PennyMac Mortgage Investment Trust (NYSE:PMT) Hits New 1-Year Low – Time to Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $10.18 and last traded at $10.26, with a volume of 122424 shares trading hands. The stock had previously closed at $10.50.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PMT shares. Piper Sandler lowered their price target on PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating on the stock in a research report on Tuesday. Wells Fargo & Company lowered their price target on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research report on Thursday, May 7th. Wall Street Zen downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $12.00 price target (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and a consensus target price of $12.80.

PennyMac Mortgage Investment Trust Stock Down 2.4%

The company has a debt-to-equity ratio of 7.99, a current ratio of 1.39 and a quick ratio of 1.39. The stock has a market capitalization of $893.80 million, a P/E ratio of 8.91, a price-to-earnings-growth ratio of 0.51 and a beta of 1.21. The firm has a 50 day moving average of $11.46 and a 200-day moving average of $12.21.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The firm had revenue of $82.29 million for the quarter, compared to the consensus estimate of $92.92 million. On average, equities research analysts expect that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 24th. Shareholders of record on Thursday, April 9th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 15.6%. The ex-dividend date of this dividend was Thursday, April 9th. PennyMac Mortgage Investment Trust’s payout ratio is presently 139.13%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently added to or reduced their stakes in the stock. Flagship Harbor Advisors LLC acquired a new stake in PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $26,000. 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 valued at $25,000 after purchasing an additional 1,285 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the 4th quarter worth approximately $33,000. GAMMA Investing LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 102.8% in the 4th quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 1,395 shares in the last quarter. Finally, Clearstead Advisors LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 184.3% in the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 1,815 shares in the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

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.