PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Has Consensus Price Target of $10.75 According to Brokerages

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned an average recommendation of “Hold” from the ten brokerages that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $10.75.

A number of research firms have recently weighed in on PMT. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research note on Friday, October 16th. Wall Street Zen raised shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “sell” rating in a research report on Sunday. Weiss Ratings lowered shares of PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 8th. Deutsche Bank upgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Saturday, August 15th. Finally, Wells Fargo & Company decreased their target price on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Wednesday, November 4th.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of large investors have recently bought and sold shares of PMT. BlackRock Inc. bought a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth $164,344,000. Beach Point Capital Management LP bought a new position in PennyMac Mortgage Investment Trust in the 3rd quarter worth $6,702,000. Royal Bank of Canada raised 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 during the period. Bank of New York Mellon Corp acquired a new position in PennyMac Mortgage Investment Trust during the 2nd quarter worth $6,137,000. Finally, Bank of America Corp DE acquired a new position in PennyMac Mortgage Investment Trust during the 2nd quarter worth $4,549,000. 67.38% of the stock is currently owned by institutional investors.

PennyMac Mortgage Investment Trust Stock Up 3.0%

Shares of NYSE:PMT traded up $0.21 during midday trading on Thursday, hitting $7.45. 2,867,563 shares of the stock were exchanged, compared to its average volume of 2,755,922. The company has a debt-to-equity ratio of 11.14, a quick ratio of 1.60 and a current ratio of 1.60. PennyMac Mortgage Investment Trust has a 52-week low of $6.70 and a 52-week high of $13.81. The business’s fifty day simple moving average is $7.96 and its two-hundred day simple moving average is $10.17. The company has a market capitalization of $649.99 million, a PE ratio of 16.20, a P/E/G ratio of 1.38 and a beta of 1.21.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Thursday, October 29th. The real estate investment trust reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.05. PennyMac Mortgage Investment Trust had a return on equity of 11.41% and a net margin of 29.15%. The firm had revenue of $36.24 million during the quarter, compared to analysts’ expectations of $95.01 million. As a group, research analysts predict that PennyMac Mortgage Investment Trust will post 0.31 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 23rd. Investors of record on Thursday, October 8th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 21.5%. The ex-dividend date of this dividend was Thursday, October 8th. PennyMac Mortgage Investment Trust’s payout ratio is presently 347.83%.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust is a mortgage real estate investment trust focused on the U.S. residential mortgage market. The company invests in mortgage-related assets, including mortgage loans and mortgage-backed securities, and seeks to generate returns from its investment portfolio. Its activities include acquiring and managing loans and securities across different parts of the mortgage market. These investments expose the trust to factors such as borrower credit performance, interest rates and changes in mortgage prepayment activity.