PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Up 8.5% – Here’s What Happened

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price was up 8.5% on Monday. The stock traded as high as $8.13 and last traded at $8.1050. Approximately 2,148,492 shares traded hands during trading, an increase of 42% from the average session volume of 1,512,630 shares. The stock had previously closed at $7.47.

Analysts Set New Price Targets

Several research firms have commented on PMT. Wells Fargo & Company dropped their price objective on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Piper Sandler lowered their target price on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Friday, October 9th. Citigroup reaffirmed a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 15th. UBS Group dropped their price target on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research note on Friday, August 21st. Finally, Zacks Research upgraded shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a report on Friday, October 16th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.92.

PennyMac Mortgage Investment Trust Stock Performance

The company has a quick ratio of 1.46, a current ratio of 0.73 and a debt-to-equity ratio of 0.55. The business has a 50 day simple moving average of $8.26 and a two-hundred day simple moving average of $10.45. The firm has a market cap of $699.80 million, a PE ratio of 17.45, a price-to-earnings-growth ratio of 0.42 and a beta of 1.20.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. The firm had revenue of $31.00 million during the quarter, compared to analyst estimates of $95.01 million. PennyMac Mortgage Investment Trust had a net margin of 29.15% and a return on equity of 11.40%. As a group, equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Thursday, October 8th were issued a dividend of $0.40 per share. The ex-dividend date was Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a yield of 19.9%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 347.83%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently added to or reduced their stakes in the stock. Corient Private Wealth LP bought a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at $1,651,000. Bank of America Corp DE purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 2nd quarter worth $4,549,000. Beach Point Capital Management LP bought a new position in shares of PennyMac Mortgage Investment Trust during the 3rd quarter worth $6,702,000. Bank of New York Mellon Corp bought a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth $6,137,000. Finally, Royal Bank of Canada grew its position in shares of PennyMac Mortgage Investment Trust by 1,469.4% during the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock worth $7,488,000 after buying an additional 601,233 shares in the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage loans and mortgage-related assets. The company seeks to generate income through investments tied to the U.S. residential mortgage market, including credit-sensitive and interest-rate-sensitive assets.

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.