Gannett (GCI) leaves dividend unchanged at $0.40/quarter

Gannett Co (GCI) has declared a dividend of 40 cents per share. The quarterly dividend is payable on October 1, 2008, to shareholders of record as of the close of business on September 12, 2008.

The $0.40 dividend is the same as last quarter. The ex-dividend date is September 10th and the dividend yield is 9%.

This is the 161st consecutive dividend paid by the company since 1967. “With a substantial current dividend yield of 9 percent, and in view of the challenging business and economic environment, we have decided not to increase our dividend at this time,” said Craig A. Dubow, chairman, president and chief executive officer of Gannett.

I started dollar cost averaging into GCI since May 2008. I expected that GCI will raise its dividend this month. That being said I would stop contributing new money to this position and just let the dividends reinvest. The payment is adequately covered for now, so this "freeze" should not be a reason for dividend investors to sell.

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