ARMOUR Residential REIT, Inc. (NYSE:ARR) declared a monthly dividend on Thursday, October 25th, Wall Street Journal reports. Shareholders of record on Thursday, November 15th will be given a dividend of 0.19 per share by the real estate investment trust on Tuesday, November 27th. This represents a $2.28 annualized dividend and a yield of 10.15%. The ex-dividend date of this dividend is Wednesday, November 14th.
ARMOUR Residential REIT has decreased its dividend payment by an average of 22.0% annually over the last three years and has raised its dividend every year for the last 3 years. ARMOUR Residential REIT has a payout ratio of 93.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect ARMOUR Residential REIT to earn $2.51 per share next year, which means the company should continue to be able to cover its $2.28 annual dividend with an expected future payout ratio of 90.8%.
NYSE ARR opened at $22.47 on Tuesday. ARMOUR Residential REIT has a 12-month low of $20.15 and a 12-month high of $26.50. The company has a market cap of $956.78 million, a price-to-earnings ratio of 8.59 and a beta of 0.60.
Several research firms have issued reports on ARR. ValuEngine cut ARMOUR Residential REIT from a “hold” rating to a “sell” rating in a research report on Tuesday, August 7th. Barclays set a $21.00 target price on ARMOUR Residential REIT and gave the stock a “sell” rating in a research report on Saturday, July 28th. Finally, Zacks Investment Research upgraded ARMOUR Residential REIT from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a research report on Wednesday, October 31st.
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About ARMOUR Residential REIT
ARMOUR Residential REIT, Inc invests in residential mortgage backed securities in the United States. The company is managed by ARMOUR Capital Management LP. Its securities portfolio primarily consists of the United States Government-sponsored entity's (GSE) and the Government National Mortgage Administration's issued or guaranteed securities backed by fixed rate, hybrid adjustable rate, and adjustable rate home loans, as well as unsecured notes and bonds issued by the GSE and the United States treasuries; and money market instruments.
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