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

PennyMac Mortgage Investment Trust (NYSE:PMT) announced a quarterly dividend on Wednesday, June 17th. Shareholders of record on Thursday, July 9th will be paid a dividend of 0.40 per share by the real estate investment trust on Friday, July 24th. This represents a c) dividend on an annualized basis and a yield of 15.8%. The ex-dividend date of this dividend is Thursday, July 9th.

PennyMac Mortgage Investment Trust has raised its dividend payment by an average of 0.0%per year over the last three years. 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 $1.46 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 109.6%.

PennyMac Mortgage Investment Trust Price Performance

PennyMac Mortgage Investment Trust stock traded down $0.08 during mid-day trading on Wednesday, hitting $10.11. 1,485,548 shares of the company were exchanged, compared to its average volume of 1,143,906. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. The business has a fifty day moving average of $11.03 and a 200 day moving average of $11.96. PennyMac Mortgage Investment Trust has a 1-year low of $9.83 and a 1-year high of $13.81. The company has a market capitalization of $881.35 million, a PE ratio of 8.79, a price-to-earnings-growth ratio of 0.62 and a beta of 1.15.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The firm had revenue of $233.25 million during the quarter, compared to analyst estimates of $92.92 million. As a group, sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.21 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Piper Sandler decreased their price objective on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating on the stock in a research note on Tuesday, May 26th. Zacks Research cut PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Wells Fargo & Company decreased their target price on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Finally, Wall Street Zen cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $12.80.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.