JMP Securities Raises PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target to $15.50

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price objective increased by JMP Securities from $15.00 to $15.50 in a research note published on Friday morning, Benzinga reports. JMP Securities currently has a market outperform rating on the real estate investment trust’s stock.

A number of other research firms have also recently weighed in on PMT. Keefe, Bruyette & Woods upgraded PennyMac Mortgage Investment Trust from a market perform rating to an outperform rating and raised their price target for the company from $15.00 to $15.50 in a research note on Wednesday, July 10th. Wedbush restated a neutral rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Monday, April 29th. Finally, Piper Sandler restated a neutral rating and issued a $15.00 price target (up from $14.50) on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, May 9th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $15.07.

PennyMac Mortgage Investment Trust Stock Down 0.4 %

PennyMac Mortgage Investment Trust stock opened at $14.50 on Friday. PennyMac Mortgage Investment Trust has a 1-year low of $10.52 and a 1-year high of $15.89. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market cap of $1.26 billion, a PE ratio of 9.67 and a beta of 1.51. The stock’s fifty day moving average is $13.99 and its two-hundred day moving average is $14.14.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 11.03%. The ex-dividend date is Friday, July 12th. PennyMac Mortgage Investment Trust’s payout ratio is 106.67%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in PMT. Texas Permanent School Fund Corp lifted its position in PennyMac Mortgage Investment Trust by 1.6% in the first quarter. Texas Permanent School Fund Corp now owns 75,812 shares of the real estate investment trust’s stock valued at $1,113,000 after purchasing an additional 1,179 shares during the period. ProShare Advisors LLC lifted its position in PennyMac Mortgage Investment Trust by 7.4% in the first quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 1,207 shares during the period. National Bank of Canada FI lifted its position in PennyMac Mortgage Investment Trust by 94.9% in the fourth quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 1,603 shares during the period. Roble Belko & Company Inc acquired a new stake in shares of PennyMac Mortgage Investment Trust during the 1st quarter valued at approximately $29,000. Finally, Victory Capital Management Inc. lifted its position in shares of PennyMac Mortgage Investment Trust by 16.0% during the 4th quarter. Victory Capital Management Inc. now owns 17,702 shares of the real estate investment trust’s stock valued at $265,000 after acquiring an additional 2,439 shares during the period. Hedge funds and other institutional investors 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.