CORS ex-dividend on 9/24 (2%)
Chicago-based Corus Bankshares will pay a regular quarterly dividend of $0.250 on 10/9 if you own the stock at market opening on 9/24. In spite of weaker Q2 results and overall loan quality, Corus is still well capitalized. The holding company’s stock price has plummeted along with condominium loan quality (Stock trades 14% below its 50 days moving average and 21% below its 200 days moving average).
There may be some longer term buying opportunity here as the quarterly dividend does not seem under threat. I’d would still edge with an October Put around strike price in case the slide continues before ex-div. Corus also paid a 5 percent special dividend in August, and is considering more special cash dividends before December 2010, when tax rates on dividends will rise from their current 15 percent level.