PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Has Average Price Target of $11.50

PennyMac Mortgage Investment Trust (NYSE:PMT) has earned an average rating of “Hold” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $11.50.

PMT has been the topic of several recent research reports. 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. Piper Sandler lowered their price target on shares of PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, July 30th. Weiss Ratings reiterated a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft raised shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Saturday, August 15th. Finally, UBS Group reduced their price objective 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.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC acquired a new position in PennyMac Mortgage Investment Trust during the 2nd quarter valued at about $432,000. Nykredit A S acquired a new stake in PennyMac Mortgage Investment Trust in the second quarter worth about $37,000. Corient Private Wealth LP acquired a new stake in PennyMac Mortgage Investment Trust in the second quarter worth about $1,747,000. Wedbush Securities Inc. grew its stake in shares of PennyMac Mortgage Investment Trust by 1.6% during the second quarter. Wedbush Securities Inc. now owns 92,059 shares of the real estate investment trust’s stock worth $1,038,000 after acquiring an additional 1,469 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 967.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,070 shares of the real estate investment trust’s stock worth $1,806,000 after acquiring an additional 145,076 shares during the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Price Performance

PMT opened at $8.02 on Wednesday. PennyMac Mortgage Investment Trust has a 12-month low of $7.97 and a 12-month high of $13.81. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 9.18. The business’s fifty day simple moving average is $9.29 and its 200-day simple moving average is $10.37. The company has a market capitalization of $698.92 million, a price-to-earnings ratio of 5.64, a PEG ratio of 0.60 and a beta of 1.14.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.07). The firm had revenue of ($46.00) million for the quarter, compared to analysts’ expectations of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. On average, equities research analysts anticipate 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 declared a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Thursday, October 8th will be issued a $0.40 dividend. The ex-dividend date is Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 20.0%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 112.68%.

PennyMac Mortgage Investment Trust Company Profile