Western Asset Mortgage Capital (NYSE:WMC) has shaved its dividend. The company has declared a payout for its Q2 of $0.90 per share, to be paid on July 29 to shareholders of record as of July 1. That amount is $0.05, or 5%, lower than the mortgage REIT's previous distribution of $0.95, which was handed out at the end of April.
Western Asset also said that, starting with this dividend announcement, it would provide estimated book value as of the end of the second month of the relevant quarter. For Q2, this figure (as of May 31) was roughly $19.25.
The just-declared dividend annualizes to $3.60 per share. That yields 20.5% at Western Asset's most recent closing stock price of $17.55.
Fool contributor Eric Volkman has no position in Western Asset Mortgage Capital. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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