PennyMac Mortgage Investment Trust’s (PMT) Neutral Rating Reiterated at Wedbush

Wedbush reiterated their neutral rating on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research report released on Thursday morning, Benzinga reports. They currently have a $15.00 price objective on the real estate investment trust’s stock. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2024 earnings at $0.38 EPS, FY2024 earnings at $1.30 EPS, Q1 2025 earnings at $0.31 EPS, Q2 2025 earnings at $0.39 EPS, Q3 2025 earnings at $0.39 EPS, Q4 2025 earnings at $0.40 EPS, FY2025 earnings at $1.50 EPS and FY2026 earnings at $1.65 EPS.

PMT has been the topic of a number of other research reports. B. Riley restated a “buy” rating and issued a $16.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, July 24th. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. JMP Securities lifted their price target on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research note on Friday, July 19th. Finally, Keefe, Bruyette & Woods lowered their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating for the company in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average price target of $14.93.

PennyMac Mortgage Investment Trust Price Performance

Shares of PMT traded up $0.02 during midday trading on Thursday, hitting $13.81. The company’s stock had a trading volume of 227,172 shares, compared to its average volume of 730,224. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 1.51. PennyMac Mortgage Investment Trust has a one year low of $10.62 and a one year high of $15.89. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of 9.20 and a beta of 1.51. The company’s fifty day simple moving average is $14.04 and its two-hundred day simple moving average is $13.97.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.01). The business had revenue of $80.86 million for the quarter, compared to analyst estimates of $93.75 million. PennyMac Mortgage Investment Trust had a return on equity of 11.86% and a net margin of 53.81%. During the same period in the previous year, the firm posted $0.51 EPS. As a group, equities analysts expect that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Friday, October 11th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 11.59%. The ex-dividend date of this dividend is Friday, October 11th. PennyMac Mortgage Investment Trust’s payout ratio is presently 106.67%.

Insiders Place Their Bets

In other news, Director Doug Jones sold 37,010 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total value of $518,510.10. Following the sale, the director now directly owns 49,114 shares of the company’s stock, valued at approximately $688,087.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PMT. EntryPoint Capital LLC grew its stake in PennyMac Mortgage Investment Trust by 251.8% during the first quarter. EntryPoint Capital LLC now owns 7,007 shares of the real estate investment trust’s stock worth $103,000 after purchasing an additional 5,015 shares during the period. Entropy Technologies LP acquired a new stake in shares of PennyMac Mortgage Investment Trust during the 1st quarter worth approximately $149,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of PennyMac Mortgage Investment Trust during the 1st quarter valued at $157,000. Allspring Global Investments Holdings LLC acquired a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at $177,000. Finally, Quadrature Capital Ltd bought a new position in PennyMac Mortgage Investment Trust during the fourth quarter worth $234,000. 67.38% of the stock is owned by institutional investors.

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.