PennyMac Mortgage Investment Trust (NYSE:PMT) Receives Consensus Recommendation of “Hold” from Analysts

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been given a consensus rating of “Hold” by the nine ratings firms that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $11.50.

A number of brokerages recently issued reports on PMT. UBS Group cut their target price on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating on the stock in a report on Friday, August 21st. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, August 18th. 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 on the stock in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft raised PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Saturday, August 15th. Finally, 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 report on Thursday, July 30th.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT opened at $8.34 on Wednesday. PennyMac Mortgage Investment Trust has a one year low of $8.24 and a one year high of $13.81. The company has a market cap of $726.81 million, a price-to-earnings ratio of 5.87, a PEG ratio of 0.62 and a beta of 1.14. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.46 and a quick ratio of 1.46. The firm has a 50 day simple moving average of $9.36 and a 200 day simple moving average of $10.42.

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

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 19.2%. The ex-dividend date of this dividend is Thursday, October 8th. PennyMac Mortgage Investment Trust’s payout ratio is 112.68%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Squarepoint Ops LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the second quarter worth $432,000. Nykredit A S purchased a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at $37,000. Corient Private Wealth LP bought a new position in PennyMac Mortgage Investment Trust in the second quarter valued at about $1,747,000. Wedbush Securities Inc. grew its position in PennyMac Mortgage Investment Trust by 1.6% during the second quarter. Wedbush Securities Inc. now owns 92,059 shares of the real estate investment trust’s stock valued at $1,038,000 after buying an additional 1,469 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in PennyMac Mortgage Investment Trust by 967.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 160,070 shares of the real estate investment trust’s stock worth $1,806,000 after purchasing an additional 145,076 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust