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Brookfield Real Assets (NYSE:RA) stock is falling hard on Thursday after the fixed-income mutual fund lowered its monthly distributions.
A press release from Brookfield reveals that it’s dropping its monthly payments starting in October. That will have it decreasing the amount paid to investors in RA stock from $0.199 per share to $0.118 per share.
According to this update, Brookfield will keep its monthly distribution at $0.118 per share for the rest of 2023. This change was decided on by Brookfield Public Securities Group LLC, which is the fixed-income mutual fund’s advisor.
Here’s what Brookfield Real Assets said about the monthly distribution change:
“This adjusted distribution will benefit stockholders as it closely aligns the Fund’s distribution with the Fund’s expected total return, which PSG believes should support sustainable earnings and distribution coverage. The Fund’s investment objective, strategy and process have not changed.”
RA Stock Reactions Today
Investors aren’t happy about Brookfield Real Assets lowering its monthly dividend for shareholders. As a result, the fund’s shares are seeing heavy trading on Wednesday as traders sell shares. This has more than 276,000 shares changing hands, as compared to its daily average of about 193,000 shares.
RA stock is down 23.8% as of Wednesday morning but is still up 2.2% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.