PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 52-Week Low – Here’s Why

PennyMac Mortgage Investment Trust (NYSE:PMT) reached a new 52-week low during trading on Monday . The company traded as low as $8.99 and last traded at $9.0150, with a volume of 287264 shares changing hands. The stock had previously closed at $9.17.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Zacks Research cut PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. UBS Group decreased their price objective on shares of PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a report on Friday, August 21st. Piper Sandler cut their target price on shares of PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating on the stock in a report on Thursday, July 30th. Weiss Ratings reissued a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a report on Tuesday, August 18th. Finally, Wells Fargo & Company lowered their price objective 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 report on Friday, July 31st. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $11.50.

PennyMac Mortgage Investment Trust Stock Performance

The stock has a fifty day simple moving average of $9.65 and a 200-day simple moving average of $10.65. The stock has a market cap of $794.83 million, a P/E ratio of 6.43, a PEG ratio of 0.68 and a beta of 1.14. 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 (NYSE:PMT) last posted its quarterly earnings data on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.07). The firm had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. PennyMac Mortgage Investment Trust had a return on equity of 12.50% and a net margin of 47.79%. On average, equities analysts expect that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders 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 yield of 17.6%. PennyMac Mortgage Investment Trust’s dividend payout ratio is 112.68%.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bessemer Group Inc. boosted its holdings in PennyMac Mortgage Investment Trust by 142.1% during the first quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 1,285 shares during the last quarter. Allworth Financial LP acquired a new stake in PennyMac Mortgage Investment Trust in the 2nd quarter valued at $33,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in PennyMac Mortgage Investment Trust in the 4th quarter valued at $33,000. Clearstead Advisors LLC lifted its position in PennyMac Mortgage Investment Trust by 184.3% during the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 1,815 shares in the last quarter. Finally, Nykredit A S bought a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter worth about $37,000. 67.38% of the stock is currently owned by institutional investors and hedge funds.

About PennyMac Mortgage Investment Trust