Patria Investments falls after posting lower Q2 results, reducing dividend

JuSun

Patria Investments (PAX) is trading ~7% down after reporting a lower Y/Y Q2 net income and reducing the quarterly dividend by 16.3%.

The Cayman Islands-based private market investment firm’s Q2 distributable earnings per share of $0.20, was in-line with consensus.

Fee-related earnings of $31.1M, was up 76.7% Y/Y. Fee-related earnings margin was 56%, compared to 55% in the year-ago period.

Q2 net income came in at $15.9M, compared to $73.4M in the year-ago quarter. Gross profit stood at $27.2M, down from $75.8M a year ago.

AUM stood at $26.3B as of Jun. 30, up 66% from a year ago.

The company declared $0.169/share quarterly dividend, -16.3% decrease from prior dividend of $0.202.

PAX shares have lost ~12% of their value year-to-date.

Seeking Alpha’s Quant Rating system gives the stocks a Hold rating, while the company’s authors give it a Buy rating.

The sell-side analysts give the stocks a Buy rating, with an average price target of $21.24.

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