Stock Track | TWO HARBORS Stock Slumps 6.5% on Dismal Q3 Results and Dividend Concerns

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Shares of TWO HARBORS INVESTMENT CORP (NYSE: TWO), a prominent real estate investment trust (REIT) focused on mortgage-backed securities and mortgage servicing rights (MSRs), plummeted by around 6.56% on Monday, October 29, 2024. The steep decline followed the company's disappointing financial results for the third quarter of 2024, where it reported a substantial net loss of $2.42 per diluted share, widely missing analysts' expectations of $0.44 earnings per share.

TWO HARBORS INVESTMENT CORP is a mortgage REIT that aims to reduce exposure to fluctuations in mortgage spreads by emphasizing MSRs in its investment strategy. However, the company's Q3 2024 performance raises concerns about underlying issues, despite the focus on MSRs. TWO's interest income, a crucial revenue source, fell to $112.6 million in Q3 2024, down from $123.6 million a year earlier.

The company's underperformance in Q3 2024 extends a streak of missed earnings estimates throughout 2024, raising doubts among investors about its profitability and growth prospects. Moreover, there are growing concerns about the sustainability of TWO's dividend, as the company's earnings available for distribution were just $0.13 per share, while the dividend paid was $0.45 per share. This discrepancy has led to questions about the source of the dividend payment and whether the earnings power covers the payout.

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