This stock is trading low because it appears that institutions or mutual funds are divesting. I think it has more to do with their rebalancing, taking losses against gains, or generating cash. The stock should be trading in the $10+ range given their current portfolio, and assuming no major events such as huge declines in property values or foreclosures on debt. Yes, the stock will drop 30 cent immediately after the dividend is paid, but then recover quickly in 1-2 days.
Bottom line is with the dividend at where it's at, this stock is a screaming buy if you are looking for income. If you intend to trade it, forget it -- this is not your puppy.