PennyMac Mortgage Investment Trust (NYSE:PMT) declared a quarterly dividend on Tuesday, December 19th, NASDAQ reports. Shareholders of record on Friday, December 29th will be paid a dividend of 0.47 per share by the real estate investment trust on Friday, January 26th. This represents a $1.88 annualized dividend and a yield of 11.42%. The ex-dividend date of this dividend is Thursday, December 28th.

PennyMac Mortgage Investment Trust has decreased its dividend payment by an average of 14.8% annually over the last three years. PennyMac Mortgage Investment Trust has a dividend payout ratio of 142.4% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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%.

Shares of PennyMac Mortgage Investment Trust (PMT) traded down $0.07 during trading hours on Friday, hitting $16.46. 583,214 shares of the stock traded hands, compared to its average volume of 691,926. The firm has a market capitalization of $1,080.00, a P/E ratio of 12.56 and a beta of 0.52. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.46. PennyMac Mortgage Investment Trust has a 52 week low of $14.87 and a 52 week high of $18.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.18). The company had revenue of $75.80 million for the quarter, compared to analyst estimates of $81.72 million. PennyMac Mortgage Investment Trust had a return on equity of 7.59% and a net margin of 36.07%. The firm’s quarterly revenue was down 26.6% on a year-over-year basis. During the same quarter last year, the company posted $1.06 earnings per share. sell-side analysts expect that PennyMac Mortgage Investment Trust will post 1.32 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust declared that its Board of Directors has initiated a stock repurchase program on Wednesday, December 20th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the real estate investment trust to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Several brokerages have recently issued reports on PMT. BidaskClub upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Keefe, Bruyette & Woods downgraded shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $19.00 to $18.00 in a report on Tuesday, October 10th. ValuEngine downgraded shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a report on Monday, November 6th. Finally, Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a report on Thursday, October 5th. One 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 has an average rating of “Hold” and a consensus target price of $18.50.

In related news, insider David Spector sold 18,750 shares of the stock in a transaction on Wednesday, October 4th. The stock was sold at an average price of $17.61, for a total value of $330,187.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 75,000 shares of company stock valued at $1,299,563 over the last 90 days. 2.08% of the stock is currently owned by company insiders.

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PennyMac Mortgage Investment Trust Company Profile

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.

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

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