PennyMac Mortgage Investment Trust (NYSE:PMT) Given Consensus Rating of “Reduce” by Brokerages

PennyMac Mortgage Investment Trust (NYSE:PMT) has received an average recommendation of “Reduce” from the eight research firms that are currently covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $14.00.

Several equities research analysts recently weighed in on PMT shares. Keefe, Bruyette & Woods downgraded shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $14.50 to $13.50 in a research note on Friday, July 25th. Zacks Research downgraded shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Monday, September 22nd. Wells Fargo & Company initiated coverage on shares of PennyMac Mortgage Investment Trust in a research note on Monday, August 25th. They set an “equal weight” rating and a $13.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Saturday, September 27th.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT stock opened at $12.42 on Wednesday. The firm’s 50 day moving average price is $12.20 and its 200-day moving average price is $12.65. The company has a debt-to-equity ratio of 3.82, a quick ratio of 0.80 and a current ratio of 0.80. PennyMac Mortgage Investment Trust has a one year low of $11.70 and a one year high of $14.93. The firm has a market cap of $1.08 billion, a P/E ratio of 17.25, a P/E/G ratio of 3.04 and a beta of 1.29.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.35 by ($0.39). PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%.The company had revenue of $70.20 million during the quarter, compared to analyst estimates of $95.46 million. As a group, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 24th. Shareholders of record on Friday, October 10th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.9%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 222.22%.

Insider Activity at PennyMac Mortgage Investment Trust

In other news, Director Catherine A. Lynch acquired 2,823 shares of the company’s stock in a transaction on Monday, September 22nd. The shares were bought at an average cost of $12.02 per share, with a total value of $33,932.46. Following the transaction, the director owned 54,711 shares in the company, valued at approximately $657,626.22. This trade represents a 5.44% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.92% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PMT. Trust Co. of Vermont purchased a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at $25,000. Allworth Financial LP grew its position in shares of PennyMac Mortgage Investment Trust by 1,741.7% in the 2nd quarter. Allworth Financial LP now owns 2,118 shares of the real estate investment trust’s stock valued at $27,000 after buying an additional 2,003 shares during the last quarter. GAMMA Investing LLC grew its position in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 1,363 shares during the last quarter. Signaturefd LLC grew its position in shares of PennyMac Mortgage Investment Trust by 53.8% in the 2nd quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 870 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of PennyMac Mortgage Investment Trust by 196.5% in the 1st quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust’s stock valued at $48,000 after buying an additional 2,162 shares during the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.