Annaly Cuts Dividend

Annaly Capital Management (NYSE: NLY  ) investors will have to make do with a reduced payout. The massive REIT has declared a common stock dividend for its Q2 of $0.40 per share, to be paid on July 29 to shareholders of record as of July 1. That amount is 11% lower than Annaly's previous two distributions of $0.45 apiece, the most recent of which was handed out in late April. Those payouts, in turn, represented a cut of $0.05 from the preceding distribution of $0.50 per share.

The current dividend is the company's lowest since the beginning of 2008, when it paid $0.34.

The just-declared disbursement annualizes to $1.60 per share. That yields 12.3% at Annaly's current stock price of $12.99.

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