Piper Sandler Lowers PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target to $14.50

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target decreased by Piper Sandler from $15.00 to $14.50 in a research report report published on Wednesday, Benzinga reports. Piper Sandler currently has a neutral rating on the real estate investment trust’s stock.

Other analysts have also recently issued reports about the company. Wedbush reissued a neutral rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Monday, April 29th. Keefe, Bruyette & Woods raised PennyMac Mortgage Investment Trust from a market perform rating to an outperform rating and lifted their price objective for the company from $15.00 to $15.50 in a research report on Wednesday, July 10th. Finally, JMP Securities lifted their price objective on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a market outperform rating in a research report on Friday, July 19th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust has an average rating of Hold and an average target price of $14.93.

PennyMac Mortgage Investment Trust Stock Up 1.5 %

NYSE PMT opened at $13.76 on Wednesday. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.33 and a quick ratio of 0.34. The stock has a market capitalization of $1.20 billion, a PE ratio of 9.17 and a beta of 1.51. PennyMac Mortgage Investment Trust has a 1 year low of $10.52 and a 1 year high of $15.89. The business’s 50-day moving average is $13.89 and its 200 day moving average is $14.12.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by ($0.17). The business had revenue of $71.20 million during 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 period in the previous year, the business earned $0.16 earnings per share. Sell-side analysts forecast that PennyMac Mortgage Investment Trust will post 1.37 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, July 26th. Stockholders of record on Friday, July 12th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, July 12th. This represents a $1.60 annualized dividend and a dividend yield of 11.63%. PennyMac Mortgage Investment Trust’s payout ratio is 106.67%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the second quarter valued at approximately $177,000. Bank of New York Mellon Corp lifted its holdings in shares of PennyMac Mortgage Investment Trust by 1.2% during 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 purchasing an additional 9,506 shares during the last quarter. Louisiana State Employees Retirement System raised its holdings in PennyMac Mortgage Investment Trust by 1.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 43,700 shares of the real estate investment trust’s stock worth $601,000 after acquiring an additional 800 shares during the last quarter. QRG Capital Management Inc. purchased a new position in PennyMac Mortgage Investment Trust in the 2nd quarter worth approximately $302,000. Finally, Jane Street Group LLC raised its holdings in PennyMac Mortgage Investment Trust by 124.7% in the 1st quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after acquiring an additional 161,723 shares during the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

About PennyMac Mortgage Investment Trust

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.