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Anworth increases conversion rate of 6.25% convertible preferreds
By Toni Weeks
San Luis Obispo, Calif., April 8 - Anworth Mortgage Asset Corp. will increase the conversion rate of its 6.25% series B cumulative convertible preferred stock to 3.8695 shares of common stock from 3.8370 shares on April 9, according to a press release.
On March 28, the company's board of directors declared a quarterly dividend of $0.15 per share of common stock, which is payable on April 29.
The company must adjust the conversion rate when it pays a cash dividend during any quarter in an amount that results in an annualized common stock dividend yield greater than 6.25%.
The company's common stock (NYSE: ANH) closed at $6.17 on Friday.
Anworth is a mortgage real estate investment trust based in Santa Monica, Calif., that invests primarily in securities guaranteed by the U.S. government or by federally sponsored enterprises such as Fannie Mae or Freddie Mac.
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