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Archive for the 'Dividend changes' Category

Acadia Realty Trust cuts dividend

May
15

Acadia Realty Trust, a White Plains real estate company that owns shopping centers, said that it has reduced its cash dividend from 21 cents to 18 cents per share. The company said the dividend cut was done to reflect the issuance of an additional 5.75 million shares in April.

Posted by Jay Loomis on Friday, May 15th, 2009 at 4:53 pm |
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Pepsi Bottling hikes dividend by 6 percent

March
26

Pepsi Bottling Group Inc. of Somers is increasing its quarterly dividend by 6 percent. The world’s largest distributor of Pepsi products said that the hike from 17 cents to 18 cents a share marked the sixth consecutive year that the Pepsi Bottling board has raised the dividend. During that span, Pepsi Bottling has paid $4.2 billion in dividends.

Posted by Jay Loomis on Thursday, March 26th, 2009 at 3:34 pm |
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ITT hikes dividend by 22 percent

February
20

ITT Corp., a White Plains-based industrial conglomerate and defense contractor, is hiking its quarterly dividend by 22 percent to 21.25 cents per share. The move comes after ITT reported a 14.6 percent increase in fourth-quarter profit.

ITT is bucking the trend of major companies that have cut their dividends in response to the global financial and economic crisis. This year, Standard & Poor’s forecast calls for a 13.3 percent plunge in dividends payouts by S&P 500 companies — the worst annual performance since 1942.

Posted by Jay Loomis on Friday, February 20th, 2009 at 3:28 pm |
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Dividend cuts rising in weak economy

February
9

More companies in the Lower Hudson Valley are responding to a harsh economy not only by cutting jobs but by reducing the dividends that they pay to shareholders.

Recent examples at companies that have a major presence in the region have included cell phone giant Nokia Oyj, which cut its 2008 dividend to 40 cents from 53 cents, marking the first dividend reduction in seven years; Jones Apparel Group Inc., the parent of shoe designer Nine West Group in White Plains, which cut its quarterly dividend to 5 cents a share from 14 cents; and the department store giant Macy’s Inc., which recently announced a 62 percent reduction in its quarterly dividend to 5 cents a share.

“Unless companies believe that their financial future will improve, their need to conserve cash will outweigh their desire to pay dividends,” said Howard Silverblatt, senior index analyst at Standard & Poor’s.

Retirees and other investors who depend on reliable dividend streams may be shocked by the magnitude of the dividend reductions on the horizon. Some researchers are speculating that the current world financial crisis and economic downturn is the worst train wreck since the Great Depression during the 1930s.

Reflecting the hard times, January dividend payments at big companies were down 23.9 percent. For all of 2009, Standard & Poor’s forecast calls for a 13.3 percent plunge in dividends payouts by S&P 500 companies. That would represent the worst annual performance since 1942 when dividends fell 16.9 percent.

Sixty-two S&P 500 companies decreased their dividends in 2008 by $40.6 billion.
The 48 dividend decreases in the financial industry was far above the 12 dividend decreases in that sector from 2003-2007.

“The bottom line is that investors need to do a lot more homework than in years past as the prospect for future dividends remains extremely cautious,” Silverblatt said. “On former President Ronald Reagan’s 98th birthday, his words still ring true today, Trust but Verify.”

Posted by Jay Loomis on Monday, February 9th, 2009 at 4:11 pm |
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SL Green cuts dividend by more than 50%

December
29

SL Green Realty Corp., a major office landlord in New York City and Westchester County, will cut its dividend by more than half as it responds to a weakening economy and a softening real estate market.

The New York-based real estate investment trust said that it will pay a dividend of 37.5 cents a share during the fourth quarter, down from from the dividend of 78.8 cents that it paid during the four previous quarters.

“Given the current capital markets environment, we have reset the dividend to reflect the company’s current policy to preserve internally generated cash flows,” Chief Executive Officer Marc Holliday said in a written statement. “Looking forward, this reset will help conserve approximately $95 million for the company in 2009.”

Analysts have been concerned that the worst downturn in the financial services industry since the Great Depression could hurt SL Green more than other real eatate companies. More than 85 percent of the company’s office leases comes from Midtown Manhattan, home to large numbers of troubled financial companies.

“Financial-services firms, which make up 42 percent of SL Green’s base rental revenue, are cutting back on head count, demanding less space and even subleasing office space that they no longer need,” Morningstar analyst Jeremy Glaser wrote in a research report. “Although demand from other sectors and international firms is picking up some of the slack, rental rates have moved downward for the first time in four years as vacancies have inched up.”

In 2007, SL Green acquired 3.6 million square feet of space in Westchester, and Stamford, Conn., helping to diversfy the company beyond Manhattan.

Glaser said that the divdend cut will help SL Green preserve capital in an uncertain economy.

“Management believes that the crisis will eventually bring opportunities to buy distressed assets at bargain prices,” Glaser said. “However, we’d still prefer SL Green pay down its debt and strengthen its balance sheet before it takes on more acquisitions.”

Shares of SL Green dropped $2.80 to $24.42 in trading today on the New York Stock Exchange. The stock is down 72 percent during the past year.

Posted by Jay Loomis on Monday, December 29th, 2008 at 5:15 pm |
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Real estate fund cuts dividends by 76 percent

December
22

A Purchase-based real estate fund is cutting monthly dividend payments to its investors by 76 percent in response to the sharp downturn in the credit and real estate markets.

The Alpine Global Premier Properties Fund said that the monthly distributions to investors will be 3 cents a share during January, February and March, down from monthly distributions of 12.67 cents a share previously.

Fund manager Sam Lieber said that a “crisis of confidence” is hurting the real estate market and affecting dividend payouts.

“Given the current level of uncertainty, the board of (the fund) believes it is prudent to reduce the monthly distribution,” Lieber said in a written statement. “This decision reflects current conditions and best positions the fund to meet its primary objective of long-term capital appreciation.”

The fund is down 66 percent this year, worse than a 32 percent drop for its peers, according to Bloomberg News. The fund’s weak performance is a sharp reversal for Lieber, who racked up stellar returns during the housing boom earlier this decade by investing heavily in homebuilders. In October, managers responded to the steep sell-off by announcing plans to buy back more than 279,000 shares of the closed-end fund.

Two other funds managed at the same investment company in Purchase also announced a change in policy regarding payouts to shareholders. The Alpine Total Dynamic Dividend Fund and Alpine Global Dynamic Dividend Fund said that would maintain their regular payouts of 18 cents a share and 17 cents a share respectively for January. But the funds, citing the difficult market environment, are shifting to monthly distribution declarations, instead of quarterly.

Posted by Jay Loomis on Monday, December 22nd, 2008 at 3:41 pm |
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Acadia paying dividend, taking charge

December
19

Acadia Realty Trust, a real estate investment trust in White Plains, said it will pay shareholders a special dividend of 55 cents a share, a total of $18 million. The company’s board of trustees approved the payment, the company said.

Acadia also said it is providing an impairment charge of $4.4 million against a certain investment. That means the company’s 2008 funds from operations will be $1.17 a share to $1.22 a share, the company said. Without the impairment, the company’s projected funds from operations would have been $1.30 a share to $1.35 a share, the company said.

Posted by Allan Drury on Friday, December 19th, 2008 at 1:11 pm |
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Hudson Valley Holding announces stock dividend

December
3

Hudson Valley Holding Corp. in Yonkers said that it has approved a 10 percent stock dividend to shareholders of record on Dec. 12. The parent company for Hudson Valley Bank also said that it will repurchase up to 300,000 of its shares at $48 per share in a program that ends March 3. In trading today, Hudson Valley shares fell $2.25 to $51.75.

Posted by Jay Loomis on Wednesday, December 3rd, 2008 at 12:31 pm |
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Gamco to pay special dividend

November
10

Gamco Investors Inc., the Rye-based money management company, said that it will pay a special dividend of 90 cents a share to its Class A and Class B shareholders. The dividend is payable on Dec. 23 to shareholders of record on Dec. 9. The company will also pay a quarterly dividend of 3 cents a share.

Posted by Jay Loomis on Monday, November 10th, 2008 at 2:55 pm |
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Dividend cuts accelerate

July
11

Standard & Poor’s said the second quarter was the worst quarter in 18 years for investors depending on dividend income.

A total of 97 of 7,000 publicly owned companies that report dividend information to Standard & Poor’s Dividend Record decreased their dividend during the second quarter. That was 439 percent increase from the 18 companies that decreased their dividend payment a year earlier. The number of companies that increased dividends fell 16.1 percent.

“Companies are very nervous about what the future holds for the economy and markets, and dividends are on the receiving end of that uneasiness,” says Howard Silverblatt, senior index analyst at Standard & Poor’s.

The dividend cuts have hurt banks and financially companies particularly hard as they deal with the fallout from the credit crunch and a weakening housing market.

Financial companies with a major presence in the lower Hudson Valley that have cut dividends in recent months include Wachovia Corp., Citigroup Inc. and Washington Mutual Inc. MBIA Inc., the Armonk-based bond insurer hobbled by the subprime mortgage crisis, opted to eliminate its dividend entirely.

Posted by Jay Loomis on Friday, July 11th, 2008 at 12:44 pm |
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Bunge raises dividend

May
23

Bunge Limited of White Plains said its board of directors raised the company’s regular quarterly dividend by 11.8 percent, from 17 cents to 19 cents.
The new dividend is payable on Sept. 3 to shareholders of record on Aug. 15.

Posted by Jerry Gleeson on Friday, May 23rd, 2008 at 12:27 pm |
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Pepsi Bottling hikes dividend

March
27

Pepsi Bottling Group Inc. of Somers is increasing its quarterly dividend by 21 percent from 14 cents to 17 cents a share. It is the fifth consecutive year that the dividend has gone up. The board also authorized a repurchase of 25 million shares of common stock on the open market and through negotiated transactions.

Posted by Jay Loomis on Thursday, March 27th, 2008 at 4:45 pm |
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Gabelli trust declares special dividend

December
24

The Gabelli Global Gold, Natural Resources & Income Trust today declared a special dividend of 25 cents a share, or a total of about $4.5 million, payable Jan. 7 to shareholders of record on Dec. 31.

The Rye-based closed-end fund said the payment satisfies the minimum distribution requirement for federal excise tax purposes and eliminates any federal income-tax liability.

The additional cash distribution brings total dividend payments for the year to $1.93 a share, the trust said.

Posted by David Schepp on Monday, December 24th, 2007 at 4:54 pm |
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Acadia Realty declares special dividend

December
21

Acadia Realty Trust, a real estate investment trust, said today it is paying a special dividend of 22.25 cents following the completion of sales of properties this month and earlier this year that resulted in taxable gains.

The dividend is payable Jan. 15 to shareholders of record as of Dec. 31, the White Plains-based company said, the same dates as its regular quarterly dividend of 21 cents.

Posted by David Schepp on Friday, December 21st, 2007 at 4:14 pm |
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Acadia hikes dividend by 5%

December
7

Acadia Realty Trust, a real estate investment trust based in White Plains, announced that its board has approved a 5 percent increase in its quarterly dividend. On an annualized basis, the dividend will rise from 80 cents to 84 cents per share.

Posted by Jay Loomis on Friday, December 7th, 2007 at 6:27 pm |
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Gabelli Equity Trust raises quarterly dividend

November
21

The Gabelli Equity Trust Inc. upped its quarterly dividend to 30 cents a share in the fourth quarter, the company said Monday. The dividend is payable Dec. 17 to shareholders of record on Dec. 12, the Rye-based closed-end investment fund said.

Posted by David Schepp on Wednesday, November 21st, 2007 at 6:19 pm |
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National Home merger on hold till November

August
30

National Home Health Care Corp., the Scarsdale home health-care company that is being acquired by Angelo Gordon & Co., said today the merger won’t be completed next month, as anticipated.

National Home said it agreed to extend the termination date of its merger with the Manhattan investment bank to Nov. 21 to allow additional time for state Department of Health approval.

The extension may result in an increase of 10 cents a share in its quarterly dividend payment, raising it to 17.5 cents a share, National Home said.

Shares of the provider of home health care and staffing services were higher by 18 cents in mid-afternoon trading to $12.45 a share.

Posted by David Schepp on Thursday, August 30th, 2007 at 2:37 pm |
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Hudson Valley Holding raises dividend by a penny

April
24

Hudson Valley Holding Corp. reports it raised its quarterly dividend payment to shareholders to 50 cents a share from 49 cents a share. The dividend is payable to shareholders on record as of May 4 and will be paid on or about May 11, the Yonkers-based company said. Hudson Valley Holding is the parent of Hudson Valley Bank and NYNB Bank.

Posted by David Schepp on Tuesday, April 24th, 2007 at 7:04 pm |
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Armonk-based IBM boosts dividend, share-buybacks

April
24

IBM Corp. has boosted its quarterly dividend 33 percent to 40 cents and expanded its share-buyback program by $15 billion.

Both actions, announced this morning from Knoxville, Tenn., where IBM’s holdings its annual shareholders’ meeting, will increase the company’s earnings per share by 12 percent to 14 percent, the company estimated. The predicted gains exclude one-time gains from the sale of IBM’s printer business.

The new dividend will be paid June 9 to shareholders of record as of May 10.

Armonk-based IBM also reported that it still has $1.4 billion previously authorized by its board under an earlier share-buyback program bringing the total authorized for buybacks to $16.4 billion.

IBM shares closed yesterday at $95.21, up 63 cents, or 0.7 percent in trading on the New York Stock Exchange.

Posted by Frank Brill on Tuesday, April 24th, 2007 at 9:51 am |
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Pepsi Bottling boosts quarterly dividend

March
22

The Pepsi Bottling Group Inc. announced today that it raised its quarterly dividend payment to 14 cents a share from 11 cents a share.

The Somers-based beverage bottler said the dividend will be paid June 29 to shareholders of record June 8.

Posted by David Schepp on Thursday, March 22nd, 2007 at 2:08 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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