Stock Buyback Program Announced by PennyMac Mortgage Investment Trust (PMT) Board
PennyMac Mortgage Investment Trust (NYSE:PMT) announced that its board has initiated a share buyback program, which allows the company to buyback $100.00 million in shares on Wednesday, December 20th, EventVestor reports. This buyback authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
PennyMac Mortgage Investment Trust (NYSE:PMT) opened at $16.46 on Tuesday. PennyMac Mortgage Investment Trust has a 1 year low of $14.87 and a 1 year high of $18.46. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market cap of $1,080.00, a PE ratio of 12.56 and a beta of 0.52.
PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.18). The company had revenue of $75.80 million during the quarter, compared to analyst estimates of $81.72 million. PennyMac Mortgage Investment Trust had a net margin of 36.07% and a return on equity of 7.59%. The company’s quarterly revenue was down 26.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.06 EPS. equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 26th. Stockholders of record on Friday, December 29th will be given a dividend of $0.47 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.88 annualized dividend and a dividend yield of 11.42%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 143.51%.
A number of equities research analysts recently issued reports on PMT shares. ValuEngine raised shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a report on Friday, December 1st. Zacks Investment Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Thursday, November 30th. Finally, Keefe, Bruyette & Woods lowered shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $19.00 to $18.00 in a report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $18.50.
In other news, insider David Spector sold 18,750 shares of the stock in a transaction dated Wednesday, October 4th. The shares were sold at an average price of $17.61, for a total transaction of $330,187.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 75,000 shares of company stock worth $1,299,563 in the last three months. Corporate insiders own 2.08% of the company’s stock.
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About PennyMac Mortgage Investment Trust
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.
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