Arbor Realty Trust (ABR) saw its stock price plummet 6.06% in pre-market trading on Friday following the release of its third-quarter earnings report. The real estate investment trust's performance fell short of analyst expectations, triggering a sell-off among investors.
The company reported earnings per share (EPS) of $0.20, missing the consensus estimate of $0.23 provided by analysts. This earnings miss, despite a substantial revenue figure of $2.026 billion for the quarter, appears to be the primary driver behind the stock's sharp decline.
Despite the disappointing earnings results, Arbor Realty Trust announced a quarterly cash dividend of $0.30 per share, maintaining its commitment to shareholder returns. However, this positive news was not enough to offset investor concerns about the company's financial performance.
The pre-market plunge suggests that investors are reassessing their outlook on Arbor Realty Trust in light of the earnings miss. As the market opens, all eyes will be on ABR to see if the stock can recover some of its losses or if the downward pressure will persist throughout the trading session.