PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $13.10 Consensus Target Price from Analysts

PennyMac Mortgage Investment Trust (NYSE:PMT) has received an average rating of “Hold” from the eight research firms that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, five have given a hold recommendation and two have issued a buy recommendation on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $12.80.

A number of research firms have weighed in on PMT. Piper Sandler decreased their price objective on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating for the company in a research report on Tuesday. Wall Street Zen cut PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Wells Fargo & Company reduced their target price on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Thursday, May 7th. Finally, Weiss Ratings cut PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors have recently modified their holdings of the stock. Orographic Financial Advisors LLC acquired a new stake in shares of PennyMac Mortgage Investment Trust in the 1st quarter valued at about $118,000. Bank of America Corp DE increased its holdings in shares of PennyMac Mortgage Investment Trust by 154.1% in the 1st quarter. Bank of America Corp DE now owns 412,512 shares of the real estate investment trust’s stock valued at $4,810,000 after acquiring an additional 250,160 shares during the last quarter. Amundi increased its holdings in shares of PennyMac Mortgage Investment Trust by 17.0% in the 1st quarter. Amundi now owns 15,855 shares of the real estate investment trust’s stock valued at $185,000 after acquiring an additional 2,304 shares during the last quarter. Royal Bank of Canada increased its holdings in shares of PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after acquiring an additional 601,233 shares during the last quarter. Finally, Empowered Funds LLC bought a new stake in shares of PennyMac Mortgage Investment Trust in the 1st quarter valued at approximately $239,000. Institutional investors and hedge funds own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Stock Performance

NYSE:PMT opened at $10.50 on Thursday. 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 firm has a 50-day moving average of $11.41 and a two-hundred day moving average of $12.18. The stock has a market cap of $915.16 million, a P/E ratio of 9.13, a PEG ratio of 0.50 and a beta of 1.21. PennyMac Mortgage Investment Trust has a 1-year low of $10.18 and a 1-year high of $13.81.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). The firm had revenue of $82.29 million during the quarter, compared to analysts’ expectations of $92.92 million. PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. On average, 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 announced a quarterly dividend, which was paid on Friday, April 24th. Stockholders of record on Thursday, April 9th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 15.2%. The ex-dividend date was Thursday, April 9th. PennyMac Mortgage Investment Trust’s dividend payout ratio is 139.13%.

About PennyMac Mortgage Investment Trust

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.