Benzinga | Oct 30, 2020 11:19AM EDT

Analyzing Tompkins Financial's Ex-Dividend Date

On October 23, 2020, Tompkins Financial (AMEX: TMP) declared a dividend payable on November 13, 2020 to its shareholders. Tompkins Financial also announced that shareholders on the company's books on or before November 3, 2020 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. Tompkins Financial, which has a current dividend payout of $0.54, has an ex-dividend date scheduled for November 2, 2020. That equates to a dividend yield of 3.72% at current price levels.

What Are Ex-Dividend Dates?

Ex-dividend dates are when company shares stop trading with their current dividend payouts in preparation for those companies to announce new ones. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Most ex-dividend dates operate on a quarterly basis.

Understanding Tompkins Financial's Dividend Performance

Over the past year, Tompkins Financial has experienced an overall upward trend regarding its dividend payouts and yields. Last year on October 28, 2019 the company's payout was $0.52, which has since grown by $0.02. Similarly, Tompkins Financial's dividend yield in last year was 2.55%, which has since grown by 1.17%.

Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.

Click here to find details on Tompkins Financial's previous dividends.