3 Stocks Going Ex-Dividend Tomorrow: HYB, TCPC, PVTB

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:

New America High Income Fund

Owners of New America High Income Fund (NYSE: HYB) shares, as of market close today, will be eligible for a dividend of 6 cents per share. At a price of $9.02 as of 9:30 a.m. ET, the dividend yield is 8.7%.

The average volume for New America High Income Fund has been 46,900 shares per day over the past 30 days. New America High Income Fund has a market cap of $209.6 million and is part of the financial services industry. Shares are up 0.6% year-to-date as of the close of trading on Wednesday.

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The company has a P/E ratio of 7.18.

TCP Capital

Owners of TCP Capital (NASDAQ: TCPC) shares, as of market close today, will be eligible for a dividend of 36 cents per share. At a price of $16.16 as of 9:30 a.m. ET, the dividend yield is 8.9%.

The average volume for TCP Capital has been 169,800 shares per day over the past 30 days. TCP Capital has a market cap of $793.1 million and is part of the financial services industry. Shares are down 3.5% year-to-date as of the close of trading on Wednesday.

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TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It seeks to invest in the United States. The company has a P/E ratio of 10.45.

TheStreet Ratings rates TCP Capital as a buy. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations and increase in net income. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself. You can view the full TCP Capital Ratings Report now.

PrivateBancorp

Owners of PrivateBancorp (NASDAQ: PVTB) shares, as of market close today, will be eligible for a dividend of 1 cent per share. At a price of $40.79 as of 9:36 a.m. ET, the dividend yield is 0.1%.

The average volume for PrivateBancorp has been 489,200 shares per day over the past 30 days. PrivateBancorp has a market cap of $3.2 billion and is part of the banking industry. Shares are up 22.8% year-to-date as of the close of trading on Wednesday.

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PrivateBancorp, Inc. operates as the holding company for The PrivateBank and Trust Company that provides customized financial services to middle market companies, business owners, executives, entrepreneurs, and families in the United States. The company has a P/E ratio of 19.92.

TheStreet Ratings rates PrivateBancorp as a buy. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth, compelling growth in net income, good cash flow from operations and expanding profit margins. We feel its 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 PrivateBancorp 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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