PennyMac Mortgage Investment Trust (NYSE:PMT) to Buyback $100.00 million in Outstanding Shares

PennyMac Mortgage Investment Trust (NYSE:PMT) announced that its Board of Directors has initiated a stock buyback program, which authorizes the company to repurchase $100.00 million in outstanding shares on Wednesday, December 20th, EventVestor reports. This repurchase authorization authorizes the real estate investment trust to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Shares of PennyMac Mortgage Investment Trust (PMT) traded down $0.11 during trading on Friday, hitting $15.97. 331,928 shares of the stock traded hands, compared to its average volume of 514,056. The stock has a market cap of $1,050.00, a PE ratio of 12.19 and a beta of 0.52. PennyMac Mortgage Investment Trust has a 1-year low of $14.87 and a 1-year high of $18.46. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.46.

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

The company also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Investors of record on Friday, December 29th will be paid a dividend of $0.47 per share. This represents a $1.88 dividend on an annualized basis and a dividend yield of 11.77%. The ex-dividend date is Thursday, December 28th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 143.51%.

Several brokerages recently issued reports on PMT. Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a report on Thursday, October 5th. ValuEngine upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. Finally, Keefe, Bruyette & Woods cut 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 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 stock. The stock has an average rating of “Hold” and a consensus target price of $18.50.

In related news, insider David Spector sold 18,750 shares of PennyMac Mortgage Investment Trust stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $16.91, for a total transaction of $317,062.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.08% of the stock is currently owned by insiders.

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PennyMac Mortgage Investment Trust Company Profile

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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