PennyMac Mortgage Investment Trust (NYSE:PMT) Sets New 12-Month Low – Should You Sell?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.69 and last traded at $9.7250, with a volume of 1722927 shares trading hands. The stock had previously closed at $9.90.

Analysts Set New Price Targets

Several research analysts have recently commented on PMT shares. Zacks Research lowered PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. 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 report on Friday, May 8th. Wall Street Zen cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Piper Sandler decreased their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating on the stock in a report on Tuesday, May 26th. Finally, Weiss Ratings lowered shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, May 21st. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, PennyMac Mortgage Investment Trust currently has a consensus rating of “Hold” and an average target price of $12.80.

PennyMac Mortgage Investment Trust Price Performance

The business has a fifty day simple moving average of $10.32 and a two-hundred day simple moving average of $11.52. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 7.99. The stock has a market cap of $860.23 million, a PE ratio of 8.58, a P/E/G ratio of 0.63 and a beta of 1.13.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.The company had revenue of $233.25 million during the quarter, compared to analysts’ expectations of $92.92 million. Research analysts forecast that PennyMac Mortgage Investment Trust will post 1.16 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, July 24th. Stockholders of record on Thursday, July 9th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 16.2%. The ex-dividend date is Thursday, July 9th. PennyMac Mortgage Investment Trust’s payout ratio is presently 139.13%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC purchased a new position in shares of PennyMac Mortgage Investment Trust during the 4th quarter worth about $26,000. Bessemer Group Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 142.1% in the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 1,285 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter worth $33,000. GAMMA Investing LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 102.8% in the 4th quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 1,395 shares during the period. Finally, Clearstead Advisors LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 184.3% in the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 1,815 shares during the period. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

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.