By John Spence

BOSTON (Dow Jones) -- A record number of companies cut their dividends in the first quarter in an effort to salt away capital in the difficult economic climate, leaving income-oriented stock investors with fewer dollars in their pockets.

A record 367 firms scaled back their payouts during the first quarter, as companies hoard cash in response to the credit crunch and falling profits, according to Standard & Poor's. That's up more than 300% from the year-ago quarter.

"The mammoth $77 billion reduction in dividend payments during the first quarter is eye-popping," said Howard Silverblatt, senior index analyst at S&P, in a research report Tuesday. "The full impact of these cuts will be felt this quarter, when the dividend check is sent in the mail."

The first quarter also set a record for the fewest number of companies to raise their dividends in the quarter: 283 companies boosted their payouts. That's down more than 50% from the first quarter of 2008. Meanwhile, dividend cuts have outpaced increases for as far back as S&P's data go, which is 1955.

"While the number of dividend decreases is at a record high, the number of increases has set a new record low," Silverblatt said. "Since 1955, the average has been 15 increases for every decrease. Now it's three increases for every four decreases."

High-dividend-yield stocks have trailed the broader U.S. market so far this year. The iShares Dow Jones Select Dividend Index Fund (DVY), a specialized exchange-traded fund, is off 19% for the year-to-date period, trailing the S&P 500 Index (SPX) by more than 12 percentage points, according to Morningstar Inc.

Still, S&P said investors may have already seen the "bulk" of dividend cuts.

"However, the true test comes in August and September when companies start to review their 2010 budget and expenses," said Silverblatt. "If they don't feel comfortable that they will have a stronger 2010, we might be in for another round of cuts."