In this article, we discuss 5 biggest dividend cuts and suspensions in 2022. If you want to read our detailed analysis of dividend investment and its benefits, go directly to read 10 Biggest Dividend Cuts and Suspensions of 2022.
5. The Swiss Helvetia Fund Inc. (NYSE:SWZ)
The Swiss Helvetia Fund Inc. (NYSE:SWZ) is a non-diversified, closed-end investment company that seeks long-term capital appreciation through investments in equity and equity-linked securities of Swiss companies. The Fund is managed by Schroders Investment Management in North America.
On December 12, The Swiss Helvetia Fund Inc. (NYSE:SWZ) announced to slash its quarterly dividend by 26.2% to $0.1229 per share. Though the company announced one of the biggest dividend cuts this year, its five-year dividend CAGR came in at 40.88%. The stock’s dividend yield on December 13 stood at 6.29%.
As of the close of Q3 2022, 4 hedge funds tracked by Insider Monkey owned stakes in The Swiss Helvetia Fund Inc. (NYSE:SWZ), down from 5 in the previous quarter. The collective value of these stakes is over $3.4 million.
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4. SL Green Realty Corp. (NYSE:SLG)
SL Green Realty Corp. (NYSE:SLG) is an American real estate investment trust company that invests in office buildings and shopping centers. Barclays maintained an Overweight rating on the stock in December with a $47 price target. The firm noted that overall tenant demand has softened and interest rates are up, which can result in earnings headwinds.
In Q3 2022, SL Green Realty Corp. (NYSE:SLG) posted an FFO of $1.66, which surpassed Street estimates by $0.01. The company’s revenue came in at $212.4 million, up 3.5% from the same period last year. It had $201 million available in cash and cash equivalents at the end of September and its total assets stood at $12.7 billion.
On December 5, SL Green Realty Corp. (NYSE:SLG) announced to cut its monthly dividend by 12.9% to $0.2708 per share. The company reduced its dividends to conserve cash as office space is widely affected by the pandemic in 2020. As of December 13, the stock has a dividend yield of 9.01%.
SL Green Realty Corp. (NYSE:SLG) saw growth in hedge fund positions in Q3 2022, as 23 funds tracked by Insider Monkey owned stakes in the company, up from 18 in the previous quarter. These stakes have a total value of nearly $184 million. With 1.3 million shares, Marshall Wace LLP was the company’s leading stakeholder in Q3.
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3. Rio Tinto Group (NYSE:RIO)
Rio Tinto Group (NYSE:RIO) is an Anglo-Australian multinational mining company that specializes in processing the Earth’s mineral resources. In July this year, the company cut its interim dividend to $0.2665 per share, from $5.61 per share. The company announced one of the biggest dividend cuts because of a sharp decline in profits in the first half of the year. The stock’s dividend yield on December 14 came in at 9.56%.
Morgan Stanley maintained an Equal Weight rating on Rio Tinto Group (NYSE:RIO) in December, with a 5,700 GBP price target.
As of the close of Q3 2022, 26 hedge funds tracked by Insider Monkey owned stakes in Rio Tinto Group (NYSE:RIO), up from 24 in the previous quarter. The collective value of these stakes is over $1.7 billion.
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2. Star Bulk Carriers Corp. (NASDAQ:SBLK)
Star Bulk Carriers Corp. (NASDAQ:SBLK) is a shipping company that owns and operates a fleet of dry bulk career vessels. The company is headquartered in Greece. In October, Deutsche Bank lowered its price target on the stock but maintained a Buy rating on the shares, highlighting the company’s overall performance this year.
On November 16, Star Bulk Carriers Corp. (NASDAQ:SBLK) declines a quarterly dividend by 27.3% to $1.20 per share. This is not the first time the company has slashed its dividends. The company’s falling earnings resulted in some of the biggest dividend cuts during the recession of 2008. The stock has a dividend yield of 23.9%, as of December 14.
At the end of Q3 2022, 16 hedge funds in Insider Monkey’s database owned stakes in Star Bulk Carriers Corp. (NASDAQ:SBLK), compared with 18 in the previous quarter. The collective value of these stakes is over $516.4 million. With over 26 million shares, Oaktree Capital Management was the company’s leading stakeholder.
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1. National CineMedia, Inc. (NASDAQ:NCMI)
National CineMedia, Inc. (NASDAQ:NCMI) is an American cinema advertising company that plays ads to US consumers in theatres, online, and through mobile technology. In October, B. Riley maintained a Neutral rating on the stock, highlighting uncertainties regarding production delays.
On May 19, National CineMedia, Inc. (NASDAQ:NCMI) trimmed its quarterly dividend by 40% to $0.03 per share. As of December 14, the stock has a dividend yield of 29.71%.
At the end of Q3 2022, 9 hedge funds tracked by Insider Monkey owned stakes in National CineMedia, Inc. (NASDAQ:NCMI), worth $781,000 collectively.
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