Annaly Capital Management 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.

The article Annaly Cuts Dividend originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in Annaly Capital Management, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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