

The average volume for Rayonier has been 1.0 million shares per day over the past 30 days. Rayonier has a market cap of $3.2 billion and is part of the materials & construction industry. Shares are down 10.1% year-to-date as of the close of trading on Wednesday.

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Rayonier, Inc. engages in the sale and development of real estate and timberland management, as well as in the production and sale of cellulose fibers in the United States, New Zealand, and Australia. The company has a P/E ratio of 51.20.

TheStreet Ratings rates Rayonier as a hold. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity. You can view the full Rayonier 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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