PennyMac Mortgage Investment Trust (NYSE:PMT) Posts Earnings Results, Misses Estimates By $0.17 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) issued its quarterly earnings data on Tuesday. The real estate investment trust reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17), Zacks reports. The company had revenue of $71.20 million for the quarter, compared to analyst estimates of $90.26 million. PennyMac Mortgage Investment Trust had a net margin of 45.19% and a return on equity of 13.25%. During the same period in the prior year, the company posted $0.16 EPS.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT traded down $1.15 on Wednesday, reaching $13.32. 2,823,288 shares of the stock traded hands, compared to its average volume of 742,336. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of 9.02 and a beta of 1.51. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.34 and a quick ratio of 0.34. PennyMac Mortgage Investment Trust has a 12 month low of $10.52 and a 12 month high of $15.89. The stock’s 50-day moving average price is $13.99 and its 200-day moving average price is $14.14.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Stockholders of record on Friday, July 12th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.01%. The ex-dividend date is Friday, July 12th. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 106.67%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods raised PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $15.00 to $15.50 in a report on Wednesday, July 10th. Piper Sandler lowered their target price on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a report on Wednesday. B. Riley reaffirmed a “buy” rating and issued a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Wednesday. JMP Securities raised their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a report on Monday, April 29th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $15.00.

About PennyMac Mortgage Investment Trust

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.