PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 1-Year Low – Should You Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price hit a new 52-week low on Tuesday. The stock traded as low as $6.70 and last traded at $6.7490, with a volume of 3,128,133 shares trading hands. The stock had previously closed at $6.92.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Citizens Jmp cut their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $12.50 and set a “market outperform” rating on the stock in a report on Thursday, October 15th. Piper Sandler lowered their target price on shares of PennyMac Mortgage Investment Trust from $10.00 to $9.00 and set a “neutral” rating for the company in a report on Friday, October 9th. 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 report on Friday, July 31st. Weiss Ratings lowered shares of PennyMac Mortgage Investment Trust from a “sell (d+)” rating to a “sell (d)” rating in a research report on Thursday, October 8th. Finally, Deutsche Bank Aktiengesellschaft raised shares of 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. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and an average price target of $10.92.

PennyMac Mortgage Investment Trust Trading Down 2.5%

The company has a market capitalization of $588.51 million, a P/E ratio of 4.87, a price-to-earnings-growth ratio of 0.39 and a beta of 1.20. 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 fifty day moving average price of $8.69 and a 200-day moving average price of $9.97.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly 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 for the quarter, compared to analysts’ expectations of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. On average, equities research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Thursday, October 8th will be given a $0.40 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.60 annualized dividend and a yield of 23.7%. PennyMac Mortgage Investment Trust’s payout ratio is currently 112.68%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Bessemer Group Inc. increased its position in shares of PennyMac Mortgage Investment Trust by 142.1% during the 1st 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 during the last quarter. Allworth Financial LP purchased a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter worth about $33,000. Nykredit A S purchased a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter worth about $37,000. Public Employees Retirement System of Ohio bought a new position in PennyMac Mortgage Investment Trust during the second quarter valued at about $38,000. Finally, Fortitude Family Office LLC bought a new position in PennyMac Mortgage Investment Trust during the third quarter valued at about $55,000. Institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

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.