PennyMac Mortgage Investment Trust’s (PMT) Buy Rating Reiterated at B. Riley

B. Riley restated their buy rating on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research note published on Wednesday morning, Benzinga reports. They currently have a $16.00 price target on the real estate investment trust’s stock. B. Riley also issued estimates for PennyMac Mortgage Investment Trust’s Q3 2024 earnings at $0.36 EPS, FY2025 earnings at $1.73 EPS, Q2 2026 earnings at $0.44 EPS and FY2026 earnings at $1.79 EPS.

PMT has been the subject of a number of other research reports. Wedbush restated a neutral rating and set a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research report on Monday, April 29th. Keefe, Bruyette & Woods upgraded PennyMac Mortgage Investment Trust from a market perform rating to an outperform rating and boosted their target price for the stock from $15.00 to $15.50 in a research report on Wednesday, July 10th. JMP Securities boosted their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the stock a market outperform rating in a research report on Friday, July 19th. Finally, Piper Sandler dropped their target price on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a neutral rating for the company in a research report on Wednesday. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $14.93.

PennyMac Mortgage Investment Trust Price Performance

PennyMac Mortgage Investment Trust stock opened at $13.77 on Wednesday. The company has a debt-to-equity ratio of 1.51, a quick ratio of 0.34 and a current ratio of 0.33. The firm has a market cap of $1.20 billion, a P/E ratio of 9.18 and a beta of 1.51. The business’s fifty day moving average is $13.89 and its two-hundred day moving average is $14.12. PennyMac Mortgage Investment Trust has a 52 week low of $10.52 and a 52 week high of $15.89.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). The firm had revenue of $71.20 million for the quarter, compared to the consensus estimate of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same quarter in the previous year, the firm earned $0.16 EPS. Equities research analysts forecast that PennyMac Mortgage Investment Trust will post 1.37 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were issued a $0.40 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $1.60 dividend on an annualized basis and a yield of 11.62%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 106.67%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC bought a new stake in PennyMac Mortgage Investment Trust in the second quarter valued at about $177,000. Bank of New York Mellon Corp grew its stake in PennyMac Mortgage Investment Trust by 1.2% in the second quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock valued at $10,895,000 after acquiring an additional 9,506 shares during the period. Louisiana State Employees Retirement System grew its stake in PennyMac Mortgage Investment Trust by 1.9% in the second quarter. Louisiana State Employees Retirement System now owns 43,700 shares of the real estate investment trust’s stock valued at $601,000 after acquiring an additional 800 shares during the period. QRG Capital Management Inc. acquired a new position in PennyMac Mortgage Investment Trust in the second quarter valued at about $302,000. Finally, Jane Street Group LLC grew its stake in PennyMac Mortgage Investment Trust by 124.7% in the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock valued at $4,277,000 after acquiring an additional 161,723 shares during the period. Institutional investors own 67.38% of the company’s stock.

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.