PennyMac Mortgage Investment Trust (NYSE:PMT) Receives Consensus Rating of “Hold” from Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has received an average rating of “Hold” from the seven brokerages that are currently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $14.93.

A number of brokerages have commented on PMT. JMP Securities upped their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Wedbush restated a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 24th. Keefe, Bruyette & Woods dropped their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research note on Thursday, July 25th. B. Riley reissued a “buy” rating and issued a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Finally, Piper Sandler lowered their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday, July 24th.

PennyMac Mortgage Investment Trust Stock Down 0.4 %

PMT stock opened at $13.06 on Friday. PennyMac Mortgage Investment Trust has a 1-year low of $12.81 and a 1-year high of $15.89. The business’s 50 day simple moving average is $13.91 and its 200 day simple moving average is $13.94. The company has a current ratio of 0.41, a quick ratio of 0.85 and a debt-to-equity ratio of 1.56. The firm has a market capitalization of $1.13 billion, a PE ratio of 9.68 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The company had revenue of $80.86 million for the quarter, compared to the consensus estimate of $93.75 million. PennyMac Mortgage Investment Trust had a return on equity of 11.90% and a net margin of 53.81%. During the same period in the previous year, the firm posted $0.51 EPS. As a group, research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.29 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.26%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 117.65%.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 37,010 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total value of $518,510.10. Following the sale, the director now owns 49,114 shares in the company, valued at $688,087.14. This trade represents a 42.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.89% of the company’s stock.

Institutional Trading of PennyMac Mortgage Investment Trust

A number of hedge funds have recently made changes to their positions in PMT. Charles Schwab Investment Management Inc. raised its holdings in PennyMac Mortgage Investment Trust by 1.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,456,613 shares of the real estate investment trust’s stock valued at $20,771,000 after buying an additional 18,368 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of PennyMac Mortgage Investment Trust by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock valued at $10,895,000 after acquiring an additional 9,506 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of PennyMac Mortgage Investment Trust by 34.4% during the second quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock worth $8,554,000 after purchasing an additional 159,131 shares during the period. Principal Financial Group Inc. grew its stake in shares of PennyMac Mortgage Investment Trust by 18.2% in the third quarter. Principal Financial Group Inc. now owns 506,349 shares of the real estate investment trust’s stock worth $7,221,000 after purchasing an additional 77,955 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in PennyMac Mortgage Investment Trust by 105.8% in the third quarter. Wolverine Asset Management LLC now owns 461,323 shares of the real estate investment trust’s stock valued at $6,578,000 after purchasing an additional 237,210 shares during the period. 67.38% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.