PennyMac Mortgage Investment Trust (NYSE:PMT) Plans $0.40 Quarterly Dividend

by · The Markets Daily

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) declared a quarterly dividend on Thursday, September 19th, Zacks reports. Stockholders of record on Friday, October 11th will be given a dividend of 0.40 per share by the real estate investment trust on Friday, October 25th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.14%. The ex-dividend date of this dividend is Friday, October 11th.

PennyMac Mortgage Investment Trust has increased its dividend payment by an average of 21.8% annually over the last three years. PennyMac Mortgage Investment Trust has a payout ratio of 108.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect PennyMac Mortgage Investment Trust to earn $1.50 per share next year, which means the company may not be able to cover its $1.60 annual dividend with an expected future payout ratio of 106.7%.

PennyMac Mortgage Investment Trust Price Performance

PMT opened at $14.37 on Thursday. The stock has a fifty day moving average price of $13.92 and a 200 day moving average price of $14.01. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51. PennyMac Mortgage Investment Trust has a 1 year low of $10.52 and a 1 year high of $15.89. The stock has a market cap of $1.25 billion, a price-to-earnings ratio of 9.58 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) last announced its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. The firm had revenue of $71.20 million for the quarter, compared to analyst estimates of $90.26 million. During the same quarter in the prior year, the firm earned $0.16 earnings per share. Analysts forecast that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current fiscal year.

Insider Activity at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 37,010 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $14.01, for a total value of $518,510.10. Following the transaction, the director now directly owns 49,114 shares of the company’s stock, valued at $688,087.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders acquired a total of 2,879 shares of company stock worth $39,028 in the last 90 days. 0.89% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PMT shares. Wedbush reaffirmed a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, July 25th. Keefe, Bruyette & Woods decreased their price target on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research note on Thursday, July 25th. JMP Securities increased their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Piper Sandler reduced their target price on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a report on Wednesday, July 24th. Finally, B. Riley reiterated a “buy” rating and set a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.93.

Read Our Latest Stock Analysis on PennyMac Mortgage Investment Trust

About PennyMac Mortgage Investment Trust

(Get Free Report)

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.

Read More