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

PennyMac Mortgage Investment Trust (NYSE:PMT - Get Free Report) declared a quarterly dividend on Wednesday, June 25th, RTT News reports. Investors 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%.

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. 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 Stock Performance

Shares of NYSE PMT traded up $0.13 during mid-day trading on Wednesday, hitting $12.77. The company had a trading volume of 246,749 shares, compared to its average volume of 809,943. PennyMac Mortgage Investment Trust has a 12 month low of $11.77 and a 12 month high of $14.98. The company has a debt-to-equity ratio of 2.75, a current ratio of 0.63 and a quick ratio of 0.63. The firm has a market cap of $1.11 billion, a P/E ratio of 13.73, a PEG ratio of 1.24 and a beta of 1.27. The business's 50-day simple moving average is $12.61 and its 200-day simple moving average is $13.19.

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

Analyst Ratings Changes

PMT has been the topic of several recent analyst reports. UBS Group cut their target price on shares of PennyMac Mortgage Investment Trust from $13.25 to $13.00 and set a "neutral" rating for the company in a research note on Wednesday, April 16th. Jones Trading reiterated a "hold" rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, April 24th. Wells Fargo & Company decreased their target price on PennyMac Mortgage Investment Trust from $14.00 to $13.00 and set an "equal weight" rating on the stock in a report on Friday, May 2nd. Finally, Keefe, Bruyette & Woods lowered their target price on PennyMac Mortgage Investment Trust from $15.50 to $14.50 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $14.50.

Insiders Place Their Bets

In related news, Director Catherine A. Lynch bought 2,878 shares of the business's stock in a transaction on Thursday, April 24th. The shares were purchased at an average price of $12.15 per share, with a total value of $34,967.70. Following the completion of the purchase, the director now owns 49,254 shares of the company's stock, valued at $598,436.10. This represents a 6.21% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.92% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PMT. AQR Capital Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 36.7% in 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 during the period. Jane Street Group LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the first quarter valued at approximately $4,166,000. Finally, Intech Investment Management LLC increased its position in shares of PennyMac Mortgage Investment Trust by 1.3% during 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 acquiring an additional 1,411 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company's stock.

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.

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