PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Cross Above 50 Day Moving Average – Should You Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price passed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $8.19 and traded as high as $8.34. PennyMac Mortgage Investment Trust shares last traded at $8.2440, with a volume of 3,427,244 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a report on Friday, October 16th. Weiss Ratings lowered PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, October 8th. Wells Fargo & Company dropped their target price on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Saturday, August 15th. Finally, UBS Group lowered their price target on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $10.75.

PennyMac Mortgage Investment Trust Stock Up 4.5%

The firm has a market cap of $718.88 million, a price-to-earnings ratio of 17.92, a PEG ratio of 0.68 and a beta of 1.21. The business’s 50-day moving average is $8.19 and its 200-day moving average is $10.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.46 and a current ratio of 0.73.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.30 by $0.05. The firm had revenue of $36.24 million for the quarter, compared to analysts’ expectations of $95.01 million. PennyMac Mortgage Investment Trust had a net margin of 29.15% and a return on equity of 11.40%. On average, equities analysts predict that PennyMac Mortgage Investment Trust will post 0.67 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Thursday, October 8th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 19.4%. The ex-dividend date of this dividend was Thursday, October 8th. PennyMac Mortgage Investment Trust’s payout ratio is presently 347.83%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at $164,344,000. Royal Bank of Canada boosted its stake in PennyMac Mortgage Investment Trust by 1,469.4% in the first quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock worth $7,488,000 after purchasing an additional 601,233 shares in the last quarter. Beach Point Capital Management LP acquired a new position in PennyMac Mortgage Investment Trust in the third quarter worth $6,702,000. Bank of New York Mellon Corp bought a new stake in shares of PennyMac Mortgage Investment Trust during the second quarter worth $6,137,000. Finally, Principal Financial Group Inc. grew its holdings in shares of PennyMac Mortgage Investment Trust by 2.0% during the first quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock worth $4,932,000 after purchasing an additional 8,234 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors.

About PennyMac Mortgage Investment Trust

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.