Retired individuals, pension funds, and university endowments prefer high dividends and as a result have been attracted to the energy market and specifically this stock in the past due to its dividend policy. Therefore, their clientele is believed to be those who prefer a high and consistent dividend. If FPL does end up reducing their payout ratio, individual shareholders will be more likely to sell their shares and move to another company with a high dividend payout. If this is the case, FPL’s stock price may fall in price.