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

PennyMac Mortgage Investment Trust (NYSE:PMT)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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.

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

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 24th. Stockholders of record on Friday, December 27th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.86%. The ex-dividend date was Friday, December 27th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 117.65%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Wedbush reissued a “neutral” rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 24th. JMP Securities reissued a “market outperform” rating and issued a $15.50 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, January 23rd. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.20.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of large investors have recently bought and sold shares of PMT. Wilmington Savings Fund Society FSB bought a new position in shares of PennyMac Mortgage Investment Trust during the 3rd quarter worth about $28,000. Versant Capital Management Inc boosted its holdings in PennyMac Mortgage Investment Trust by 58.0% in the fourth quarter. Versant Capital Management Inc now owns 2,240 shares of the real estate investment trust’s stock worth $28,000 after acquiring an additional 822 shares in the last quarter. Principal Securities Inc. grew its stake in PennyMac Mortgage Investment Trust by 2,042.9% in the fourth quarter. Principal Securities Inc. now owns 2,400 shares of the real estate investment trust’s stock valued at $30,000 after acquiring an additional 2,288 shares during the period. Allworth Financial LP bought a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $39,000. Finally, Simplify Asset Management Inc. bought a new stake in shares of PennyMac Mortgage Investment Trust during the third quarter valued at approximately $143,000. 67.38% of the stock is currently owned by institutional investors and hedge funds.

PennyMac Mortgage Investment Trust Price Performance

The business has a 50-day moving average price of $12.97 and a two-hundred day moving average price of $13.54. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.56. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 9.92 and a beta of 1.50.

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.