Analysts Set PennyMac Mortgage Investment Trust (NYSE:PMT) Target Price at $12.80

PennyMac Mortgage Investment Trust (NYSE:PMT) has earned an average recommendation of “Hold” from the eight ratings firms that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $12.80.

PMT has been the subject of several research analyst reports. Wells Fargo & Company dropped their price target on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Zacks Research cut PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Piper Sandler cut their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating on the stock in a report on Tuesday, May 26th. Finally, Weiss Ratings cut shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday, May 21st.

PennyMac Mortgage Investment Trust Stock Up 2.8%

Shares of PMT opened at $10.11 on Friday. The firm has a market cap of $881.24 million, a PE ratio of 8.79, a price-to-earnings-growth ratio of 0.63 and a beta of 1.13. The company’s fifty day moving average is $10.39 and its two-hundred day moving average is $11.59. PennyMac Mortgage Investment Trust has a fifty-two week low of $9.80 and a fifty-two week high of $13.81. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). The firm had revenue of $233.25 million for the quarter, compared to analyst estimates of $92.92 million. PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%. Analysts forecast that PennyMac Mortgage Investment Trust will post 1.16 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Thursday, July 9th will be issued a dividend of $0.40 per share. The ex-dividend date is Thursday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 15.8%. PennyMac Mortgage Investment Trust’s payout ratio is presently 139.13%.

Institutional Trading of PennyMac Mortgage Investment Trust

Several large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its position in PennyMac Mortgage Investment Trust by 8.8% in the third quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock valued at $27,028,000 after purchasing an additional 178,834 shares during the period. Geode Capital Management LLC boosted its position in shares of PennyMac Mortgage Investment Trust by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock worth $26,524,000 after buying an additional 11,764 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of PennyMac Mortgage Investment Trust by 7.0% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock valued at $18,405,000 after buying an additional 98,701 shares in the last quarter. Millennium Management LLC grew its stake in shares of PennyMac Mortgage Investment Trust by 41.8% in the third quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after buying an additional 394,497 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 93.2% during the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after buying an additional 478,947 shares during the period. 67.38% of the stock is currently owned by institutional investors and hedge funds.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.