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Disappearing Dividends At America's Best-Known Companies II (GE, PNC, IP, TXT, JPM)
Back in mid-February we discussed the latest trend of big-name companies slashing their dividends and how the trend will likely grow. Well it is growing, and fast.
In this horrible market, dividends have been one of the few saviors for investors, but increasingly shareholders can no longer count on the payouts from many well-known corporate leaders.
On Friday, GE (NYSE: GE) cut it dividend 68% from $0.31 to $0.10. Today, PNC Financial Services Group, Inc. (NYSE: PNC) cut its dividend 85% from $.66 to $.10 per share. Also today, International Paper (NYSE: IP) cut its dividend 90% from $0.25 to $0.025.
Other recent big-name dividend cuts came from Textron Inc. (NYSE: TXT) with a 91% cut and JPMorgan Chase (NYSE: JPM) with an 87% cut.
Some big-name dividends that still appear at risk include Whirlpool Corp. (NYSE: WHR), Caterpillar Inc. (NYSE: CAT), Capital One (NYSE: COF), Wells Fargo & Company (NYSE: WFC), US Bancorp (NYSE: USB) and Alcoa (NYSE: AA).
On the other side of the dividend cuts, Kimberly-Clark Corporation (NYSE: KMB) was a bright spot with a recent 3.4% dividend increase.
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