PennyMac Mortgage Investment Fund (NYSE:PMT – Get Rating ) announced a quarterly dividend on Wednesday, September 21st, Zacks reports. Shareholders of record on Friday, October 14th will be paid a dividend of 0.47 per share by the real estate investment trust on Friday, October 28th. This translates to a dividend of $1.88 per year and a yield of 12.79%. The ex-dividend date is Thursday, October 13.
PennyMac Mortgage Investment Trust’s payout ratio is 108.7%, meaning the company cannot currently cover its dividend from earnings alone and relies on its balance sheet to cover dividend payments. Analysts expect PennyMac Mortgage Investment Trust to earn $1.90 per share next year, which means the company will continue to be able to cover its annual dividend of $1.88 with an expected future payout ratio of 98.9%.
Shares of PennyMac Mortgage Investment Trust fell 0.3%
Shares of NYSE:PMT opened at $14.70 on Thursday. The company has a quick ratio of 0.45, a current ratio of 0.45, and a debt-to-equity ratio of 1.42. PennyMac Mortgage Investment Trust has a 52-week low of $11.64. US and the 52-week high of $20.72. The company has a 50-day moving average of $14.84. US and 200-day moving average $15.23. The company has a market cap of $1.33 billion, a price-to-earnings ratio of -7.62 and a beta of 1.16.
Raising and lowering the level of an analyst
Several analysts recently weighed in on the stock. Piper Sandler decreased their target price on shares of PennyMac Mortgage Investment Trust from $18.00 to $17.00 and set an “overweight” rating for the company in a research report on Tuesday, June 28th. StockNews.com downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Tuesday, June 28th. Credit Suisse Group cut their price target on PennyMac Mortgage Investment Trust to $16.00 in a research note on Monday, August 22nd. Finally, B. Riley cut their target price on PennyMac Mortgage Investment Trust from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. PennyMac Mortgage Investment Trust has an average rating of “Moderate Buy” and an average target price of $17.91, according to MarketBeat .
In other PennyMac Mortgage Investment Trust news, CEO David Spector acquired 20,000 shares of the stock in a transaction that occurred on Thursday, September 8th. The shares were bought at an average price of $13.71 per share, for a total value of $274,200.00. Following the completion of the acquisition, the chief executive officer now owns 232,574 shares in the company, valued at $3,188,589.54. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.78% of the company’s shares.
Institutional inflows and outflows
Several large investors have recently modified their holdings of PMT shares. Vanguard Group Inc. raised its stake in PennyMac Mortgage Investment Trust by 0.8% during the first quarter. Vanguard Group Inc. now owns 10,801,513 shares of the real estate investment trust’s stock valued at $182,438,000 after purchasing an additional 85,349 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in PennyMac Mortgage Investment Trust by 11.1% during the second quarter. Price T Rowe Associates Inc. The MD now owns 4,609,260 shares of the real estate investment trust’s stock valued at $63,746,000 after purchasing an additional 460,177 shares during the period. State Street Corp raised its stake in PennyMac Mortgage Investment Trust by 3.5% during the first quarter. State Street Corp now owns 3,544,419 shares of the real estate investment trust’s stock valued at $59,865,000 after purchasing an additional 121,072 shares during the period. During the first quarter, Invesco Ltd. increased its stake in PennyMac Mortgage Investment Trust by 8.0%. Now Invesco Ltd. 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. Finally, Bank of New York Mellon Corp boosted its holdings in PennyMac Mortgage Investment Trust by 2.8% during the first quarter. Bank of New York Mellon Corp now owns 1,113,026 shares of the real estate investment trust’s stock valued at $18,800,000 after buying an additional 30,302 shares during the period. 69.07% of shares belong to institutional investors and hedge funds.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage assets in the United States. The company’s Credit Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate and non-agency subordinated bonds.
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