Whoever did come up with the idea to cut dividends by %50 will prove to be a very bad move for ONB bank Also so sold 20 million more shares and further diluting the existing shares. I am sure this will not increase the value of this stock.
Even if I loose money buy selling the remaining stock that I have it will be better than leaving it at ONB bank with little hope the stock will get any where near the old highs in the next year or 2. With the very low dividend there is no incentive to keep my investment with ONB bank. I do understand if they needed to cut costs they needed to find a better way than hit the stock holders. I am very surprised that a smart bank like ONB would allow this poor move.
You might ask your self a question. Why would anyone want to invest in ONB as there are thousands of other investments that pay 5% to 12%?Or do you just want %2.