PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $12.80 Average Price Target from Brokerages

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have received an average rating of “Hold” from the eight research firms that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $12.80.

A number of equities research analysts have issued reports on the stock. Piper Sandler lowered their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating on the stock in a report on Tuesday, May 26th. Wall Street Zen cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 8th. Wells Fargo & Company decreased their price target on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Finally, Zacks Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 27th.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT opened at $10.26 on Monday. The firm has a market capitalization of $894.93 million, a PE ratio of 8.92, a P/E/G ratio of 0.63 and a beta of 1.15. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. The company has a 50-day moving average price of $10.93 and a two-hundred day moving average price of $11.90. PennyMac Mortgage Investment Trust has a twelve month low of $9.83 and a twelve month high of $13.81.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.20). The business had revenue of $233.25 million during the quarter, compared to the consensus estimate of $92.92 million. PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. Equities analysts forecast that PennyMac Mortgage Investment Trust will post 1.21 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Thursday, July 9th will be paid a $0.40 dividend. The ex-dividend date is Thursday, July 9th. This represents a $1.60 annualized dividend and a yield of 15.6%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 139.13%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PMT. Bessemer Group Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 142.1% in the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 1,285 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter worth about $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter worth about $33,000. GAMMA Investing LLC increased its stake in PennyMac Mortgage Investment Trust by 102.8% in the 4th quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 1,395 shares during the last quarter. Finally, Clearstead Advisors LLC increased its stake in PennyMac Mortgage Investment Trust by 184.3% in the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 1,815 shares during the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.