Lets say the dividend was cut, 20% for arguments sake, does anyone believe this stock would still be selling at this price? Remove the fear of a dividend cut and this stock goes way up.
If the divi wasn't cut during the worst of the financial crisis why would it be cut now?
Isn't this company worth more than 4 or 5 years ago? Let them downgrade all they want. I think the next dividend move will be UP
Div cut on this long reliable div will scare a lot of investors. If no div cut my guess is that book value of 12.71 and above would be were the price would eventually go with any kind of good news on the euro crises or the US financial cliff.