The divi is way too high for the earnings. Those who don't want to admit this are going to find one day that the stock price will be much lower and company will still cut or eliminate divi. Only reason this stock isn't much lower in price is the fat divi. No suitor is going to overpay for company in a merger. If divi were cut now, a suitor could be willing to pay nearly what the stock is currently selling for on a takeover.