PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Down 4.4% – Time to Sell?

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) were down 4.4% during trading on Wednesday. The company traded as low as $7.48 and last traded at $7.5250. 423,443 shares traded hands during trading, a decline of 73% from the average daily volume of 1,549,223 shares. The stock had previously closed at $7.87.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Citigroup restated a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, October 15th. Zacks Research upgraded shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Deutsche Bank Aktiengesellschaft upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a research report on Saturday, August 15th. Wells Fargo & Company decreased their price target on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Wednesday, November 4th. Finally, Weiss Ratings cut PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 8th. Three investment 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. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $10.75.

PennyMac Mortgage Investment Trust Trading Down 4.8%

The firm has a market cap of $653.56 million, a PE ratio of 16.32, a PEG ratio of 1.52 and a beta of 1.21. The company has a debt-to-equity ratio of 11.14, a current ratio of 1.60 and a quick ratio of 1.60. The business has a 50-day moving average price of $8.08 and a two-hundred day moving average price of $10.26.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.35 EPS for the quarter, topping the consensus estimate of $0.30 by $0.05. The business had revenue of $36.24 million for 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 11.41%. Analysts forecast that PennyMac Mortgage Investment Trust will post 0.31 EPS for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th were given 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 21.3%. PennyMac Mortgage Investment Trust’s payout ratio is presently 347.83%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. grew its holdings in PennyMac Mortgage Investment Trust by 142.1% during the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock valued at $25,000 after buying an additional 1,285 shares during the last quarter. Hantz Financial Services Inc. lifted its stake in shares of PennyMac Mortgage Investment Trust by 287.9% during the third quarter. Hantz Financial Services Inc. now owns 3,499 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 2,597 shares during the period. Allworth Financial LP purchased a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth $33,000. Nykredit A S purchased a new position in PennyMac Mortgage Investment Trust during the second quarter worth about $37,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter worth approximately $38,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust focused on the U.S. residential mortgage market. The company invests in mortgage-related assets, including mortgage loans and mortgage-backed securities, and seeks to generate returns from its investment portfolio. Its activities include acquiring and managing loans and securities across different parts of the mortgage market. These investments expose the trust to factors such as borrower credit performance, interest rates and changes in mortgage prepayment activity.