PennyMac Mortgage Investment Trust (NYSE:PMT) Receives Average Rating of “Hold” from Brokerages

PennyMac Mortgage Investment Trust (NYSE:PMT) has been assigned an average rating of “Hold” from the seven analysts that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $14.93.

A number of research firms have recently issued reports on PMT. JMP Securities increased their price target on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a research report on Friday, July 19th. B. Riley reiterated a “buy” rating and set a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Wedbush restated a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Thursday, July 25th. Keefe, Bruyette & Woods dropped their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research note on Thursday, July 25th. Finally, Piper Sandler reduced 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.

Insider Buying and Selling

In other PennyMac Mortgage Investment Trust news, Director Doug Jones sold 37,010 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was 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 directly owns 49,114 shares in the company, valued at $688,087.14. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders have acquired a total of 2,879 shares of company stock worth $39,028 in the last ninety days. 0.89% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PMT. Victory Capital Management Inc. grew its holdings in shares of PennyMac Mortgage Investment Trust by 16.0% during the fourth quarter. Victory Capital Management Inc. now owns 17,702 shares of the real estate investment trust’s stock valued at $265,000 after buying an additional 2,439 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in PennyMac Mortgage Investment Trust by 4.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust’s stock valued at $20,345,000 after purchasing an additional 61,287 shares during the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 180.4% in the fourth quarter. Janney Montgomery Scott LLC now owns 48,047 shares of the real estate investment trust’s stock valued at $718,000 after purchasing an additional 30,914 shares during the period. Norges Bank acquired a new stake in shares of PennyMac Mortgage Investment Trust during the fourth quarter worth about $9,781,000. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at $258,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $14.08 on Friday. PennyMac Mortgage Investment Trust has a 52 week low of $10.52 and a 52 week high of $15.89. The company has a market capitalization of $1.22 billion, a PE ratio of 9.38 and a beta of 1.51. The stock’s fifty day moving average is $13.87 and its two-hundred day moving average is $14.01. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced 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 firm had revenue of $71.20 million during the quarter, compared to analysts’ expectations of $90.26 million. PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. During the same quarter in the previous year, the firm posted $0.16 EPS. As a group, analysts expect that PennyMac Mortgage Investment Trust will post 1.27 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.37%. PennyMac Mortgage Investment Trust’s payout ratio is 106.67%.

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.