Keefe, Bruyette & Woods Trims PennyMac Mortgage Investment Trust (NYSE:PMT) Target Price to $15.00

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target trimmed by Keefe, Bruyette & Woods from $15.50 to $15.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the real estate investment trust’s stock.

PMT has been the subject of several other reports. B. Riley reissued a buy rating and set a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday. Piper Sandler lowered their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a neutral rating for the company in a research report on Wednesday. Wedbush reaffirmed a neutral rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Thursday. Finally, JMP Securities boosted their price target on shares of 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. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $14.93.

PennyMac Mortgage Investment Trust Price Performance

PennyMac Mortgage Investment Trust stock opened at $13.76 on Thursday. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 9.17 and a beta of 1.51. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.34 and a current ratio of 0.33. PennyMac Mortgage Investment Trust has a 1 year low of $10.52 and a 1 year high of $15.89. The company’s 50 day simple moving average is $13.89 and its 200-day simple moving average is $14.12.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). The business had revenue of $71.20 million for the quarter, compared to analysts’ expectations of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same quarter last year, the company earned $0.16 earnings per share. As a group, equities research analysts expect that PennyMac Mortgage Investment Trust will post 1.33 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 11.63%. The ex-dividend date of this dividend was Friday, July 12th. PennyMac Mortgage Investment Trust’s payout ratio is 106.67%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds and other institutional investors have recently bought and sold shares of PMT. Norges Bank purchased a new position in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth about $9,781,000. International Assets Investment Management LLC grew its stake in PennyMac Mortgage Investment Trust by 1,307.8% during the 4th quarter. International Assets Investment Management LLC now owns 325,910 shares of the real estate investment trust’s stock worth $4,872,000 after buying an additional 302,760 shares during the last quarter. Jane Street Group LLC increased its position in PennyMac Mortgage Investment Trust by 124.7% during the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after buying an additional 161,723 shares during the period. Advisors Preferred LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust in the fourth quarter valued at approximately $2,105,000. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 173.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock valued at $2,280,000 after acquiring an additional 98,500 shares during the period. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.