PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $14.93 Average PT from Analysts

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been assigned an average rating of “Hold” from the seven analysts that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $14.93.

Several analysts have recently weighed in on the company. JMP Securities lifted their price objective 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. Piper Sandler dropped their price objective on shares of 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. Keefe, Bruyette & Woods decreased their target price 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. Wedbush reissued a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 24th. Finally, B. Riley reaffirmed a “buy” rating and set a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th.

PennyMac Mortgage Investment Trust Stock Performance

PMT opened at $13.06 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.41 and a debt-to-equity ratio of 1.56. The stock’s 50 day moving average price is $13.91 and its two-hundred day moving average price is $13.94. The firm has a market capitalization of $1.13 billion, a P/E ratio of 9.68 and a beta of 1.51. PennyMac Mortgage Investment Trust has a 12-month low of $12.81 and a 12-month high of $15.89.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 last year, the firm posted $0.51 EPS. On average, equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Friday, October 11th were given a dividend of $0.40 per share. The ex-dividend date 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 payout ratio is currently 117.65%.

Insider Activity

In related news, Director Doug Jones sold 37,010 shares of the company’s stock in a transaction 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 completion of the sale, the director now owns 49,114 shares in the company, valued at $688,087.14. This represents a 42.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PMT. Jane Street Group LLC increased its position in shares of PennyMac Mortgage Investment Trust by 124.7% during the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after purchasing an additional 161,723 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in PennyMac Mortgage Investment Trust by 173.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock worth $2,280,000 after buying an additional 98,500 shares during the last quarter. Wolverine Asset Management LLC raised its position in PennyMac Mortgage Investment Trust by 105.8% during the third quarter. Wolverine Asset Management LLC now owns 461,323 shares of the real estate investment trust’s stock worth $6,578,000 after acquiring an additional 237,210 shares in the last quarter. International Assets Investment Management LLC lifted its stake in PennyMac Mortgage Investment Trust by 1,607.2% in the third quarter. International Assets Investment Management LLC now owns 367,908 shares of the real estate investment trust’s stock valued at $5,246,000 after acquiring an additional 346,358 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at about $302,000. 67.38% of the stock is owned by institutional investors and hedge funds.

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.