PennyMac Mortgage Investment Trust (NYSE:PMT) Given Average Recommendation of “Hold” by Analysts

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned a consensus rating of “Hold” from the seven research firms that are currently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $14.93.

A number of research analysts have recently commented on the company. Wedbush reiterated a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, July 25th. Piper Sandler cut their price target on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. B. Riley restated a “buy” rating and set a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th. Keefe, Bruyette & Woods dropped their price objective on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a report on Thursday, July 25th. Finally, JMP Securities boosted their target price on shares of PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a “market outperform” rating in a report on Friday, July 19th.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wolverine Asset Management LLC grew its holdings in PennyMac Mortgage Investment Trust by 781.5% during the 2nd quarter. Wolverine Asset Management LLC now owns 224,113 shares of the real estate investment trust’s stock worth $3,082,000 after acquiring an additional 198,688 shares during the period. Van ECK Associates Corp boosted its position in shares of PennyMac Mortgage Investment Trust by 34.4% during the 2nd quarter. Van ECK Associates Corp now owns 622,133 shares of the real estate investment trust’s stock valued at $8,554,000 after purchasing an additional 159,131 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in PennyMac Mortgage Investment Trust by 56.9% during the second quarter. Commonwealth Equity Services LLC now owns 63,423 shares of the real estate investment trust’s stock worth $872,000 after purchasing an additional 22,988 shares during the period. TrueMark Investments LLC bought a new stake in PennyMac Mortgage Investment Trust in the second quarter worth approximately $498,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in PennyMac Mortgage Investment Trust in the second quarter valued at approximately $177,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Stock Performance

PennyMac Mortgage Investment Trust stock opened at $13.28 on Friday. The company has a quick ratio of 0.34, a current ratio of 0.33 and a debt-to-equity ratio of 1.51. The stock has a market cap of $1.15 billion, a PE ratio of 8.85 and a beta of 1.51. PennyMac Mortgage Investment Trust has a 12-month low of $10.52 and a 12-month high of $15.89. The business’s 50-day moving average price is $13.86 and its two-hundred day moving average price is $14.07.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a net margin of 47.60% and a return on equity of 13.29%. The company had revenue of $71.20 million during the quarter, compared to analyst estimates of $90.26 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. As a group, analysts expect that PennyMac Mortgage Investment Trust will post 1.27 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.05%. The ex-dividend date was Friday, July 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 106.67%.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.