PennyMac Mortgage Investment Trust (NYSE:PMT) – Stock analysts at Wedbush issued their Q3 2016 earnings estimates for shares of PennyMac Mortgage Investment Trust in a research report issued to clients and investors on Wednesday. Wedbush analyst J. Weaver anticipates that the firm will earn $0.42 per share for the quarter. Wedbush currently has a “Neutral” rating and a $16.75 price target on the stock. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q4 2016 earnings at $0.33 EPS, FY2016 earnings at $0.88 EPS, Q1 2017 earnings at $0.36 EPS, Q2 2017 earnings at $0.48 EPS, Q3 2017 earnings at $0.43 EPS, Q4 2017 earnings at $0.43 EPS, FY2017 earnings at $1.70 EPS and FY2018 earnings at $1.50 EPS.
PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.30. PennyMac Mortgage Investment Trust had a net margin of 26.07% and a return on equity of 4.41%. The company had revenue of $47.60 million for the quarter, compared to analysts’ expectations of $67.85 million. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was down 31.8% on a year-over-year basis.
PMT has been the topic of several other research reports. Barclays PLC set a $15.00 price objective on shares of PennyMac Mortgage Investment Trust and gave the company a “hold” rating in a research note on Monday, July 25th. Zacks Investment Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 18th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $18.50 price objective (up previously from $17.00) on shares of PennyMac Mortgage Investment Trust in a research note on Monday, June 13th. Finally, Bank of America Corp. lowered shares of PennyMac Mortgage Investment Trust from a “neutral” rating to an “underperform” rating in a research note on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $16.61.
Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 14.68 on Monday. PennyMac Mortgage Investment Trust has a 52 week low of $10.91 and a 52 week high of $16.93. The stock has a market capitalization of $993.18 million, a PE ratio of 17.01 and a beta of 0.63. The stock’s 50 day moving average is $15.15 and its 200 day moving average is $15.06.
Several hedge funds have recently bought and sold shares of the company. BlackRock Fund Advisors increased its stake in PennyMac Mortgage Investment Trust by 26.1% in the second quarter. BlackRock Fund Advisors now owns 3,231,164 shares of the company’s stock valued at $52,442,000 after buying an additional 669,508 shares in the last quarter. Emerald Acquisition Ltd. purchased a new stake in PennyMac Mortgage Investment Trust during the second quarter valued at about $3,948,000. Prudential Financial Inc. increased its stake in PennyMac Mortgage Investment Trust by 34.2% in the second quarter. Prudential Financial Inc. now owns 713,553 shares of the company’s stock valued at $11,581,000 after buying an additional 182,000 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in PennyMac Mortgage Investment Trust during the first quarter valued at about $1,960,000. Finally, Advisors Asset Management Inc. increased its stake in PennyMac Mortgage Investment Trust by 13.2% in the second quarter. Advisors Asset Management Inc. now owns 1,221,059 shares of the company’s stock valued at $19,818,000 after buying an additional 142,403 shares in the last quarter. 61.30% of the stock is owned by institutional investors and hedge funds.
In related news, insider Jeffrey Grogin sold 12,694 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $16.23, for a total transaction of $206,023.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Scott W. Carnahan acquired 3,341 shares of the firm’s stock in a transaction that occurred on Wednesday, September 21st. The shares were purchased at an average cost of $15.22 per share, with a total value of $50,850.02. Following the completion of the acquisition, the director now owns 49,203 shares in the company, valued at approximately $748,869.66. The disclosure for this purchase can be found here. Insiders own 1.80% of the company’s stock.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 27th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.47 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.88 annualized dividend and a dividend yield of 12.81%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 229.27%.
About PennyMac Mortgage Investment Trust
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. and its subsidiaries. It operates through two segments: correspondent production and investment activities.
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