Brokerages Set PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target at $14.93

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been assigned an average rating of “Hold” from the seven brokerages that are covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $14.93.

A number of equities analysts have weighed in on PMT shares. B. Riley reiterated a “buy” rating and set a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Wedbush reissued a “neutral” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. JMP Securities raised their price target on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods decreased their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. Finally, Piper Sandler dropped their price objective on 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.

Insiders Place Their Bets

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 37,010 shares of PennyMac Mortgage Investment Trust 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 directly owns 49,114 shares in the company, valued at $688,087.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have acquired 2,879 shares of company stock worth $39,028 in the last ninety days. 0.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of large investors have recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. raised its stake in shares of PennyMac Mortgage Investment Trust by 10.4% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 199,073 shares of the real estate investment trust’s stock worth $3,056,000 after acquiring an additional 18,695 shares in the last quarter. Quadrature Capital Ltd purchased a new position in PennyMac Mortgage Investment Trust in the 4th quarter worth $234,000. Roble Belko & Company Inc bought a new stake in PennyMac Mortgage Investment Trust in the first quarter worth $29,000. Van ECK Associates Corp boosted its position in PennyMac Mortgage Investment Trust by 0.7% during the first quarter. Van ECK Associates Corp now owns 463,002 shares of the real estate investment trust’s stock valued at $6,797,000 after buying an additional 3,192 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in PennyMac Mortgage Investment Trust by 4.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 643,252 shares of the real estate investment trust’s stock valued at $9,443,000 after buying an additional 28,121 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Price Performance

PennyMac Mortgage Investment Trust stock opened at $14.06 on Wednesday. The business’s 50 day simple moving average is $14.02 and its 200 day simple moving average is $13.99. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 9.31 and a beta of 1.51. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. The firm had revenue of $71.20 million for the quarter, compared to the consensus estimate of $90.26 million. During the same quarter in the previous year, the company posted $0.16 EPS. Sell-side analysts forecast that PennyMac Mortgage Investment Trust will post 1.29 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced 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. This represents a $1.60 annualized dividend and a yield of 11.38%. The ex-dividend date is Friday, October 11th. PennyMac Mortgage Investment Trust’s payout ratio is 105.96%.

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.