Analyst Stephen Laws said the company cut its third quarter dividend to 13 cents, which is down from 36 cents in the second quarter. The analyst noted that the third quarter dividend is well below his previous 30 cent third quarter earnings per share estimate. He expects the company's spread to remain under pressure, as long as prepayments remain at elevated levels and the Fed continues to increase the Fed Funds rate. He says that as result of continued pressure on the company's spread business, he cut his 30 cents third quarter earnings per share estimate to 15 cents earnings per share. He noted that the new earnings per share estimate is slightly above the new 13 cents third quarter dividend per share. In addition, he cut his $17.50 target to $15 as result of his estimate reduction. He keeps a hold opinion on the stock.