In line with several of its high-profile REIT peers, Newcastle Investment is reducing its common stock payout. The company has declared dividends for its Q3, chiefly a common stock distribution of $0.10 per share to be dispensed on October 31 to shareholders of record as of September 30. That amount is $0.07 less than Newcastle's previous distribution, although the firm pointed out that that amount was attributable to its former subsidiary New Residential Investment, now a separate company. New Residential was spun off from Newcastle in the middle of Q2.
Newcastle also declared dividends on its series B, C, and D preferred shares. These are to be $0.609375, $0.503125, and $0.523438 per share, respectively. The payment and record dates are the same as those for the common shares.
The just-declared common stock dividend annualizes to $0.40 per share. That yields 7.1% at Newcastle's most recent closing stock price of $5.66.
The article Newcastle Investment Declares Q3 Dividends originally appeared on Fool.com.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not 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.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.