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GE (GE) Takes Its Medicine: Cuts Dividend to $0.10
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CNBC's David Faber just broke the news that General Electric (NYSE: GE) will give in and cut its quarterly dividend, something CEO, Jeff Immelt, has said will not happen. Faber said GE will lower its quarterly dividend from $0.31 to $0.10 per common share, implying an annual dividend of $0.40 a year, down from $1.24 previously. The yield falls from 14.16% to 4.69%.
GE has said that the reduced dividend will save the company $9 billion annually.
The major concerns with GE's stock this year have been 1. will the dividend be cut? and 2. will the company be able to maintain its AAA credit rating? As one of those issues has now been addressed, the question remains: will the $9 billion in savings be able to help GE maintain its stellar credit rating?
As a dividend cut was somewhat-expected on the Street (StreetInsider.com has reported on this numerous times - check out Disappearing Dividends), shares of GE have bounced on the news, as traders are viewing the massive annual savings as a positive for the stock. GE's stock is now up (after being down as much as 7%) 0.2%, or $0.02, to $9.12.
Faber later noted that with the dividend still at $0.10, GE still has room to cut the dividend more at a later time.
UPDATE: GE has now confirmed that it will cut the dividend to $0.10/share. Notably, in the official release, GE said it currently does "not have any plans to raise more equity." Also, the S&P has made comments saying that GE's credit rating and outlook are unchanged following the news.
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