PennyMac Mortgage Investment Trust (PMT) Receives Average Recommendation of “Buy” from Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has earned a consensus rating of “Buy” from the nine analysts that are currently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $22.25.

Several research firms have recently commented on PMT. Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong-buy” rating and set a $23.00 price target for the company in a report on Saturday, February 9th. Piper Jaffray Companies started coverage on shares of PennyMac Mortgage Investment Trust in a research report on Friday. They issued an “overweight” rating and a $23.00 price objective on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $22.00 price objective on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, February 12th. Nomura started coverage on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, March 27th. They issued a “buy” rating and a $23.00 price objective on the stock. Finally, ValuEngine raised shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating in a research report on Monday, February 4th.

NYSE:PMT opened at $21.42 on Tuesday. PennyMac Mortgage Investment Trust has a one year low of $17.88 and a one year high of $21.91. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.38 and a quick ratio of 0.38. The stock has a market capitalization of $1.45 billion, a PE ratio of 10.76, a price-to-earnings-growth ratio of 2.18 and a beta of 0.61.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Thursday, May 2nd. The real estate investment trust reported $0.68 EPS for the quarter, beating the consensus estimate of $0.43 by $0.25. PennyMac Mortgage Investment Trust had a net margin of 46.63% and a return on equity of 13.71%. The business had revenue of $106.62 million during the quarter, compared to analyst estimates of $89.10 million. During the same quarter in the previous year, the business posted $0.35 EPS. Research analysts forecast that PennyMac Mortgage Investment Trust will post 1.94 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 29th. Stockholders of record on Monday, April 15th were given a $0.47 dividend. This represents a $1.88 dividend on an annualized basis and a dividend yield of 8.78%. The ex-dividend date was Friday, April 12th. PennyMac Mortgage Investment Trust’s payout ratio is currently 94.47%.

In other news, CEO David Spector sold 35,000 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $20.61, for a total value of $721,350.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Scott W. Carnahan sold 5,721 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $20.75, for a total transaction of $118,710.75. The disclosure for this sale can be found here. 2.46% of the stock is owned by insiders.

Institutional investors have recently modified their holdings of the company. Bank of Montreal Can grew its position in PennyMac Mortgage Investment Trust by 69.1% during the 4th quarter. Bank of Montreal Can now owns 1,461 shares of the real estate investment trust’s stock worth $27,000 after purchasing an additional 597 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in PennyMac Mortgage Investment Trust by 11.3% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 6,729 shares of the real estate investment trust’s stock worth $125,000 after purchasing an additional 682 shares during the last quarter. Greenwich Investment Management Inc. grew its position in PennyMac Mortgage Investment Trust by 0.5% during the 4th quarter. Greenwich Investment Management Inc. now owns 189,097 shares of the real estate investment trust’s stock worth $3,521,000 after purchasing an additional 900 shares during the last quarter. OppenheimerFunds Inc. grew its position in PennyMac Mortgage Investment Trust by 5.9% during the 1st quarter. OppenheimerFunds Inc. now owns 16,475 shares of the real estate investment trust’s stock worth $341,000 after purchasing an additional 924 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its position in PennyMac Mortgage Investment Trust by 2.2% during the 4th quarter. Thrivent Financial for Lutherans now owns 43,587 shares of the real estate investment trust’s stock worth $812,000 after purchasing an additional 958 shares during the last quarter. 69.65% of the stock is currently owned by hedge funds and other institutional investors.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).

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Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

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