PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Has Consensus Price Target of $10.92

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been given an average rating of “Hold” by the nine brokerages that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $10.92.

PMT has been the topic of several analyst reports. Weiss Ratings lowered shares of PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research note on Thursday, October 8th. Wells Fargo & Company reduced their price objective on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Friday, July 31st. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a research report on Friday, October 9th. Citigroup reissued a “market outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, October 15th. Finally, UBS Group lowered their target price on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, August 21st.

PennyMac Mortgage Investment Trust Trading Up 2.4%

Shares of NYSE:PMT opened at $6.92 on Friday. The company has a market cap of $602.99 million, a PE ratio of 4.75, a P/E/G ratio of 0.38 and a beta of 1.20. The company’s 50-day moving average price is $8.64 and its 200 day moving average price is $9.93. PennyMac Mortgage Investment Trust has a fifty-two week low of $6.70 and a fifty-two week high of $13.81. The company has a quick ratio of 1.46, a current ratio of 1.46 and a debt-to-equity ratio of 9.18.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The firm had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. Sell-side analysts anticipate that PennyMac Mortgage Investment Trust will post 1.02 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 23.1%. The ex-dividend date is Thursday, October 8th. PennyMac Mortgage Investment Trust’s payout ratio is 112.68%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in PennyMac Mortgage Investment Trust in the 2nd quarter valued at about $164,344,000. Beach Point Capital Management LP acquired a new position in PennyMac Mortgage Investment Trust during the 3rd quarter valued at about $6,702,000. Royal Bank of Canada increased its stake in PennyMac Mortgage Investment Trust by 1,469.4% during the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after buying an additional 601,233 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth about $6,137,000. Finally, Principal Financial Group Inc. raised its position in shares of PennyMac Mortgage Investment Trust by 2.0% during the 1st quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock worth $4,932,000 after buying an additional 8,234 shares in the last quarter. Institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income through investments in mortgage loans, mortgage servicing rights, mortgage-backed securities and other credit-sensitive assets tied to the U.S. housing market.

PennyMac’s activities include acquiring and managing newly originated and seasoned residential mortgage loans, investing in mortgage servicing rights and related financing arrangements, and participating in correspondent production activities.