Armour Residential REIT Inc.
ARR,
said Thursday it’s reducing its quarterly dividend to 24 cents a share from 40 cents previously. The Vero Beach, Fla.-based REIT, which invests in mortgage-backed securities, said it estimates its book value at about $21.88 a share, adjusted for December dividends. The company has previously said it expects returns to support a dividend yield for January in the low to mid teens, or 12% to 15%, as a percentage of book value. The new dividend is payable Jan. 30 to shareholders of record as of Jan. 16. The stock was down 2.2% premarket and has fallen 31% in the year to date, while the S&P 500
SPX,
has gained 22.6%.
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