Zacks Investment Research upgraded shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a sell rating to a hold rating in a research report report published on Thursday, October 5th.
According to Zacks, “PennyMac Mortgage Investment Trust is a real estate investment trust. The Company operates as a specialty finance company that will invest primarily in residential mortgage loans and mortgage-related assets. The company seeks to acquire primarily troubled home mortgage loans and mortgage-backed securities from FDIC liquidations of failed banks, US Treasury Legacy Loans Program auctions, and direct acquisitions from mortgage and insurance companies and foreign banks. The Company’s objective is to provide risk-adjusted returns to its investors over the long-term, primarily through dividends and secondarily through capital appreciation. The Company focuses on investing in mortgage loans, a substantial portion of which may be distressed and acquired at discounts to their unpaid principal balances. PennyMac is managed by investment adviser PNMAC Capital Management and offers primary and special loan servicing through PennyMac Loan Services. “
Separately, BidaskClub lowered shares of PennyMac Mortgage Investment Trust from a strong-buy rating to a buy rating in a research note on Sunday, July 16th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $17.00.
Shares of PennyMac Mortgage Investment Trust (PMT) traded up 0.12% during trading on Thursday, hitting $16.93. The company had a trading volume of 57,584 shares. The stock’s 50-day moving average is $17.17 and its 200 day moving average is $17.59. The firm has a market capitalization of $1.13 billion, a P/E ratio of 10.12 and a beta of 0.49. PennyMac Mortgage Investment Trust has a 52-week low of $14.71 and a 52-week high of $18.46.
PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Thursday, August 3rd. The real estate investment trust reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.05). The company had revenue of $83.96 million during the quarter, compared to analyst estimates of $80.12 million. PennyMac Mortgage Investment Trust had a return on equity of 8.67% and a net margin of 37.97%. The company’s revenue was up 76.4% on a year-over-year basis. During the same period in the prior year, the company posted ($0.08) earnings per share. Equities research analysts predict that PennyMac Mortgage Investment Trust will post $1.60 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 30th. Investors of record on Friday, October 13th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 11.12%. PennyMac Mortgage Investment Trust’s payout ratio is currently 109.94%.
In other news, insider David Spector sold 18,750 shares of the business’s stock in a transaction that occurred on Wednesday, October 4th. The shares were sold at an average price of $17.61, for a total transaction of $330,187.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 56,250 shares of company stock worth $982,500 in the last 90 days. 1.80% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. acquired a new stake in shares of PennyMac Mortgage Investment Trust during the first quarter valued at approximately $104,000. Public Employees Retirement System of Ohio grew its position in PennyMac Mortgage Investment Trust by 4.4% during the second quarter. Public Employees Retirement System of Ohio now owns 7,207 shares of the real estate investment trust’s stock valued at $132,000 after purchasing an additional 304 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in PennyMac Mortgage Investment Trust during the second quarter valued at approximately $184,000. Jane Street Group LLC purchased a new position in PennyMac Mortgage Investment Trust during the first quarter valued at approximately $190,000. Finally, M&T Bank Corp grew its position in PennyMac Mortgage Investment Trust by 4.8% during the second quarter. M&T Bank Corp now owns 10,900 shares of the real estate investment trust’s stock valued at $200,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 62.48% of the company’s stock.
PennyMac Mortgage Investment Trust Company Profile
PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.
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