PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $11.50 Average Price Target from Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has earned a consensus rating of “Hold” from the nine research firms that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $11.50.

A number of equities research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 8th. Piper Sandler decreased their price target on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, July 30th. UBS Group decreased their target price on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, August 21st. Wells Fargo & Company lowered their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Saturday, August 15th.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE PMT opened at $9.51 on Friday. The firm has a market cap of $828.84 million, a PE ratio of 6.69, a PEG ratio of 0.69 and a beta of 1.14. The firm has a fifty day moving average of $9.85 and a 200 day moving average of $10.80. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.46 and a current ratio of 1.46. PennyMac Mortgage Investment Trust has a one year low of $9.05 and a one year high of $13.81.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07). PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. The company had revenue of ($46.00) million for the quarter, compared to analysts’ expectations of $93.93 million. As a group, research analysts predict that PennyMac Mortgage Investment Trust will post 1.03 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Thursday, October 8th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 16.8%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 112.68%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in PennyMac Mortgage Investment Trust by 1,469.4% during 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 in the last quarter. BlackRock Inc. purchased a new stake in shares of PennyMac Mortgage Investment Trust during the 2nd quarter worth $164,344,000. Bank of America Corp DE grew its stake in shares of PennyMac Mortgage Investment Trust by 154.1% during the first quarter. Bank of America Corp DE now owns 412,512 shares of the real estate investment trust’s stock worth $4,810,000 after purchasing an additional 250,160 shares in the last quarter. Jupiter Asset Management Ltd. purchased a new position in PennyMac Mortgage Investment Trust in the fourth quarter valued at $867,000. Finally, First Trust Advisors LP increased its holdings in PennyMac Mortgage Investment Trust by 389.6% in the first quarter. First Trust Advisors LP now owns 408,785 shares of the real estate investment trust’s stock valued at $4,766,000 after buying an additional 325,299 shares during the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

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.