PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 52-Week Low – What’s Next?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price reached a new 52-week low during trading on Tuesday. The stock traded as low as $6.70 and last traded at $6.7490, with a volume of 3,128,133 shares. The stock had previously closed at $6.92.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. UBS Group decreased their target price on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research note on Friday, August 21st. Wells Fargo & Company lowered their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Friday, October 16th. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Saturday, August 15th. Finally, Citizens Jmp cut their price target on PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a “market outperform” rating on the stock in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $10.92.

PennyMac Mortgage Investment Trust Trading Down 0.9%

The stock has a fifty day simple moving average of $8.59 and a 200 day simple moving average of $9.89. The firm has a market cap of $596.88 million, a P/E ratio of 4.82, a price-to-earnings-growth ratio of 0.39 and a beta of 1.20. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.07). The company had revenue of ($46.00) million for the quarter, compared to analysts’ expectations of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. On average, research analysts expect that PennyMac Mortgage Investment Trust will post 1.02 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 23.4%. The ex-dividend date is Thursday, October 8th. PennyMac Mortgage Investment Trust’s payout ratio is currently 112.68%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Corient Private Wealth LP bought a new position in PennyMac Mortgage Investment Trust in the second quarter worth approximately $1,651,000. Bank of America Corp DE bought a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at approximately $4,549,000. Bank of New York Mellon Corp purchased a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter worth approximately $6,137,000. Royal Bank of Canada increased its holdings in PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock worth $7,488,000 after acquiring an additional 601,233 shares in the last quarter. Finally, BlackRock Inc. purchased a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter worth approximately $164,344,000. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

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

PMT’s business activities include acquiring and managing mortgage loans, mortgage-backed securities and related investments. Through its correspondent production strategy, the trust invests in newly originated residential mortgage loans purchased from correspondent lenders.