PennyMac Mortgage Investment Trust (NYSE:PMT) Given New $16.00 Price Target at B. Riley

PennyMac Mortgage Investment Trust (NYSE:PMTGet Rating) had its price objective raised by B. Riley from $15.00 to $16.00 in a research report released on Monday, The Fly reports. B. Riley also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2022 earnings at $0.47 EPS, Q1 2023 earnings at $0.40 EPS, Q2 2023 earnings at $0.40 EPS, Q3 2023 earnings at $0.40 EPS, Q4 2023 earnings at $0.40 EPS and FY2023 earnings at $1.60 EPS.

Other analysts have also recently issued research reports about the company. Piper Sandler lowered their price target on PennyMac Mortgage Investment Trust from $18.00 to $15.50 and set an overweight rating on the stock in a report on Friday, September 30th. Credit Suisse Group lowered their price target on PennyMac Mortgage Investment Trust to $15.00 in a report on Thursday, October 13th. JMP Securities lowered their price target on PennyMac Mortgage Investment Trust from $16.00 to $15.00 and set a market outperform rating on the stock in a report on Thursday, October 20th. Finally, StockNews.com initiated coverage on PennyMac Mortgage Investment Trust in a report on Wednesday, October 12th. They issued a sell rating on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, PennyMac Mortgage Investment Trust has a consensus rating of Moderate Buy and an average price target of $16.57.

PennyMac Mortgage Investment Trust Stock Performance

NYSE:PMT opened at $15.33 on Monday. The business’s 50-day moving average price is $13.37 and its two-hundred day moving average price is $14.34. PennyMac Mortgage Investment Trust has a twelve month low of $10.78 and a twelve month high of $18.72. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 1.35.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 14th were given a dividend of $0.47 per share. The ex-dividend date of this dividend was Thursday, October 13th. This represents a $1.88 annualized dividend and a dividend yield of 12.26%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently -127.89%.

Insider Buying and Selling

In related news, CEO David Spector purchased 20,000 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Thursday, September 8th. The shares were acquired at an average cost of $13.71 per share, for a total transaction of $274,200.00. Following the transaction, the chief executive officer now directly owns 232,574 shares in the company, valued at $3,188,589.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in PennyMac Mortgage Investment Trust by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 10,801,513 shares of the real estate investment trust’s stock worth $182,438,000 after acquiring an additional 85,349 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in PennyMac Mortgage Investment Trust by 11.1% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 4,609,260 shares of the real estate investment trust’s stock worth $63,746,000 after acquiring an additional 460,177 shares during the last quarter. State Street Corp grew its position in PennyMac Mortgage Investment Trust by 3.5% during the 1st quarter. State Street Corp now owns 3,544,419 shares of the real estate investment trust’s stock worth $59,865,000 after acquiring an additional 121,072 shares during the last quarter. Invesco Ltd. grew its position in PennyMac Mortgage Investment Trust by 8.0% during the 1st quarter. Invesco Ltd. now owns 2,409,271 shares of the real estate investment trust’s stock worth $40,693,000 after acquiring an additional 178,783 shares during the last quarter. Finally, Pacer Advisors Inc. grew its position in shares of PennyMac Mortgage Investment Trust by 26.6% in the 3rd quarter. Pacer Advisors Inc. now owns 1,453,426 shares of the real estate investment trust’s stock worth $17,121,000 after buying an additional 305,310 shares during the last quarter. 69.07% of the stock is currently owned by institutional investors.

PennyMac Mortgage Investment Trust Company Profile

(Get Rating)

PennyMac Mortgage Investment Trust, a specialty finance company, primarily invests in mortgage-related assets in the United States. The company's Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, distressed loans, real estate, and non-agency subordinated bonds.

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