More than 20 dividend stocks have received new ratings from analysts already in November.  Only 7 of those stocks have been downgrades.  Each of the stocks on this list has a dividend yield of 2% or more.  We have listed the reason for the downgrade and the new price target if the investment firm made it available.

Johnson Controls (JCI)
Johnson Controls was downgraded by  Needham on November 2nd from a Buy to a Hold.  Needham cited European macro uncertainty as the reason for the downgrade.  JCI has a dividend yield of 2.8% and a payout ratio of 28%.  The company has a negative free cash flow yield and has been crushed over the last 12 months but does have 36 years of consecutive dividend increases.

Western Union (WU)
Western Union Co was downgraded by Barclays from Overweight to Underweight on November 1st with a price target of $12 per share.  The reason behind the downgrade was not available. WU has a dividend yield of 3.1% and a payout ratio of 20%.  The company started paying dividends in 2006 and has increased its dividend for the last two years.

Hercules Technology (HTGC)
Hercules Technology Growth Capital was downgraded by Robert W. Baird on November 2nd from Outperform to Neutral with a price target of $11 per share.  Baird cited Q3 results as the reason for the downgrade.  HTGC has a dividend yield of 8.8% with a payout ratio of 100%. The company has a 3 year dividend growth rate of -13%.

Las Vegas Sands Corp (LVS)
Las Vegas Sands Corp was downgraded by Cantor Fitzgerald from a Buy to a Hold on November 2nd with a price target of $46 per share. Cantor Fitzgerald said that LVS has had a good run since July but near term concerns around Singapore are behind the downgrade. LVS has a dividend yield of 2.3% and a payout ratio of 44%. The company started paying dividends in 2012 and has paid 4 consecutive quarters of dividends at $.25 per share ($1 annually).

Exelon Corp (EXC)
Exelon Corp was downgraded by Argus on November 5th from a Buy to a Hold. Argus cited concerns over an upcoming dividend cut as the reason behind the downgrade.  EXC has been paying dividends since 1901 and has paid a quarterly dividend of $.525 every quarter since December 2008.  The stock has a yield of 6.6% and a payout ratio of 87%.

Home Properties (HME)
Home Properties was downgraded by RBC Capital Markets on November 6th from Sector Perform to Underperform with a price target of $62. The reason for the downgrade was not available.  HME has a dividend yield of 4.2% and because it is a REIT we are not focused on the payout ratio.  The company started paying dividends in 1994 and has increased its dividend for the last 2 years.  It has an ex-dividend date coming up on November 13th.

Udr Inc (UDR)
UDR was downgraded by RBC Capital Markets from Outperform to Sector Perform on November 6th with a price target of $27 per share.  RBC said the downgrade was based on lower 2013 comp growth. UDR has a dividend yield of 3.6% and because it is a REIT we are not focused on the payout ratio.  The company started paying dividends in 1973 has a 3 year dividend growth rate of -14.3%.


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