PennyMac Mortgage Investment Trust to Issue Quarterly Dividend of $0.47 (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMTGet Rating) declared a quarterly dividend on Wednesday, September 21st, Zacks reports. Stockholders of record on Friday, October 14th will be paid a dividend of 0.47 per share by the real estate investment trust on Friday, October 28th. This represents a $1.88 annualized dividend and a dividend yield of 12.77%. The ex-dividend date of this dividend is Thursday, October 13th.

PennyMac Mortgage Investment Trust has a dividend payout ratio of 108.7% 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 $1.90 per share next year, which means the company should continue to be able to cover its $1.88 annual dividend with an expected future payout ratio of 98.9%.

PennyMac Mortgage Investment Trust Trading Up 0.1 %

Shares of NYSE PMT opened at $14.72 on Thursday. The firm’s 50 day moving average price is $14.84 and its 200-day moving average price is $15.23. The company has a market cap of $1.33 billion, a PE ratio of -7.62 and a beta of 1.16. PennyMac Mortgage Investment Trust has a 52-week low of $11.64 and a 52-week high of $20.72. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.45 and a current ratio of 0.45.

Insider Buying and Selling

In related news, CEO David Spector bought 20,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The stock was bought at an average cost of $13.71 per share, for a total transaction of $274,200.00. Following the purchase, the chief executive officer now directly owns 232,574 shares of the company’s stock, valued at $3,188,589.54. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.78% of the stock is owned by company insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently bought and sold shares of PMT. Captrust Financial Advisors purchased a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at approximately $106,000. Point72 Hong Kong Ltd purchased a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at approximately $110,000. Guggenheim Capital LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the 1st quarter valued at approximately $195,000. Envestnet Asset Management Inc. purchased a new position in shares of PennyMac Mortgage Investment Trust during the 1st quarter valued at approximately $213,000. Finally, Eaton Vance Management increased its holdings in shares of PennyMac Mortgage Investment Trust by 14.3% during the 1st quarter. Eaton Vance Management now owns 14,215 shares of the real estate investment trust’s stock valued at $239,000 after purchasing an additional 1,783 shares in the last quarter. 69.07% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Piper Sandler dropped their target price on shares of PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 28th. Credit Suisse Group reduced their target price on shares of PennyMac Mortgage Investment Trust to $16.00 in a report on Monday, August 22nd. B. Riley reduced their price objective on shares of PennyMac Mortgage Investment Trust from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, July 1st. Finally, StockNews.com lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Tuesday, June 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $17.91.

PennyMac Mortgage Investment Trust Company Profile

(Get Rating)

PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.

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Dividend History for PennyMac Mortgage Investment Trust (NYSE:PMT)

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