PDL BioPharma (PDLI) Cuts Dividend to $0.05 Quarterly; 6.3% Yield

PDL BioPharma (NASDAQ: PDLI) declared a quarterly dividend of $0.05 per share, or $0.2 annualized. This is down from $0.15 per share on a quarterly basis, or $0.60 annualized.

The dividend will be payable on March 11, 2016, to stockholders of record on March 4, 2016, with an ex-dividend date of March 2, 2016.

The annual yield on the dividend is 6.3 percent.

John P. McLaughlin, president and chief executive officer of PDL, stated, "Our dividends are an important element of our commitment to return value to our shareholders. Currently, as a provider of alternative sources of capital, we are in a unique position to capitalize on a highly favorable environment for such providers. These current prospects, and our approximately $219 million in cash and equivalents as of December 31, 2015, will allow us to make significant strategic investments that will drive long-term growth and therefore greater value for our shareholders. As a result, the Board evaluated the quarterly dividend based upon a number of factors, all relating to the strong prospects for the long-term growth of PDL."

For a dividend history and other dividend-related data on PDL BioPharma (PDLI) click here.

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