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

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 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 yield of 11.23%. 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 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. 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 stock opened at $14.25 on Friday. PennyMac Mortgage Investment Trust has a 52-week low of $10.52 and a 52-week high of $15.89. The business has a fifty day moving average of $13.91 and a two-hundred day moving average of $14.02. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 9.50 and a beta of 1.51. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced 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 return on equity of 13.29% and a net margin of 47.60%. The company had revenue of $71.20 million for the quarter, compared to analysts’ expectations of $90.26 million. During the same period last year, the business earned $0.16 EPS. As a group, research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PMT shares. Keefe, Bruyette & Woods dropped 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 report on Thursday, July 25th. JMP Securities lifted their price objective on 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 reiterated a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Piper Sandler lowered 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 research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $14.93.

Insiders Place Their Bets

In other news, Director Doug Jones sold 37,010 shares of PennyMac Mortgage Investment Trust 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 completion of the transaction, the director now owns 49,114 shares in the company, valued at approximately $688,087.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased a total of 2,879 shares of company stock worth $39,028 in the last quarter. 0.89% of the stock is owned by company insiders.

About PennyMac Mortgage Investment Trust

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.