12:36 PM EDT, 05/02/2024 (MT Newswires) -- Patria Investments ( PAX ) shares fell nearly 5% on recent Thursday trading after the company reported lower Q1 results and a quarterly dividend cut.

The company reported Q1 distributable earnings, a non-GAAP measure, of $0.21 per share, down from $0.27 a year earlier.

Three analysts polled by Capital IQ expected $0.30.

Revenue from services for the quarter ended March 31 was $63.9 million, down from $72.6 million a year earlier.

Two analysts surveyed by Capital IQ expected $70.7 million.

The company also declared a quarterly dividend of $0.175 per share, payable June 10 to shareholders of record May 20.

Price: 12.77, Change: -0.63, Percent Change: -4.67