Benzinga | Jun 18, 2021 10:24AM EDT

Understanding Toro's Ex-Dividend Date

On May 18, 2021, Toro (NYSE:TTC) announced shareholders can expect to receive a dividend payable on July 14, 2021. The stock will then go ex-dividend 1 business day(s) before the record date. Toro has an ex-dividend date set for for June 21, 2021. The company's current dividend payout is $0.26, which equates to a dividend yield of 0.94% at current price levels.

What Are Ex-Dividend Dates?

An ex-dividend date signals when a company's shares cease to trade with its current dividend payout. There is a small intermission period before the company announces a new dividend. 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. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Understanding Toro's Dividend History

Over the past year, Toro has seen its dividend payouts climb upward and its yields trend downward. Last year on June 19, 2020 the company's payout sat at $0.25, which has since increased by $0.01. Toro's dividend yield last year was 1.53%, which has since decreased by 0.59%.

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 Toro's previous dividends.