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

PennyMac Mortgage Investment Trust (NYSE:PMT) declared a quarterly dividend on Thursday, September 19th, Zacks reports. Investors of record on Friday, October 11th will be paid 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 yield of 11.12%. The ex-dividend date of this dividend is Friday, October 11th.

PennyMac Mortgage Investment Trust has raised its dividend payment by an average of 21.8% annually over the last three years. PennyMac Mortgage Investment Trust has a payout ratio of 109.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Trading Up 0.9 %

NYSE PMT opened at $14.39 on Friday. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.33 and a quick ratio of 0.33. The firm’s 50-day moving average is $13.91 and its two-hundred day moving average is $14.01. The stock has a market capitalization of $1.25 billion, a P/E ratio of 9.59 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share 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 during the quarter, compared to analyst estimates of $90.26 million. During the same period last year, the business earned $0.16 EPS. On average, sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.27 earnings per share for the current year.

Analyst Ratings Changes

PMT has been the subject of a number of recent analyst reports. B. Riley reaffirmed a “buy” rating and set a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. JMP Securities increased their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Wedbush restated a “neutral” rating and set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. Piper Sandler cut their price target on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of 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. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and a consensus price target of $14.93.

Insider Activity

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 37,010 shares of the stock in a transaction 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 sale, the director now directly owns 49,114 shares of the company’s stock, valued at $688,087.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have bought 2,879 shares of company stock worth $39,028 over the last 90 days. Company insiders own 0.89% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

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.