11:54 AM EST, 02/25/2025 (MT Newswires) -- (Updates shares)

MCAN Mortgage ( MAMTF ) reported after Monday's close a hike to its first-quarter dividend even though net income in the fourth quarter of 2024 fell short of analysts' expectations.

The board declared a regular cash dividend of $0.41 per share for the first quarter, a 5% increase from its dividend in the fourth quarter of 2024. The dividend is payable March 31 to shareholders of record as of March 14.

The company posted net income of $7.7 million, or $0.20 per share, a decline from the $19.9 million, or $0.56 per share, booked a year ago. The FactSet analyst consensus estimate had forecast $0.47 per share.

MCAN said its fourth-quarter 2024 results were impacted by higher net unrealized fair value losses on its REIT and non-marketable securities portfolios, as well as higher operating expenses.

"We are focused on MCAN's strategic positioning in the Canadian residential mortgage market and preserving long-term value for our shareholders in the uncertain economic environment," interim CEO Derek Sutherland said.

MCAN's share were last seen down $0.33 to $18.11 on the Toronto Stock Exchange.

Price: 18.14, Change: -0.30, Percent Change: -1.63