In my experience, dividend cuts trigger selling. If the distribution is cut, the stock will likely decline until it yiields what it was yielding before the distribution cut. I have seen this happen numerous times (recently with a mortgage REIT). The conundrum is if they cut just a little, there will be speculation that a larger cut is needed. If they cut a lot, say to a yield of 8%, then people sell and switch to something earning an equivalent yield but with a better chance of growing.