"The bank’s board on Thursday declared a quarterly dividend of 5 cents per common share, which is a reduction of 27 cents from the previous quarterly dividend. The dividend is payable May 15 to shareholders of record at the close of business on May 7."
I saw this on BAC before and the stock is going to tank! I got my order in at $11 but I hope it does not get fill. I am a long term shareholder and am surprise at this move by BOD!
Most analysist agree that ASBC is worth holding at the present time.We have been through a rough patch;however,we have survived;continue to make money.Most now agree we are in a depression.It should get much better. HOLD
I just finished reading the April 16th letter from Beideman that arrived in today's mail. I would have appreciated a further explanation telling us just how many dollars this reduction will mean to our capital position. I know I could do the math if I dig for it, but Beideman and his PR cronies should have included that. Bragging about a $35.4 million net income for last quarter doesn't make the reduction that more palatable. And the closing comment of "increasing the dividend as soon as possible" isn't encouraging - not when he will need to add back $.27 just to recover. Penny here penny there? Come on give us a better prediction, Beideman!
I posted recently that you can't "earn" a certain amount and expect to pay a higher amount in dividends, when you've borrowed Government money. Thus, the reduction.
But at the end of the previous quarter, when ASBC only made 11 cents/share but paid out 32 cents/share in a dividend, I was shocked he got away with that. The U.S. Treasury & the public would argue that the difference between the 2 amounts was coming out of TARP money. That's the same logic that the public made about the trip Beideman was taking his "super" performers on. The public thinks these funds were coming out of the money the Government lent to Associated. Both arguments are a bit silly. But the reduction in the dividend should have been done last quarter, in February, if the U..S. Government would have known what Beideman was doing. Just my opinion. By the way, I have not received that special letter you refer to(yet).