11:08 AM EDT, 08/01/2024 (MT Newswires) -- Patria Investments ( PAX ) shares were down more than 5% in recent Thursday trading after posting lower Q2 distributable earnings and revenue.

The company reported Q2 distributable earnings of $0.22 per share, down from $0.29 a year earlier.

Three analysts polled by Capital IQ expected $0.22.

Revenue from services for the quarter ended June 30 was $75 million, down from $77.3 million a year earlier.

Two analysts surveyed by Capital IQ expected $68.9 million.

The company also declared a quarterly dividend of $0.15 per share, payable Sept. 9 to shareholders of record on Aug. 19.

Patria also said it intends to repurchase up to 1.8 million of its shares over the next 12 months.

Price: 12.34, Change: -0.67, Percent Change: -5.15