It may seem an anachronism that dividend rate rules exist in this era of high frequency trading, notes Christopher Witrak on Minyanville.com, but since they do, he lists 10 that reach that date on Friday.

Ten stocks will reach their ex-dividend date on Friday, which is significant for investors as the seller of the stock on that date, not the buyer, receives the most recent dividend.

A stock must be bought one day before the ex-dividend date to claim any dividends that have been announced but not yet paid. The company determines on the record date, which usually occurs two days after the ex-dividend date, which shareholders qualify for the dividend. Shareholders listed as holders of record after the record date then receive their dividend on the date of payment established by the company. Those purchasing right before the record date forfeit the dividend and normally get the stock for a reduced amount.

It may seem an anachronism in this era of high frequency trading, but the dividend rate rules are in force since it can still take up to three business days for transactions to be credited to and settled in an investor's account.

Below are five stocks that schedule May 17 as their ex-dividend date. All annual yields are estimated.

PBF Energy (PBF) yields 3.82% annually and has a market cap of $740.98 million. The refiner and supplier of petroleum products will pay a quarterly dividend of $0.30 on June 7, and the quarterly yield will be 0.96% based on Thursday's closing price of $31.38. The company began paying a quarterly dividend this year.

AEGON N.V. (AEG) yields 3.80% annually and has a market cap of $12.79 billion. The provider of life insurance and asset management products and services will pay a semi-annual dividend of $0.1248 on June 14, and the semi-annual yield will be 1.90% based on Thursday's closing price of $6.58. The company first paid a semi-annual dividend from 1992 through 2008 and resumed paying a semi-annual dividend last year.

Microchip Technology (MCHP) yields 3.80% annually and has a market cap of $7.27 billion. The producer of semiconductor products will pay a quarterly dividend of $0.3535 on June 4, and the quarterly yield of the dividend will be 0.53% based on Thursday's closing price of $37.10. The company has paid a quarterly dividend since 2002 and each dividend payment has either increased or remained the same from the prior-quarter.

Walgreen (WAG) yields 2.30% annually and has a market cap of $45.30 billion. The operator of drug stores in the US will pay a quarterly dividend of $0.275 on June 12, and the quarterly yield will be 0.58% based on Thursday's closing price of $47.81. The company has paid a quarterly dividend since the middle of 1985, and each dividend payment has either increased or remained the same from the prior quarter.

ResMed (RMD) yields 1.40% annually and has a market cap of $7.14 billion. The producer of medical equipment for managing sleep disorders will pay a quarterly dividend of $0.17 on June 18, and its quarterly yield will be 0.34% based on Thursday's closing price of $50.15. The company began paying a dividend last year.

These companies also have their ex-dividend date on May 17. All annual yields are estimated.

Main Street Capital Corporation (MAIN) yields 6.06% annually and will pay a monthly dividend of $0.155 on June 14.

Bemis Company (BMS) yields 2.63% annually and will pay a quarterly dividend of $0.26, on June 3.

Energizer Holdings (ENR) yields 1.60% annually and will pay a quarterly dividend of $0.40 on June 11.

Thomas Properties Group (TPGI) yields 1.50% annually and will pay a quarterly dividend of $0.02 on June 7.

Callaway Golf (ELY) yields 0.61% annually and will pay a quarterly dividend of $0.01 on June 17.

Purchase—and have your broker settle—before the ex-dividend date to secure the dividend.

By Christopher Witrak, Contributor, Minyanville.com