PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Gap Down – Here’s Why

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) gapped down prior to trading on Thursday . The stock had previously closed at $10.45, but opened at $10.03. PennyMac Mortgage Investment Trust shares last traded at $10.1260, with a volume of 144,246 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently commented on PMT shares. Weiss Ratings lowered PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a report on Thursday, May 21st. Wall Street Zen downgraded PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Wells Fargo & Company decreased 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 note on Thursday, May 7th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a report on Friday, May 8th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.80.

PennyMac Mortgage Investment Trust Trading Up 1.6%

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. The stock has a market capitalization of $895.98 million, a PE ratio of 8.93, a PEG ratio of 0.65 and a beta of 1.13. The business’s 50-day moving average is $10.52 and its two-hundred day moving average is $11.68.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings data on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $233.25 million for the quarter, compared to analysts’ expectations of $92.92 million. On average, analysts anticipate that PennyMac Mortgage Investment Trust will post 1.16 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Thursday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $1.60 annualized dividend and a yield of 15.6%. PennyMac Mortgage Investment Trust’s payout ratio is 139.13%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several large investors have recently modified their holdings of PMT. Bessemer Group Inc. increased 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 valued at $25,000 after acquiring an additional 1,285 shares during the period. Flagship Harbor Advisors LLC purchased a new position in PennyMac Mortgage Investment Trust during the 4th quarter worth $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in PennyMac Mortgage Investment Trust during the 4th quarter worth $33,000. GAMMA Investing LLC increased its stake in PennyMac Mortgage Investment Trust by 102.8% in the fourth quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 1,395 shares during the period. Finally, Clearstead Advisors LLC increased its stake in PennyMac Mortgage Investment Trust by 184.3% in the fourth quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 1,815 shares during the period. 67.38% of the stock is owned by institutional investors and hedge funds.

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.