SunTrust Cuts Dividend

On Monday, SunTrust (STI) cut its quarterly dividend 29.9%. The new quarterly rate will equal $0.54 per share versus $0.77 per share in the same quarter last year. At the time of the announcement, the company stated it has received preliminary approval from the U.S. Treasury for the sale of $3.5 billion in preferred stock and related warrants to the U.S. Treasury under the Capital Purchase Program of the Emergency Economic Stabilization Act of 2008.

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