It's a good time to buy a share when you think it's good value. However, if you're purely buying a share for income then it might make sense to buy that share just before its ex-dividend date.
The ex-dividend date is when the business checks its register to determine who is entitled to the dividend or distribution.
Here are three quality income shares with the ex-dividend date fast approaching:
Magellan Global Trust (ASX: MGG)
This is the new listed investment trust (LIT) run by Magellan Financial Group Ltd (ASX: MFG).
It's a sad reality that most Australian investors have far too little exposure to overseas investments, particularly to the tech giants.
Magellan Global Trust offers investors that exposure. In its update for October 2017 it revealed that its top 10 holdings included Alphabet (Google), Apple, eBay, Facebook, Kraft Heinz, Lowe's, Oracle, Starbucks, Visa and Wells Fargo.
The trust is targeting a 4% distribution yield on the net asset value. This should provide the right balance between income and growth for most investors.
The ex-dividend date for Magellan Global Trust is expected to be 28 December 2017.
Australian Foundation Investment Co. Ltd. (ASX: AFI) (AFIC)
AFIC is the largest listed investment company in Australia. It's been operating since 1928 and has provided investors with solid long-term capital growth.
It invests in all the usual blue chips like Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), Wesfarmers Ltd (ASX: WES) and Telstra Corporation Ltd (ASX: TLS).
The main reason to like AFIC is its reliable and fully franked dividend. It has been slowly growing the dividend over the past two decades without reducing it once, even through the GFC.
AFIC is currently trading with a grossed-up dividend yield of 5.61% and last year its ex-dividend date was 7th February.
Sydney Airport Holdings Ltd (ASX: SYD)
Sydney Airport Holdings is the company which operates Sydney Airport.
It's growing strongly thanks to an increasing number of international passengers coming to Australia.
This growth is giving the business more passenger fees, more car park fees and more airport revenue.
Sydney Airport was able to grow its February dividend by 12.5% and the current yield is 4.69%. The ex-dividend date for this dividend is 28 December 2017.
Foolish takeaway
All three shares should make good purchases over the long-term, but at the current prices I'd only want to invest in the Magellan Global Trust because the other two are trading beyond what I'd be willing to pay for them.
