Stock Buyback Plan Initiated by PennyMac Mortgage Investment Trust (PMT) Board of Directors

PennyMac Mortgage Investment Trust (NYSE:PMT) declared that its board has approved a stock buyback program, which allows the company to repurchase $100.00 million in shares on Wednesday, December 20th, EventVestor reports. This repurchase authorization allows the real estate investment trust to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

PennyMac Mortgage Investment Trust (NYSE PMT) traded up $0.40 during trading hours on Thursday, hitting $16.26. 591,200 shares of the company’s stock traded hands, compared to its average volume of 490,460. The firm has a market capitalization of $1,039.91, a P/E ratio of 11.17 and a beta of 0.52. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.46. PennyMac Mortgage Investment Trust has a fifty-two week low of $14.87 and a fifty-two week high of $18.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.18). The business had revenue of $75.80 million during the quarter, compared to analyst estimates of $81.72 million. PennyMac Mortgage Investment Trust had a return on equity of 7.59% and a net margin of 36.07%. The business’s revenue was down 26.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.06 EPS. research analysts expect that PennyMac Mortgage Investment Trust will post 1.32 earnings per share for the current fiscal year.

The company also recently disclosed 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 is Thursday, December 28th. This represents a $1.88 annualized dividend and a dividend yield of 11.56%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 132.39%.

Several research firms have commented on PMT. ValuEngine upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Zacks Investment Research downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, November 30th. BidaskClub upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Finally, Keefe, Bruyette & Woods downgraded shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $19.00 to $18.00 in a research note on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $18.50.

In other news, insider David Spector sold 18,750 shares of PennyMac Mortgage Investment Trust stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $17.61, for a total transaction of $330,187.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 75,000 shares of company stock valued at $1,299,563. 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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