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American Home Mortgage Investment said it expects lower income in the first quarter and full year 2007 than previously forecast due to conditions in the secondary mortgage and mortgage-backed securities markets.
For the first quarter, the mortgage real estate investment trust said it expects earnings of 40 cents to 60 cents a share. For 2007, it sees earnings of $3.75 to $4.25 a share.
Analysts, on average, had expected first-quarter earnings of $1.01 per share, and 2007 earnings of $4.73 per share, according to Reuters Estimates.
During March, the company saw fewer buyers offering materially lower prices for loan pools and mortgage securities, Chief Executive Michael Strauss said in a statement. The company is scheduled to report first-quarter results on April 30.
American Home Mortgage also said it is lowering its dividend to 70 cents a share per quarter, or $2.80 per share on an annualized basis, from $4.48 per share.
Its stock [AHM
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] closed Thursday at $25.84 a share on the New York Stock Exchange.
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