Cutting the dividend in 2024
14 US listed stocks announce a (big) dividend cut
In the realm of U.S. stocks, 2024 has seen a notable trend: dividend reductions. Several companies have announced cuts to their dividends, prompting discussions among investors. Let's delve into some of the significant cases, exploring the businesses behind these decisions and their implications
2024 US DIVIDEND CUTS (AS OF MARCH 26, 2024)
TTEC Holdings Inc (TTEC): -88.5%
NU Skin Enterprises Inc (NUS): -84.6%
Big 5 Sporting Goods Corp (BGFV): -60.0%
International Flavors & Fragrances Inc (IFF): -50.6%
B. Riley Financial (RILY): -50.0%
Walgreens Boots Alliance Inc (WBA): -47.9%
Newmont Corporation (NEM): -37.5%
Fidelity National Information Services Inc (FIS): -30.8%
Ares Commercial Real Estate Corp (ACRE): -24.2%
JBG SMITH Properties (JBGS): -22.2%
Southern Copper Corp (SCCO): -20.0%
Dacotah Banks Inc (DBIN): -14.3%
Great Ajax Corp (AJX): -9.1%
American Tower Corp (AMT): -4.7%
Below we have displayed some additional information about the 14 stocks announcing a dividend cut in 2024.
TTEC Holdings Inc (TTEC)
Dividend Reduction 2024: -88.5%
Dividend Yield: 1.2%
YTD Performance 2024: -54.4%
Market Cap: $0.5 billion
Business: TTEC Holdings Inc specializes in customer experience technology and services, providing innovative solutions to enhance customer engagement and satisfaction.
NU Skin Enterprises Inc (NUS)
Dividend Reduction 2024: -84.6%
Dividend Yield: 1.9%
YTD Performance 2024: -35.3%
Market Cap: $0.6 billion
Business: NU Skin Enterprises Inc operates in the personal care and wellness industry, offering a range of skincare and nutritional products.
Big 5 Sporting Goods Corp (BGFV)
Dividend Reduction 2024: -60%
Dividend Yield: 5.6%
YTD Performance 2024: -43.0%
Market Cap: $0.1 billion
Business: Big 5 Sporting Goods Corp is a retail player specializing in athletic apparel and equipment, catering to sports enthusiasts across various disciplines.
International Flavors & Fragrances Inc (IFF)
Dividend Reduction 2024: -50.6%
Dividend Yield: 2.0%
YTD Performance 2024: 1.8%
Market Cap: $20.8 billion
Business: International Flavors & Fragrances Inc is a major player in the flavors and fragrances industry, providing essential ingredients for a wide range of consumer products.
B. Riley Financial (RILY)
Dividend Reduction 2024: -50%
Dividend Yield: 10.5%
YTD Performance 2024: -7.5%
Market Cap: $0.6 billion
Business: B. Riley Financial operates as a diversified financial services company, offering investment banking, wealth management, and advisory services.
Walgreens Boots Alliance Inc (WBA)
Dividend Reduction 2024: -47.9%
Dividend Yield: 4.8%
YTD Performance 2024: -20.1%
Market Cap: $17.8 billion
Business: Walgreens Boots Alliance Inc is a leading pharmacy retailer, providing healthcare products and services through its extensive network of stores.
Newmont Corporation (NEM)
Dividend Reduction 2024: -37.5%
Dividend Yield: 2.9%
YTD Performance 2024: -17.4%
Market Cap: $39.4 billion
Business: Newmont Corporation is one of the world's largest gold mining companies, with operations spanning across multiple continents. The company is engaged in the exploration, production, and sale of gold and copper.
Fidelity National Information Services Inc (FIS)
Dividend Reduction 2024: -30.8%
Dividend Yield: 2.0%
YTD Performance 2024: 19.0%
Market Cap: $41.5 billion
Business: Fidelity National Information Services Inc provides technology solutions for the financial services industry, offering a wide range of software, processing, and consulting services to banks, financial institutions, and businesses worldwide.
Ares Commercial Real Estate Corp (ACRE)
Dividend Reduction 2024: -24.2%
Dividend Yield: 12.9%
YTD Performance 2024: -24.9%
Market Cap: $0.4 billion
Business: Ares Commercial Real Estate Corp is a real estate investment trust (REIT) focused on providing commercial real estate financing solutions. The company primarily invests in mortgage loans and other real estate-related assets.
JBG SMITH Properties (JBGS)
Dividend Reduction 2024: -22.2%
Dividend Yield: 4.4%
YTD Performance 2024: -4.5%
Market Cap: $1.5 billion
Business: JBG SMITH Properties is a real estate development and management company specializing in the ownership, operation, and development of office, residential, and retail properties in the Washington, D.C. metropolitan area.
Southern Copper Corp (SCCO)
Dividend Reduction 2024: -20%
Dividend Yield: 3.1%
YTD Performance 2024: 21.9%
Market Cap: $79.0 billion
Business: Southern Copper Corp is one of the world's largest copper producers, engaged in the exploration, mining, smelting, and refining of copper and other minerals. The company's operations are primarily located in Peru and Mexico.
Dacotah Banks Inc (DBIN)
Dividend Reduction 2024: -14.3%
Dividend Yield: 2.0%
YTD Performance 2024: -9.7%
Market Cap: $0.4 billion
Business: Dacotah Banks Inc is a regional bank providing a range of financial products and services, including banking, lending, wealth management, and insurance services, primarily serving customers in the Midwest region of the United States.
Great Ajax Corp (AJX)
Dividend Reduction 2024: -9.1%
Dividend Yield: 10.7%
YTD Performance 2024: -27.3%
Market Cap: $0.1 billion
Business: Great Ajax Corp is a real estate investment trust (REIT) focused on acquiring, investing in, and managing a portfolio of residential mortgage loans. The company primarily targets non-performing loans secured by single-family properties.
American Tower Corp (AMT)
Dividend Reduction 2024: -4.7%
Dividend Yield: 3.3%
YTD Performance 2024: -9.4%
Market Cap: $91.0 billion
Business: American Tower Corp is a real estate investment trust (REIT) specializing in owning and operating a large portfolio of communication towers and other wireless infrastructure assets globally. The company leases space on its towers to wireless service providers for wireless communications.
Earlier we discussed that more than 300 US companies announced a dividend hike so far in 2023.
Disclaimer: The information provided here is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.