Apollo Residential Mortgage Cuts Common Stock Dividend
Sep 22nd 2013 8:50AM
Updated Sep 22nd 2013 8:52AM
In the latest of a series of dividend cuts in the REIT space, Apollo Residential Mortgage has reduced its common stock distribution. The company declared a disbursement of $0.40 per share for its Q3, to be handed out on Oct. 31 to holders of record as of Sept. 30. That amount is $0.30, or 43%, below each of the firm's three preceding payouts of $0.70 apiece, the most recent of which was dispensed at the end of July.
The REIT also declared a dividend on its series A preferred stock of $0.50 per share, with the same payment and record dates as those of the common shares.
The just-declared common stock dividend annualizes to $1.60 per share. That yields 10.3% at Apollo Residential Mortgage's most recent closing stock price of $15.60.
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