Standard & Poor's Lowers Expected 2008 Dividend Payment From S&P 500 List of Companies
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Standard & Poor's is decreasing the expected 2008 dividend payment for the S&P 500 from $30.30 to $28.85. The lowered estimate still represents a 4.0% increase in S&P 500 dividend payments from the $27.73 registered in 2007, and translates into a $251.0 billion aggregate payment for the S&P 500 companies for 2008.
"Already this year, 20 Financials have decreased their dividend payments compared to just 12 over the past five years," says Howard Silverblatt, Senior Index Analyst at Standard & Poor's. "As a result, the 4% expected increase in S&P 500 dividend payments for 2008 will be the lowest growth rate since 2002 when payments were up 2.1%."
Ambac (NYSE: ABK), Citi (NYSE: C), Fifth Third (Nasdaq: FITB), KeyCorp (NYSE: KEY), National City (NYSE: NCC), Regions (NYSE: RF), Wachovia (NYSE: WB) and Washington Mutual (NYSE: WM) are some of the financial stocks that have recently lowered dividend payments.[SM]
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