PennyMac Mortgage Investment Trust (NYSE:PMT) Downgraded to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of PennyMac Mortgage Investment Trust (NYSE:PMT) from a hold rating to a sell rating in a research report released on Saturday.

A number of other research analysts have also weighed in on the company. Citizens Jmp reduced their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating for the company in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday. Citigroup reaffirmed an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, January 22nd. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $13.50 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Finally, Wells Fargo & Company reduced their price objective on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and an average price target of $13.10.

PennyMac Mortgage Investment Trust Stock Down 0.7%

PMT stock opened at $11.01 on Friday. PennyMac Mortgage Investment Trust has a twelve month low of $10.86 and a twelve month high of $13.81. The company has a quick ratio of 1.12, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. The firm has a market cap of $959.64 million, a PE ratio of 9.57, a price-to-earnings-growth ratio of 0.53 and a beta of 1.19. The business has a 50 day moving average of $11.82 and a 200 day moving average of $12.35.

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). PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. The company had revenue of $82.29 million for the quarter, compared to the consensus estimate of $92.92 million. On average, research analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently declared 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 14.5%. The ex-dividend date was Thursday, April 9th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 139.13%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. boosted its stake in shares of PennyMac Mortgage Investment Trust by 8.8% in the 3rd quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock worth $27,028,000 after buying an additional 178,834 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of PennyMac Mortgage Investment Trust by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock worth $26,524,000 after buying an additional 11,764 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of PennyMac Mortgage Investment Trust by 7.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock worth $18,405,000 after buying an additional 98,701 shares during the last quarter. Millennium Management LLC lifted its position in PennyMac Mortgage Investment Trust by 41.8% during the third quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after purchasing an additional 394,497 shares in the last quarter. Finally, Barclays PLC lifted its position in PennyMac Mortgage Investment Trust by 93.2% during the third quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after purchasing an additional 478,947 shares in the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

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.