Dividend Decreases

This page gives you a list of the publicly-traded companies, exchange traded funds (ETFs) and real estate investment trusts (REITs) that have announced a decrease (or cut) in the amount of their dividend payments. Learn more about what it means when a company cuts its dividend.

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Country
Market Cap
Stock Type
Consensus Rating
CompanyAnnouncement DateAmountPrevious AmountDecrease AmountYieldEx-DatePayable Date
IRS
IRSA Inversiones y Representaciones Sociedad AnĂ³nima
11/25/2022$0.1670$1.36-87.72 %4.15%11/25/202212/5/2022
WILC
G. Willi-Food International
11/24/2022$0.32$0.43-25.58 %12/5/202212/14/2022
ORI
Old Republic International
11/23/2022$0.23$1.23-81.30 %3.81%12/2/202212/15/2022
FEMB
First Trust Emerging Markets Local Currency Bond ETF
11/21/2022$0.1250$0.1350-7.41 %5.89%11/22/202211/30/2022
FULT
Fulton Financial
11/21/2022$0.06$0.08-25.00 %11/30/202212/15/2022
HYLS
First Trust Tactical High Yield ETF
11/21/2022$0.2030$0.2050-0.98 %6.16%11/22/202211/30/2022
ITRN
Ituran Location and Control
11/21/2022$0.1050$0.14-25.00 %1.82%12/20/20221/4/2023
UG
United-Guardian
11/21/2022$0.31$0.65-52.31 %5.2%11/25/202212/7/2022
BSJS
Invesco BulletShares 2028 High Yield Corporate Bond ETF
11/18/2022$0.1050$0.1130-7.08 %6.05%11/21/202211/25/2022
BSMU
Invesco BulletShares 2030 Municipal Bond ETF
11/18/2022$0.0470$0.0480-2.08 %2.64%11/21/202211/25/2022
IHYF
Invesco High Yield Bond Factor ETF
11/18/2022$0.1140$0.12-5.00 %6.45%11/21/202211/25/2022
KBWY
Invesco KBW Premium Yield Equity REIT ETF
11/18/2022$0.1240$0.13-4.62 %7.18%11/21/202211/25/2022
PVL
Permianville Royalty Trust
11/18/2022$0.0470$0.0510-7.84 %17.04%11/29/202212/13/2022
PBT
Permian Basin Royalty Trust
11/18/2022$0.0810$0.2086-61.17 %4.87%11/29/202212/14/2022
MARPS
Marine Petroleum Trust
11/18/2022$0.2440$0.2620-6.87 %9.86%11/29/202212/28/2022
PRT
PermRock Royalty Trust
11/18/2022$0.09$0.0934-3.60 %14.84%11/29/202212/14/2022
SJT
San Juan Basin Royalty Trust
11/18/2022$0.1720$0.3491-50.73 %18.63%11/29/202212/14/2022
CINF
Cincinnati Financial
11/18/2022$0.60$0.69-13.04 %2.26%12/15/20221/13/2023
MTR
Mesa Royalty Trust
11/18/2022$0.1818$0.1866-2.59 %13.54%11/29/20221/31/2023
FORTY
Formula Systems (1985)
11/17/2022$0.6710$0.7908-15.15 %1.3%12/2/202212/30/2022
AEL
American Equity Investment Life
11/17/2022$0.02$0.34-94.12 %0.05%11/25/202212/13/2022
DSX
Diana Shipping
11/17/2022$0.1750$0.2750-36.36 %16.28%11/25/202212/15/2022
EURN
Euronav
11/17/2022$0.03$0.22-86.36 %0.61%11/21/202211/29/2022
SBLK
Star Bulk Carriers
11/16/2022$1.20$1.65-27.27 %24.12%11/29/202212/12/2022
TECK
Teck Resources
11/16/2022$0.0939$0.0970-3.20 %1.1%12/14/202212/30/2022
GOGL
Golden Ocean Group
11/16/2022$0.35$0.60-41.67 %26.9%11/25/202212/5/2022
SR
Spire
11/16/2022$0.14$0.6850-79.56 %0.82%12/9/20221/4/2023
BRMK
Broadmark Realty Capital
11/16/2022$0.0350$0.07-50.00 %9.66%11/29/202212/15/2022
ZIM
ZIM Integrated Shipping Services
11/16/2022$2.95$4.75-37.89 %46.15%11/28/202212/7/2022
USOI
Credit Suisse X-Links Crude Oil Shares Covered Call ETNs
11/16/2022$1.7559$2.6476-33.68 %11/18/202211/25/2022
ORAN
Orange
11/15/2022$0.2350$0.3382-30.51 %12/1/202212/22/2022
VOD
Vodafone Group Public
11/15/2022$0.4483$0.4550-1.48 %7.6%11/23/20222/3/2023
HQH
Tekla Healthcare Investors
11/15/2022$0.39$0.40-2.50 %9.1%11/23/202212/30/2022
V
Visa
11/15/2022$0.3950$0.45-12.22 %0.75%12/15/20221/3/2023
QFIN
360 DigiTech
11/15/2022$0.16$0.18-11.11 %3.9%12/9/20221/18/2023
BMA
Banco Macro
11/15/2022$0.0787$0.0850-7.51 %5.2%11/23/202212/2/2022
MMU
Western Asset Managed Municipals Fund
11/15/2022$0.0365$0.0390-6.41 %4.5%1/23/20232/1/2023
MNP
Western Asset Municipal Partners Fund
11/15/2022$0.0430$0.0475-9.47 %4.5%1/23/20232/1/2023
TILE
Interface
11/15/2022$0.01$0.10-90.00 %0.36%12/1/202212/16/2022
CVE
Cenovus Energy
11/15/2022$0.1140$0.2327-51.01 %11/17/202212/2/2022
MMU
Western Asset Managed Municipals Fund
11/14/2022$0.0360$0.0365-1.37 %4.21%12/21/202212/30/2022
RRR
Red Rock Resorts
11/14/2022$1.00$3.00-66.67 %9.41%11/29/202212/9/2022
NRC
National Research
11/11/2022$0.12$0.24-50.00 %1.31%12/29/20221/13/2023
CIXX
CI Financial
11/11/2022$0.1335$0.1411-5.39 %4.7%3/30/20234/14/2023
SRL
Scully Royalty
11/10/2022$0.16$0.26-38.46 %7.82%11/21/202212/6/2022
STN
Stantec
11/10/2022$0.1320$0.1410-6.38 %1.07%12/29/20221/17/2023
ICL
ICL Group
11/10/2022$0.2435$0.2918-16.55 %1.8%11/29/202212/14/2022
JEQ
Abrdn Japan Equity Fund
11/10/2022$0.10$0.11-9.09 %10.6%11/21/20221/11/2023
PAAS
Pan American Silver
11/9/2022$0.10$0.12-16.67 %2.59%11/18/202212/2/2022
BGS
B&G Foods
11/9/2022$0.19$0.4750-60.00 %5.04%12/29/20221/30/2023
MFC
Manulife Financial
11/9/2022$0.2420$0.2580-6.20 %5.6%11/21/202212/19/2022
OR
Osisko Gold Royalties
11/9/2022$0.04$0.0430-6.98 %1.27%12/29/20221/16/2023
SWCH
Switch
11/9/2022$0.0520$0.0525-0.95 %0.61%11/18/202212/1/2022
VET
Vermilion Energy
11/9/2022$0.0590$0.0628-6.05 %1.15%12/29/20221/16/2023
HL
Hecla Mining
11/9/2022$0.0040$0.0063-36.00 %0.35%11/23/202212/7/2022
TPG
TPG
11/9/2022$0.26$0.39-33.33 %2.94%11/18/202212/2/2022
TRP
TC Energy
11/9/2022$0.6610$0.6990-5.44 %5.8%12/29/20221/31/2023
SCU
Sculptor Capital Management
11/8/2022$0.01$0.13-92.31 %7.8%11/18/202211/28/2022
BRDG
Bridge Investment Group
11/8/2022$0.27$0.30-10.00 %7.35%12/1/202212/16/2022
RCI
Rogers Communications
11/8/2022$0.3670$0.3884-5.51 %3.45%12/8/20221/3/2023
NC
NACCO Industries
11/8/2022$0.2070$0.2075-0.24 %1.82%11/29/202212/15/2022
AOMR
Angel Oak Mortgage
11/8/2022$0.32$0.45-28.89 %14.55%11/21/202211/30/2022
ASG
Liberty All-Star Growth Fund
11/8/2022$0.10$0.11-9.09 %9.8%11/17/20221/3/2023
CDC
VictoryShares US EQ Income Enhanced Volatility Wtd ETF
11/7/2022$0.1180$0.1830-35.52 %2.25%11/8/202211/10/2022
CDL
VictoryShares US Large Cap High Div Volatility Wtd ETF
11/7/2022$0.1080$0.1480-27.03 %2.23%11/8/202211/10/2022
CFO
VictoryShares US 500 Enhanced Volatility Wtd ETF
11/7/2022$0.1010$0.1040-2.88 %1.82%11/8/202211/10/2022
CID
VictoryShares International High Div Volatility Wtd ETF
11/7/2022$0.0340$0.1150-70.43 %1.47%11/8/202211/10/2022
CIL
VictoryShares International Volatility Wtd ETF
11/7/2022$0.0130$0.1020-87.25 %0.45%11/8/202211/10/2022
CIZ
VictoryShares Developed Enhanced Volatility Wtd ETF
11/7/2022$0.0210$0.0540-61.11 %0.84%11/8/202211/10/2022
CSA
VictoryShares US Small Cap Volatility Wtd ETF
11/7/2022$0.0320$0.0520-38.46 %0.65%11/8/202211/10/2022
CSB
VictoryShares US Small Cap High Div Volatility Wtd ETF
11/7/2022$0.0780$0.1220-36.07 %1.78%11/8/202211/10/2022
CSF
VictoryShares US Discovery Enhanced Volatility Wtd ETF
11/7/2022$0.0650$0.0770-15.58 %1.37%11/8/202211/10/2022
ITIC
Investors Title
11/7/2022$3.46$18.46-81.26 %1.2%11/30/202212/15/2022
QQQN
VictoryShares Nasdaq Next 50 ETF
11/7/2022$0.0040$0.0090-55.56 %0.2%11/8/202211/10/2022
VNOM
Viper Energy Partners
11/7/2022$0.49$0.81-39.51 %5.72%11/16/202211/25/2022
VSDA
VictoryShares Dividend Accelerator ETF
11/7/2022$0.0650$0.0730-10.96 %1.78%11/8/202211/10/2022
GIM
Templeton Global Income Fund
11/7/2022$0.0288$0.03-4.00 %9.6%11/16/202211/30/2022
USA
Liberty All-Star Equity Fund
11/7/2022$0.15$0.16-6.25 %11.5%11/17/20221/3/2023
CGAU
Centerra Gold
11/7/2022$0.0510$0.0550-7.27 %4.36%11/17/202212/2/2022
GNE
Genie Energy
11/7/2022$0.0750$0.0848-11.56 %3.1%11/10/202211/21/2022
SBR
Sabine Royalty Trust
11/4/2022$0.5830$1.0170-42.67 %8.16%11/14/202211/29/2022
TU
TELUS
11/4/2022$0.2580$0.2650-2.64 %4.85%12/8/20221/3/2023
DDF
Delaware Investments Dividend and Income Fund
11/4/2022$0.0561$0.0572-1.92 %9.6%11/17/202211/25/2022
JBSS
John B. Sanfilippo & Son
11/3/2022$1.00$3.00-66.67 %12/1/202212/21/2022
EGLE
Eagle Bulk Shipping
11/3/2022$1.80$2.20-18.18 %13.89%11/14/202211/23/2022
MNRL
Brigham Minerals
11/3/2022$0.16$0.45-64.44 %4.0%11/17/202211/25/2022
GOLD
Barrick Gold
11/3/2022$0.11$0.1560-29.49 %3.36%11/29/202212/15/2022
BCE
BCE
11/3/2022$0.6750$0.7190-6.12 %5.99%12/14/20221/16/2023
KRP
Kimbell Royalty Partners
11/3/2022$0.49$0.55-10.91 %9.99%11/10/202211/21/2022
TX
Ternium
11/3/2022$0.90$1.80-50.00 %3.25%11/14/202211/22/2022
RGR
Sturm, Ruger & Company, Inc.
11/2/2022$0.41$0.47-12.77 %4.5%11/15/202211/30/2022
SLF
Sun Life Financial
11/2/2022$0.5280$0.5390-2.04 %4.93%11/22/202212/30/2022
GSK
GSK
11/2/2022$0.3695$0.3830-3.54 %6.1%11/17/20221/12/2023
PVH
PVH
11/2/2022$0.0375$0.0380-1.32 %0.3%11/29/202212/21/2022
MFV
MFS Special Value Trust
11/2/2022$0.0362$0.0375-3.55 %11.4%11/15/202211/30/2022
MFM
MFS Municipal Income Trust
11/2/2022$0.0185$0.0195-5.13 %5.3%11/15/202211/30/2022
CIF
MFS Intermediate High Income Fund
11/2/2022$0.0139$0.0144-3.34 %11.2%11/15/202211/30/2022
CMU
MFS High Yield Municipal Trust
11/2/2022$0.0125$0.0135-7.41 %5.1%11/15/202211/30/2022
MGF
MFS Government Markets Income Trust
11/2/2022$0.0209$0.0217-3.86 %8.6%11/15/202211/30/2022
IIM
Invesco Value Municipal Income Trust
11/2/2022$0.0507$0.0544-6.80 %5.4%11/14/202211/30/2022

The primary benefit of a dividend is the opportunity for investors to collect regular income. They can use their dividend payments as a source of extra income to meet their expenses. Or, in many cases, investors who don’t need the income from their dividends right away can reinvest their dividends to buy more shares of that particular equity. When they do, they benefit from the compounding effect.

With that in mind, it’s easy to understand why investors pay close attention to the amount of the divided (i.e. the dividend payout). At the very least, investors want to see a dividend payout that stays consistent over time. So when a company cuts its dividend it’s almost always a cause for concern.

Dividend cuts signal that a company is going through a period of financial difficulty. In this article, we’ll review why companies issue dividend cuts and why it’s always a signal for investors to proceed with caution before continuing to invest in that stock.

Why Does a Company Issue a Dividend Cut?

When a company issues a dividend cut it does so primarily for one of two reasons:

  • Declining earnings or increased debts – Although this should be concerning for investors, it may only reflect short-term economic conditions.
  • Reinvesting in the business - Sometimes a company will cut its dividend payment as part of a longer term strategy such as to prepare its balance sheet to absorb an acquisition or to buy back shares of its stock. Repurchasing shares is another way that companies attempt to build shareholder value.

A dividend is almost always paid from a company’s earnings (i.e. profit). The amount of the company’s dividend relative to its total earnings is called the payout ratio. Many companies that have a long track record of issuing dividends have stable, mature businesses with strong balance sheets. This makes their dividend sustainable even if they have a quarter or two of declining earnings. This is because the company has the flexibility to access capital from other sources to maintain its dividend level.

However, for other businesses, weaker earnings mean they have to reallocate money to shore up their balance sheet. That’s because if these companies try to access capital from anywhere other than earnings they can find themselves in a precarious financial position. In this case, a dividend cut may be the least bad option. And that’s a reason why it’s normally at the top of the list when it comes to actions a company will take when they face financial difficulties.

Is a Dividend Cut Always a Sell Signal?

If an investor needs the income from the dividend to meet current expenses, then a dividend cut is almost always a signal to sell. However, for investors who have a longer time horizon, it’s important to understand the exact reason for the dividend cut.

For example, sometimes the dividend cut is based on short-term macroeconomic conditions that are largely outside of the company’s control. For example, at the onset of the Covid-19 pandemic many companies particularly companies such as cruise lines and airlines issued dividend cuts in anticipation of historic demand destruction.

What is a Dividend Suspension?

Another action a company may take is to suspend its dividend altogether. This is a more drastic measure than a dividend cut because it means that instead of reducing the amount of its payout it will not be paying any dividend at all.

Dividend Yield vs. Dividend Payout

Dividend payout is the dollar amount per share that a company will pay shareholders on the payment date. Seeing this number remain stable or better yet increase should give investors more confidence that the company is on strong financial footing.

This is different from the dividend yield which is not a reliable indicator of how much money an investor will get from owning a dividend stock. 

Understanding the Payout Ratio

The dividend payout lets you calculate a company’s payout ratio. The formula for calculating the company’s payout ratio is dividends paid divided by net income.

Company’s normally calculate several different payout ratios. Some of the most common include:

  • Payout ratio based on trailing 12 months (TTM) of earnings
  • Payout ratio based on the current year’s earnings estimates
  • Payout ratio based on next year’s earnings estimates
  • Payout ratio based on cash flow

The Last Word on Dividend Cuts

Dividends are one way that a company uses to build shareholder equity. In most cases, once a company begins to issue a dividend they will make every effort to sustain the dividend. A dividend cut usually results in a company’s stock price dropping and can cast doubt on a company’s management. However, at times, the company has to cut its dividend in an effort to solidify the company’s balance sheet.

The important thing for investors to understand is why the company is issuing the dividend cut. Once they do, they will have a better understanding of whether they should continue to invest in the company.

Find out why slow and steady wins the race with DividendStocks.com.