Bluegreen Vacations Corporation (BXG) will cut its quarterly by 23.5 percent to 13 cents per share. Earlier this year the dividend was hiked by 13.3 percent to 17 cents per share.

The lower dividend is payable November 27, 2019 to shareholders of record as of the close of trading on November 13, 2019.

The company states that in light of the challenges the it has faced over the last twelve months and the company’s current earnings and EBITDA, the board, with the recommendation of management, made a determination that it was appropriate to adjust the dividend while continuing to offer shareholders an attractive return. The company remains focused on investing in its growth initiatives and providing cash returns to its shareholders, according to the press release of November 1.

Bluegreen Vacations Corporation is a vacation ownership company that markets and sells vacation ownership interests (VOIs) and manages resorts in leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan. Bluegreen Vacations also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services, to or on behalf of third parties. Bluegreen is 90% owned by BBX Capital Corporation (BBX), a diversified holding company.