PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 52-Week Low – Should You Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT) shares reached a new 52-week low on Tuesday . The company traded as low as $10.23 and last traded at $10.3360, with a volume of 62056 shares. The stock had previously closed at $10.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wall Street Zen downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Citizens Jmp decreased their price target on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a research note on Thursday, January 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $12.00 price target (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Wells Fargo & Company decreased their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 7th. Finally, Piper Sandler decreased their price target on shares of PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and an average price target of $13.10.

PennyMac Mortgage Investment Trust Price Performance

The company has a debt-to-equity ratio of 7.99, a quick ratio of 1.39 and a current ratio of 1.39. The company’s 50 day moving average price is $11.60 and its 200 day moving average price is $12.26. The company has a market cap of $900.34 million, a price-to-earnings ratio of 8.99, a P/E/G ratio of 0.50 and a beta of 1.19.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The firm had revenue of $82.29 million during the quarter, compared to analyst estimates of $92.92 million. On average, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 24th. Stockholders of record on Thursday, April 9th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 15.5%. The ex-dividend date was Thursday, April 9th. PennyMac Mortgage Investment Trust’s payout ratio is currently 139.13%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Institutional investors and hedge funds have recently made changes to their positions in the company. Amalgamated Bank raised its holdings in shares of PennyMac Mortgage Investment Trust by 3.3% in the third quarter. Amalgamated Bank now owns 25,689 shares of the real estate investment trust’s stock valued at $315,000 after buying an additional 831 shares during the last quarter. Evergreen Capital Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 8.0% in the fourth quarter. Evergreen Capital Management LLC now owns 12,417 shares of the real estate investment trust’s stock valued at $161,000 after buying an additional 915 shares during the last quarter. CWM LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 57.7% in the third quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 1,077 shares during the last quarter. Collar Capital Management LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 1.2% in the fourth quarter. Collar Capital Management LLC now owns 90,615 shares of the real estate investment trust’s stock valued at $1,137,000 after buying an additional 1,100 shares during the last quarter. Finally, Wedbush Securities Inc. raised its holdings in shares of PennyMac Mortgage Investment Trust by 1.3% in the fourth quarter. Wedbush Securities Inc. now owns 90,310 shares of the real estate investment trust’s stock valued at $1,133,000 after buying an additional 1,125 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.