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

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) announced a quarterly dividend on Wednesday, June 25th, RTT News reports. Shareholders of record on Friday, July 11th will be given a dividend of 0.40 per share by the real estate investment trust on Friday, July 25th. This represents a $1.60 annualized dividend and a yield of 12.53%. The ex-dividend date is Friday, July 11th.

PennyMac Mortgage Investment Trust has a 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 research 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 Price Performance

Shares of NYSE:PMT traded down $0.13 during trading on Friday, hitting $12.77. 746,375 shares of the company were exchanged, compared to its average volume of 797,115. The business's 50 day moving average is $12.60 and its 200-day moving average is $13.18. The company has a market capitalization of $1.11 billion, a P/E ratio of 13.73, a price-to-earnings-growth ratio of 1.27 and a beta of 1.27. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 2.75. PennyMac Mortgage Investment Trust has a 1-year low of $11.77 and a 1-year high of $14.98.

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The real estate investment trust reported ($0.01) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.39). The company had revenue of $44.47 million for the quarter, compared to analyst estimates of $94.36 million. PennyMac Mortgage Investment Trust had a return on equity of 8.87% and a net margin of 40.42%. During the same quarter last year, the company posted $0.39 earnings per share. Equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

Insider Transactions at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust news, Director Catherine A. Lynch acquired 2,878 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Thursday, April 24th. The stock was acquired at an average cost of $12.15 per share, for a total transaction of $34,967.70. Following the purchase, the director now owns 49,254 shares of the company's stock, valued at approximately $598,436.10. This represents a 6.21% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.92% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 36.7% during the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust's stock valued at $237,000 after purchasing an additional 4,335 shares in the last quarter. Intech Investment Management LLC lifted its stake in PennyMac Mortgage Investment Trust by 1.3% in the first quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust's stock worth $1,601,000 after purchasing an additional 1,411 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in PennyMac Mortgage Investment Trust in the first quarter worth $4,166,000. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on PMT. UBS Group decreased their price target on PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a "neutral" rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods cut their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $14.50 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Jones Trading reaffirmed a "hold" rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 24th. Finally, Wells Fargo & Company dropped their price target on shares of PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $14.50.

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.