Frontier Communications (FTR) will lower its quarterly dividend from $0.105 to $0.04 per share.
The Board of Directors also has declared a regular quarterly cash dividend of $0.04 per share of common stock, payable on June 30, 2017 to holders of record at the close of business on June 15, 2017.
Also a 1-for-15 reverse stock split was announced today by the troubled telecom company.
Frontier stock had lost 42.9% year-to-date prior to today's announcement. The dividend yield was 22.7% based on the old $0.105 quarterly dividend.
At the current stock price of $1.93 the new (lower) quarterly dividend of $0.04 per share translates into a 8.3% dividend yield.
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