PennyMac Mortgage Investment Trust (PMT) To Go Ex-Dividend on December 28th
PennyMac Mortgage Investment Trust (NYSE:PMT) declared a quarterly dividend on Tuesday, December 19th, NASDAQ reports. Stockholders of record on Friday, December 29th will be given a dividend of 0.47 per share by the real estate investment trust on Friday, January 26th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 11.38%. The ex-dividend date of this dividend is Thursday, December 28th.
PennyMac Mortgage Investment Trust has decreased its dividend by an average of 14.8% annually over the last three years. PennyMac Mortgage Investment Trust has a payout ratio of 142.4% 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 $1.63 per share next year, which means the company may not be able to cover its $1.88 annual dividend with an expected future payout ratio of 115.3%.
PennyMac Mortgage Investment Trust (PMT) traded down $0.10 during trading hours on Wednesday, hitting $16.52. 439,462 shares of the stock were exchanged, compared to its average volume of 491,630. PennyMac Mortgage Investment Trust has a 12 month low of $14.87 and a 12 month high of $18.46. The company has a market capitalization of $1,090.00, a price-to-earnings ratio of 12.61 and a beta of 0.52. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.78 and a current ratio of 0.78.
PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.18). PennyMac Mortgage Investment Trust had a net margin of 36.07% and a return on equity of 7.59%. The firm had revenue of $75.80 million during the quarter, compared to the consensus estimate of $81.72 million. During the same period in the prior year, the business earned $1.06 EPS. The company’s revenue for the quarter was down 26.6% compared to the same quarter last year. research analysts expect that PennyMac Mortgage Investment Trust will post 1.32 EPS for the current fiscal year.
PennyMac Mortgage Investment Trust declared that its Board of Directors has initiated a share buyback program on Wednesday, December 20th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In related news, insider David Spector sold 18,750 shares of the business’s stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $16.91, for a total transaction of $317,062.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have sold 56,250 shares of company stock worth $973,313 in the last ninety days. 2.08% of the stock is currently owned by insiders.
PMT has been the topic of a number of research reports. Zacks Investment Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Wednesday, August 30th. Keefe, Bruyette & Woods lowered shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $19.00 to $18.00 in a research report on Tuesday, October 10th. Finally, ValuEngine lowered shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research report on Monday, November 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and an average target price of $18.50.
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About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.
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