PennyMac Mortgage Investment Trust (NYSE:PMT) Receives Average Rating of “Hold” from Brokerages

PennyMac Mortgage Investment Trust (NYSE:PMT) has been given an average recommendation of “Hold” by the seven brokerages that are presently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $14.93.

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

Insider Activity

In related news, Director Doug Jones sold 37,010 shares of the business’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 owns 49,114 shares in the company, valued at $688,087.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last ninety days, insiders bought 2,879 shares of company stock worth $39,028. 0.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC increased its position in shares of PennyMac Mortgage Investment Trust by 124.7% during the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after purchasing an additional 161,723 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of PennyMac Mortgage Investment Trust by 173.4% in the first quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock valued at $2,280,000 after acquiring an additional 98,500 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust’s stock worth $20,345,000 after acquiring an additional 61,287 shares during the last quarter. QRG Capital Management Inc. purchased a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth about $302,000. Finally, ProShare Advisors LLC grew its holdings in PennyMac Mortgage Investment Trust by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 1,207 shares during the last quarter. 67.38% of the stock is owned by institutional investors.

PennyMac Mortgage Investment Trust Stock Performance

PMT opened at $14.08 on Friday. The company’s 50 day moving average is $13.87 and its 200 day moving average is $14.01. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 1.51. The company has a market cap of $1.22 billion, a price-to-earnings ratio of 9.38 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.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. The company had revenue of $71.20 million during the quarter, compared to analysts’ expectations of $90.26 million. During the same quarter in the previous year, the company earned $0.16 EPS. On average, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Friday, October 11th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 annualized dividend and a dividend yield of 11.37%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 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.