Anworth Raises Preferred Conversion Rate

Externally managed real estate investment trust Anworth Mortgage Asset (NYSE: ANH  ) announced yesterday that it is increasing the conversion rate on its 6.25% Series B cumulative convertible preferred stock from 3.8695 shares of its common stock to 3.9202 shares effective July 9.

The REIT said it had announced last month it would be paying a dividend of $0.15 per share on its common stock, but in accordance with the terms of its preferred shares, if the annualized yield on that dividend exceeds 6.25%, the conversion rate on the Series B preferred stock is adjusted. The formula used is set in the preferred stock's articles, and as a result of the dividend to be paid on July 29, the conversion rate will change.

The regular dividend payment equates to a $0.60-per-share annual dividend, yielding 12.8% based on the closing price of Anworth Mortgage Asset's stock on July 8.

ANH Dividend Chart

ANH Dividend data by YCharts.

link


Read/Post Comments (0) | Recommend This Article (1)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2528476, ~/Articles/ArticleHandler.aspx, 11/1/2014 12:53:55 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 3 hours ago Sponsored by:
DOW 17,390.52 195.10 1.13%
S&P 500 2,018.05 23.40 1.17%
NASD 4,630.74 64.60 1.41%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/31/2014 4:03 PM
ANH $5.19 Up +0.01 +0.19%
Anworth Mortgage A… CAPS Rating: ****

Advertisement