PennyMac Mortgage Investment Trust (NYSE:PMT) Declares $0.47 Quarterly Dividend

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PennyMac Mortgage Investment Trust (NYSE:PMT) announced a quarterly dividend on Wednesday, June 26th, NASDAQ reports. Stockholders of record on Monday, July 15th will be given a dividend of 0.47 per share by the real estate investment trust on Tuesday, July 30th. This represents a $1.88 annualized dividend and a dividend yield of 8.72%. The ex-dividend date is Friday, July 12th.

PennyMac Mortgage Investment Trust has decreased its dividend payment by an average of 6.5% per year over the last three years. PennyMac Mortgage Investment Trust has a dividend payout ratio of 124.5% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect PennyMac Mortgage Investment Trust to earn $2.05 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 91.7%.

PMT opened at $21.57 on Thursday. The stock has a 50-day moving average price of $21.32. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.42. PennyMac Mortgage Investment Trust has a twelve month low of $17.88 and a twelve month high of $21.99. The company has a market cap of $1.47 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 2.09 and a beta of 0.60.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its earnings results on Thursday, May 2nd. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.25. PennyMac Mortgage Investment Trust had a net margin of 46.63% and a return on equity of 13.71%. The business had revenue of $106.62 million for the quarter, compared to analyst estimates of $89.10 million. During the same quarter in the prior year, the firm earned $0.35 EPS. As a group, sell-side analysts predict that PennyMac Mortgage Investment Trust will post 2.06 EPS for the current fiscal year.

Several equities research analysts have recently weighed in on PMT shares. Zacks Investment Research lowered shares of PennyMac Mortgage Investment Trust from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 3rd. Nomura assumed coverage on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, March 27th. They set a “buy” rating and a $23.00 price objective on the stock. Barclays set a $21.00 price objective on shares of PennyMac Mortgage Investment Trust and gave the stock a “hold” rating in a report on Thursday, March 7th. Finally, Piper Jaffray Companies assumed coverage on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 24th. They set an “overweight” rating and a $23.00 price objective on the stock. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. PennyMac Mortgage Investment Trust presently has an average rating of “Buy” and an average target price of $22.25.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).

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

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