Cherry Hill Mortgage Investment Corp (NYSE:CHMI) announced a quarterly dividend on Friday, December 8th, Wall Street Journal reports. Investors of record on Friday, December 29th will be given a dividend of 0.49 per share by the real estate investment trust on Tuesday, January 30th. This represents a $1.96 annualized dividend and a yield of 10.62%. The ex-dividend date of this dividend is Thursday, December 28th.
Cherry Hill Mortgage Investment has a payout ratio of 89.1% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Cherry Hill Mortgage Investment to earn $2.05 per share next year, which means the company should continue to be able to cover its $1.96 annual dividend with an expected future payout ratio of 95.6%.
Cherry Hill Mortgage Investment (CHMI) traded up $0.04 during mid-day trading on Friday, reaching $18.45. The company had a trading volume of 64,800 shares, compared to its average volume of 155,140. Cherry Hill Mortgage Investment has a 12 month low of $16.40 and a 12 month high of $19.43. The firm has a market cap of $235.22, a PE ratio of 8.41 and a beta of 0.37.
A hedge fund recently raised its stake in Cherry Hill Mortgage Investment stock. The Manufacturers Life Insurance Company increased its position in shares of Cherry Hill Mortgage Investment Corp (NYSE:CHMI) by 3,023.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 10,056 shares of the real estate investment trust’s stock after buying an additional 9,734 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of Cherry Hill Mortgage Investment worth $186,000 at the end of the most recent reporting period. 58.10% of the stock is owned by institutional investors.
Several research firms recently issued reports on CHMI. B. Riley reiterated a “buy” rating on shares of Cherry Hill Mortgage Investment in a report on Wednesday, November 1st. ValuEngine lowered shares of Cherry Hill Mortgage Investment from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research lowered shares of Cherry Hill Mortgage Investment from a “buy” rating to a “hold” rating in a research note on Tuesday, October 24th. Finally, FBR & Co reissued a “buy” rating and issued a $19.50 target price on shares of Cherry Hill Mortgage Investment in a research note on Tuesday, October 10th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $19.40.
About Cherry Hill Mortgage Investment
Cherry Hill Mortgage Investment Corporation is a residential real estate finance company. The Company is focused on acquiring, investing in and managing residential mortgage assets in the United States. Its principal objective is to generate attractive current yields and risk-adjusted total returns for its stockholders over the long term, primarily through dividend distributions and secondarily through capital appreciation.
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