PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 52-Week Low – What’s Next?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price reached a new 52-week low during mid-day trading on Wednesday. The stock traded as low as $6.83 and last traded at $7.0760, with a volume of 4,956,609 shares trading hands. The stock had previously closed at $7.05.

Analyst Ratings Changes

PMT has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upgraded 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. Piper Sandler lowered their price target on PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating on the stock in a report on Friday. UBS Group dropped their price target on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research report on Friday, August 21st. Wells Fargo & Company cut their price objective on PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Finally, Weiss Ratings lowered PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a report on Thursday, October 8th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and a consensus price target of $11.33.

PennyMac Mortgage Investment Trust Price Performance

The stock has a market capitalization of $617.03 million, a PE ratio of 4.96, a P/E/G ratio of 0.52 and a beta of 1.20. The firm’s 50 day simple moving average is $8.90 and its 200 day simple moving average is $10.09. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.46 and a quick ratio of 1.46.

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

PennyMac Mortgage Investment Trust Announces Dividend

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 paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 22.6%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 112.68%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at about $164,344,000. Royal Bank of Canada grew its position 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 during the last quarter. Bank of New York Mellon Corp purchased a new position in PennyMac Mortgage Investment Trust in the 2nd quarter worth approximately $6,137,000. Principal Financial Group Inc. increased its stake in PennyMac Mortgage Investment Trust by 2.0% in the 1st quarter. Principal Financial Group Inc. now owns 422,973 shares of the real estate investment trust’s stock worth $4,932,000 after purchasing an additional 8,234 shares during the period. Finally, Bank of America Corp DE increased its stake in PennyMac Mortgage Investment Trust by 154.1% in the 1st 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 during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income through investments in mortgage loans, mortgage servicing rights, mortgage-backed securities and other credit-sensitive assets tied to the U.S. housing market.

PennyMac’s activities include acquiring and managing newly originated and seasoned residential mortgage loans, investing in mortgage servicing rights and related financing arrangements, and participating in correspondent production activities.