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How the S&P 500 Dividend Yield Hit a 25-Year Low
The S&P 500's dividend yield has fallen to just 1.2 percent, the lowest in 25 years, as buybacks and AI-driven reinvestment crowd out cash payouts. Lucas and Luna examine the forces behind this shift — from the dominance of Big Tech's low-dividend weight to the rise of buyback-heavy capital return policies — and what it means for income-focused investors. They zero in on three concrete implications: the growing gap between growth and value yields, the role of stock-based compensation in depressing payout ratios, and the quiet resilience of mid-cap dividend payers. With the ten-year…
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