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

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned an average rating of “Hold” from the seven research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $13.8750.

A number of research firms have issued reports on PMT. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Wednesday, October 8th. UBS Group raised their target price on PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the stock a “neutral” rating in a research report on Friday, October 24th. Wells Fargo & Company began coverage on PennyMac Mortgage Investment Trust in a research report on Monday, August 25th. They issued an “equal weight” rating and a $13.00 target price for the company. Finally, Keefe, Bruyette & Woods downgraded PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $14.50 to $13.50 in a research report on Friday, July 25th.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In related news, Director Catherine A. Lynch purchased 2,823 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $12.02 per share, for a total transaction of $33,932.46. Following the completion of the transaction, the director owned 54,711 shares in the company, valued at $657,626.22. This trade represents a 5.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.92% of the company’s stock.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds have recently made changes to their positions in PMT. Boston Partners purchased a new position in shares of PennyMac Mortgage Investment Trust in the first quarter valued at $14,807,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of PennyMac Mortgage Investment Trust by 71.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,335,101 shares of the real estate investment trust’s stock valued at $19,559,000 after purchasing an additional 557,389 shares in the last quarter. Ieq Capital LLC purchased a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $7,644,000. Jane Street Group LLC purchased a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $4,166,000. Finally, Nuveen LLC purchased a new position in PennyMac Mortgage Investment Trust during the first quarter worth about $3,713,000. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $12.07 on Friday. The business’s fifty day simple moving average is $12.24 and its 200 day simple moving average is $12.44. The firm has a market capitalization of $1.05 billion, a P/E ratio of 13.26, a price-to-earnings-growth ratio of 2.73 and a beta of 1.29. PennyMac Mortgage Investment Trust has a 12 month low of $11.60 and a 12 month high of $14.93. The company has a current ratio of 0.57, a quick ratio of 0.80 and a debt-to-equity ratio of 0.66.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Tuesday, October 21st. The real estate investment trust reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.19. PennyMac Mortgage Investment Trust had a return on equity of 9.01% and a net margin of 37.92%.The business had revenue of $99.23 million during the quarter, compared to the consensus estimate of $97.91 million. As a group, analysts anticipate that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 24th. Stockholders of record on Friday, October 10th were given a $0.40 dividend. The ex-dividend date was Friday, October 10th. This represents a $1.60 annualized dividend and a dividend yield of 13.3%. PennyMac Mortgage Investment Trust’s payout ratio is 175.82%.

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.