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

PennyMac Mortgage Investment Trust (NYSE:PMT – Get Rating) announced a quarterly dividend on Wednesday, March 15th, Zacks reports. Shareholders of record on Friday, April 14th will be paid a dividend of 0.40 per share by the real estate investment trust on Friday, April 28th. This represents a $1.60 annualized dividend and a yield of 13.34%. The ex-dividend date of this dividend is Thursday, April 13th.

PennyMac Mortgage Investment Trust has decreased its dividend by an average of 1.3% per year over the last three years. PennyMac Mortgage Investment Trust has a payout ratio of 100.6% meaning 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 $1.67 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 95.8%.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $11.99 on Friday. PennyMac Mortgage Investment Trust has a twelve month low of $10.78 and a twelve month high of $17.24. The company has a debt-to-equity ratio of 1.38, a quick ratio of 0.39 and a current ratio of 0.39. The business has a 50-day moving average price of $13.88 and a 200-day moving average price of $13.78.

Insider Activity

In other news, Director Marianne Sullivan purchased 9,900 shares of the company’s stock in a transaction that occurred on Tuesday, February 7th. The stock was purchased at an average cost of $14.00 per share, with a total value of $138,600.00. Following the purchase, the director now owns 11,600 shares in the company, valued at $162,400. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Doug Jones sold 17,559 shares of the firm’s stock in a transaction dated Tuesday, February 21st. The shares were sold at an average price of $13.51, for a total value of $237,222.09. Following the transaction, the insider now owns 66,547 shares of the company’s stock, valued at approximately $899,049.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Marianne Sullivan acquired 9,900 shares of the stock in a transaction on Tuesday, February 7th. The stock was bought at an average cost of $14.00 per share, with a total value of $138,600.00. Following the completion of the transaction, the director now owns 11,600 shares in the company, valued at $162,400. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 20,765 shares of company stock valued at $279,988. 0.78% of the stock is currently owned by company insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in PennyMac Mortgage Investment Trust in the fourth quarter worth approximately $10,708,000. Price T Rowe Associates Inc. MD lifted its holdings in shares of PennyMac Mortgage Investment Trust by 11.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,609,260 shares of the real estate investment trust’s stock worth $63,746,000 after buying an additional 460,177 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 5.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 4,688,236 shares of the real estate investment trust’s stock worth $58,088,000 after buying an additional 227,513 shares during the period. Cubist Systematic Strategies LLC bought a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth $2,485,000. Finally, Invesco Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 8.0% during the first quarter. Invesco Ltd. now owns 2,409,271 shares of the real estate investment trust’s stock valued at $40,693,000 after buying an additional 178,783 shares during the period. Institutional investors own 71.21% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. StockNews.com downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Friday, March 10th. Piper Sandler cut shares of PennyMac Mortgage Investment Trust from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $16.00 to $15.00 in a research report on Monday, February 6th. They noted that the move was a valuation call. BTIG Research lowered shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “neutral” rating in a research report on Friday, February 17th. Jonestrading cut shares of PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research note on Wednesday, November 30th. Finally, B. Riley upped their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $16.00 in a research report on Monday, November 21st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $15.57.

PennyMac Mortgage Investment Trust Company Profile

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PennyMac Mortgage Investment Trust is a finance company, which invests primarily in residential mortgage loans and mortgage-related assets. It operates through following segments: Correspondent Production, Credit Sensitive Strategies, Interest Rate Sensitive Strategies, and Corporate Activities. The Correspondent Production segment deals with purchasing, pooling, and reselling newly originated prime credit quality mortgage loans either directly or in the form of mortgage-backed securities in capital markets.