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

PennyMac Mortgage Investment Trust (NYSE:PMT) announced a quarterly dividend on Thursday, September 19th, Zacks reports. Shareholders 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 annualized dividend 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% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 %

PMT opened at $14.39 on Friday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of 9.59 and a beta of 1.51. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The stock has a fifty day moving average price of $13.91 and a 200-day moving average price of $14.01.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its 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 company had revenue of $71.20 million during the quarter, compared to analysts’ expectations of $90.26 million. During the same quarter last year, the firm earned $0.16 EPS. As a group, equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.27 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insiders Place Their Bets

In other news, Director Doug Jones sold 37,010 shares of the stock in a transaction dated 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders bought 2,879 shares of company stock valued at $39,028. 0.89% of the stock is owned by company insiders.

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.