PennyMac Mortgage Investment Trust (NYSE:PMT) Hits New 1-Year Low – Here’s Why

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) reached a new 52-week low on Monday. The company traded as low as $8.17 and last traded at $8.2330, with a volume of 59898 shares traded. The stock had previously closed at $8.33.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PMT. Piper Sandler lowered their target price on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating for the company in a research note on Thursday, July 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Tuesday, August 18th. UBS Group decreased their price objective on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Saturday, August 15th. Finally, Wells Fargo & Company dropped their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, July 31st. Three analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $11.50.

PennyMac Mortgage Investment Trust Stock Down 2.3%

The stock has a 50 day simple moving average of $9.36 and a 200-day simple moving average of $10.42. The firm has a market cap of $709.37 million, a PE ratio of 5.74, a PEG ratio of 0.62 and a beta of 1.14. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.46 and a quick ratio of 1.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%.The company had revenue of ($46.00) million during the quarter, compared to analysts’ expectations of $93.93 million. Sell-side analysts predict that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Thursday, October 8th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 annualized dividend and a dividend yield of 19.7%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 112.68%.

Institutional Trading of PennyMac Mortgage Investment Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Bessemer Group Inc. boosted its position in shares of PennyMac Mortgage Investment Trust by 142.1% during the first 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. Allworth Financial LP purchased a new position in PennyMac Mortgage Investment Trust in the 2nd quarter worth about $33,000. Clearstead Advisors LLC lifted its stake in PennyMac Mortgage Investment Trust by 184.3% during the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 1,815 shares during the period. Nykredit A S bought a new position in PennyMac Mortgage Investment Trust during the 2nd quarter valued at about $37,000. Finally, Public Employees Retirement System of Ohio purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at about $38,000. Institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile