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

Key Points

• PennyMac Mortgage Investment Trust declared a quarterly dividend of $0.40 per share, with shareholders of record as of October 10th scheduled to receive payment on October 24th.
• The trust has a high payout ratio of 101.9%, indicating reliance on its balance sheet to fund dividends; however, future earnings expectations suggest it may stabilize with a projected payout ratio of 99.4% next year.
• Shares of PennyMac are currently trading at $12.14, with analysts giving an average rating of "Hold" and a target price of $14.00.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) declared a quarterly dividend on Wednesday, September 17th, RTT News reports. Stockholders of record on Friday, October 10th will be given a dividend of 0.40 per share by the real estate investment trust on Friday, October 24th. This represents a c) dividend on an annualized basis and a dividend yield of 13.1%. The ex-dividend date of this dividend is Friday, October 10th.

PennyMac Mortgage Investment Trust has a dividend payout ratio of 101.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect PennyMac Mortgage Investment Trust to earn $1.61 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 99.4%.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock traded down $0.07 during trading hours on Thursday, reaching $12.17. 914,014 shares of the company traded hands, compared to its average volume of 590,931. PennyMac Mortgage Investment Trust has a 12-month low of $11.70 and a 12-month high of $14.93. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.80 and a quick ratio of 0.80. The company has a market cap of $1.06 billion, a P/E ratio of 16.90, a P/E/G ratio of 2.99 and a beta of 1.30. The firm has a 50-day moving average price of $12.28 and a 200 day moving average price of $12.86.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The real estate investment trust reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.35 by ($0.39). PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%.The business had revenue of $70.20 million during the quarter, compared to analysts' expectations of $95.46 million. As a group, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds have recently modified their holdings of the company. Trust Co. of Vermont purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth approximately $25,000. Allworth Financial LP raised its holdings in shares of PennyMac Mortgage Investment Trust by 1,741.7% during the 2nd quarter. Allworth Financial LP now owns 2,118 shares of the real estate investment trust's stock worth $27,000 after acquiring an additional 2,003 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 204.0% during the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust's stock worth $30,000 after acquiring an additional 1,363 shares in the last quarter. Signaturefd LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 53.8% during the 2nd quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 870 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of PennyMac Mortgage Investment Trust by 196.5% during the 1st quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust's stock worth $48,000 after acquiring an additional 2,162 shares in the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

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.