During the first quarter of 2009, 367 companies, out of the 7,000-some that report dividend information to Standard & Poor’s, decreased their payments. Conversely, just 283 companies announced dividend increases, the company reported. The cuts amounted to a $77 billion drop in payments to shareholders.

In the more than half a century that S&P has recorded these statistics, this is the first time that dividend cuts have outnumbered increases, according to the firm. “Since 1955, the average has been 15 increases for every decrease. Now it’s three increases for every four decreases,” said Howard Silverblatt, senior index analyst with S&P, in a release.

Financial executives are being particularly tightfisted in light of the uncertain state of the economy, says Gino Reino, director of research with Segal Advisors. Although the bond market has loosened a bit recently, many CFOs and treasurers can’t be confident that they’ll be able to access cash, he adds. Those that can often find the pricing unpalatable.

At this point, it’s too early to tell if this change is temporary or if it represents a permanent shift in the way that companies determine dividend payments. Reino notes that many of the previously higher-paying companies were financials, who of course have taken a battering lately. It’s unclear how dividend payments will change when the banks come back.

The outlook should clear a bit by fall, as companies start developing their 2010 budgets, Silverblatt said. If most management teams remain wary of the outlook for their businesses heading into next year, another round of cuts is likely. ###