PennyMac Mortgage Investment Trust (PMT) To Go Ex-Dividend on October 11th

PennyMac Mortgage Investment Trust (NYSE:PMT) 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 11.16%. The ex-dividend date 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% 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 1.1 %

NYSE PMT opened at $14.34 on Wednesday. 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 stock has a market capitalization of $1.25 billion, a P/E ratio of 9.56 and a beta of 1.51. The firm’s 50-day moving average is $13.90 and its two-hundred day moving average is $14.01. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89.

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

Insider Buying and Selling

In related news, Director Doug Jones sold 37,010 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 $688,087.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders have bought 2,879 shares of company stock worth $39,028. Company insiders own 0.89% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. JMP Securities raised 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 report on Friday, July 19th. Keefe, Bruyette & Woods dropped their target price on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research report on Thursday, July 25th. 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. Wedbush reissued 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. Finally, Piper Sandler cut their target price 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. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, PennyMac Mortgage Investment Trust has an average rating of “Hold” and a consensus target price of $14.93.

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.