PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Gap Up on Earnings Beat

PennyMac Mortgage Investment Trust (NYSE:PMT) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $12.89, but opened at $13.40. PennyMac Mortgage Investment Trust shares last traded at $13.44, with a volume of 126,615 shares trading hands.

The real estate investment trust reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.04. PennyMac Mortgage Investment Trust had a net margin of 53.81% and a return on equity of 11.90%.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 24th. Shareholders of record on Friday, December 27th were paid a dividend of $0.40 per share. The ex-dividend date was Friday, December 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.74%. PennyMac Mortgage Investment Trust’s payout ratio is currently 117.65%.

Wall Street Analysts Forecast Growth

PMT has been the topic of several analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $15.50 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 23rd. Wedbush restated a “neutral” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $15.20.

Institutional Trading of PennyMac Mortgage Investment Trust

Several institutional investors have recently bought and sold shares of the business. K2 Principal Fund L.P. purchased a new stake in PennyMac Mortgage Investment Trust during the 3rd quarter worth approximately $5,841,000. International Assets Investment Management LLC raised its holdings in PennyMac Mortgage Investment Trust by 1,607.2% in the 3rd 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. Wolverine Asset Management LLC lifted 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 buying an additional 237,210 shares in the last quarter. Millennium Management LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 223.1% during the 2nd quarter. Millennium Management LLC now owns 232,576 shares of the real estate investment trust’s stock valued at $3,198,000 after acquiring an additional 160,595 shares during the last quarter. Finally, Citigroup Inc. raised its stake in PennyMac Mortgage Investment Trust by 43.2% during the third quarter. Citigroup Inc. now owns 407,660 shares of the real estate investment trust’s stock worth $5,813,000 after purchasing an additional 123,079 shares during the period. 67.38% of the stock is owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Stock Up 5.7 %

The firm’s fifty day simple moving average is $12.97 and its two-hundred day simple moving average is $13.53. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 10.02 and a beta of 1.50. The company has a current ratio of 0.41, a quick ratio of 0.41 and a debt-to-equity ratio of 1.56.

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.