No. of Recommendations: 5
You are exactly right...they keep the amount the "same" but award a 3% stock dividend. But that stock dividend means that all previous cash dividends are adjusted downward, so the next quarter, when they pay the same nominal amount, it's actually a 3% increase from the previous (adjusted) amount.

So I expect them to do the same this year: Pay a 3% stock dividend and then continue to pay 8¢ per quarter...which will represent an increase by virtue of the stock dividend adjustment.
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