Shares of PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) have been given an average recommendation of “Hold” by the seven analysts that are presently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $14.93.
PMT has been the subject of several research reports. B. Riley restated a “buy” rating and set a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Piper Sandler reduced their price target on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. JMP Securities increased their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research 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, July 25th. Finally, Keefe, Bruyette & Woods lowered their price target on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th.
Get Our Latest Stock Analysis on PMT
PennyMac Mortgage Investment Trust Stock Performance
PennyMac Mortgage Investment Trust (NYSE:PMT – Get Free Report) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.17). The company had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. During the same quarter in the prior year, the firm earned $0.16 earnings per share. As a group, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current year.
PennyMac Mortgage Investment Trust Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 annualized dividend and a yield of 11.23%. PennyMac Mortgage Investment Trust’s dividend payout ratio is 106.67%.
Insider Buying and Selling at PennyMac Mortgage Investment Trust
In other news, Director Doug Jones sold 37,010 shares of the company’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 transaction of $518,510.10. Following the completion of the sale, the director now owns 49,114 shares of the company’s stock, valued at approximately $688,087.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 2,879 shares of company stock valued at $39,028 in the last ninety days. 0.89% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On PennyMac Mortgage Investment Trust
A number of institutional investors have recently modified their holdings of PMT. Jane Street Group LLC grew its position in PennyMac Mortgage Investment Trust by 124.7% in the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after acquiring an additional 161,723 shares during the last quarter. O Shaughnessy Asset Management LLC increased its position in PennyMac Mortgage Investment Trust by 173.4% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock worth $2,280,000 after purchasing an additional 98,500 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in PennyMac Mortgage Investment Trust by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust’s stock valued at $20,345,000 after purchasing an additional 61,287 shares during the last quarter. QRG Capital Management Inc. bought a new position in PennyMac Mortgage Investment Trust in the 2nd quarter valued at approximately $302,000. Finally, ProShare Advisors LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 7.4% during the first quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust’s stock worth $257,000 after buying an additional 1,207 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.
About PennyMac Mortgage Investment Trust
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.
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