Dividend growth finally had a meaningful slowdown last quarter. Since the end of the recession, dividends have been growing quite well. In fact, you could say that this bull market was a bull market in dividends as much as it was in stocks. The S&P 500 basically tracked a 2% dividend yield.

Div Chart

From 2010 to 2015, dividends for the S&P 500 rose by 90.9%. But for Q1, dividends rose just 4.6% from last year’s Q1. A lot of that was due to dividend cuts from energy stocks. The March dividend payment from the Energy ETF (XLE) was down 12% from last year. Expect to see more.