PennyMac Mortgage Investment Trust (NYSE:PMT) announced a quarterly dividend on Tuesday, September 24th, Zacks reports. Investors of record on Monday, October 14th will be paid a dividend of 0.47 per share by the real estate investment trust on Wednesday, October 30th. This represents a $1.88 dividend on an annualized basis and a yield of 8.37%. The ex-dividend date of this dividend is Thursday, October 10th.

PennyMac Mortgage Investment Trust has decreased its dividend payment by an average of 6.5% annually 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. Research analysts expect PennyMac Mortgage Investment Trust to earn $2.21 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 85.1%.

NYSE:PMT opened at $22.46 on Wednesday. The firm has a market cap of $1.78 billion, a P/E ratio of 11.29, a PEG ratio of 2.02 and a beta of 0.59. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.32. The stock’s 50 day simple moving average is $22.11 and its 200-day simple moving average is $21.61. PennyMac Mortgage Investment Trust has a 12-month low of $17.88 and a 12-month high of $22.74.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Thursday, August 1st. The real estate investment trust reported $0.50 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.02. The business had revenue of $96.40 million for the quarter, compared to analyst estimates of $104.95 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.03%. During the same quarter in the previous year, the company posted $0.70 earnings per share. Research analysts forecast that PennyMac Mortgage Investment Trust will post 2.23 EPS for the current fiscal year.

Several research firms recently commented on PMT. Bank of America began coverage on PennyMac Mortgage Investment Trust in a research note on Monday, September 23rd. They issued a “buy” rating and a $23.00 target price for the company. Wedbush reiterated a “neutral” rating on shares of PennyMac Mortgage Investment Trust in a research note on Friday, July 26th. Finally, Zacks Investment Research lowered PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. PennyMac Mortgage Investment Trust presently has a consensus rating of “Buy” and a consensus target price of $22.71.

About PennyMac Mortgage Investment Trust

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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