PennyMac Mortgage Investment Trust (NYSE:PMT) Hits New 12-Month Low After Earnings Miss

PennyMac Mortgage Investment Trust (NYSE:PMT) shares reached a new 52-week low during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $9.38 and last traded at $9.4070, with a volume of 123445 shares. The stock had previously closed at $9.69.

The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The business had revenue of ($46.00) million for the quarter, compared to the consensus estimate of $93.93 million.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were given a dividend of $0.40 per share. The ex-dividend date was Thursday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 17.1%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 139.13%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods restated a “market perform” rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Wall Street Zen cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Zacks Research lowered PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 27th. Piper Sandler set a $10.00 target price on PennyMac Mortgage Investment Trust in a report on Thursday. Finally, Weiss Ratings downgraded PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, May 21st. Two equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.50.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Large investors have recently bought and sold shares of the business. Invesco Ltd. lifted its position in PennyMac Mortgage Investment Trust by 8.8% during the third quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock valued at $27,028,000 after purchasing an additional 178,834 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock worth $26,524,000 after buying an additional 11,764 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of PennyMac Mortgage Investment Trust by 7.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock worth $18,405,000 after buying an additional 98,701 shares during the last quarter. Millennium Management LLC raised its position in shares of PennyMac Mortgage Investment Trust by 41.8% during the 3rd quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after buying an additional 394,497 shares in the last quarter. Finally, Barclays PLC raised its position in shares of PennyMac Mortgage Investment Trust by 93.2% during the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after buying an additional 478,947 shares in the last quarter. Institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Trading Down 3.7%

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 stock’s fifty day moving average is $10.25 and its 200 day moving average is $11.41. The stock has a market cap of $814.01 million, a P/E ratio of 8.12, a P/E/G ratio of 0.63 and a beta of 1.13.

PennyMac Mortgage Investment Trust Company Profile

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.