Brokerages Set PennyMac Mortgage Investment Trust (NYSE:PMT) Target Price at $11.50

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have received a consensus rating of “Hold” from the nine analysts that are covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, four have given a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $11.50.

Several equities analysts recently issued reports on PMT shares. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $11.50 to $10.00 and set a “neutral” rating for the company in a report on Thursday, July 30th. UBS Group cut their price target on PennyMac Mortgage Investment Trust from $11.25 to $10.00 and set a “neutral” rating for the company in a research note on Friday, August 21st. Weiss Ratings reiterated a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft raised shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Saturday, August 15th. Finally, Wells Fargo & Company dropped their target price on shares of PennyMac Mortgage Investment Trust from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Friday, July 31st.

PennyMac Mortgage Investment Trust Stock Up 0.1%

PMT stock opened at $9.35 on Friday. PennyMac Mortgage Investment Trust has a 52 week low of $9.05 and a 52 week high of $13.81. The company has a current ratio of 1.46, a quick ratio of 1.46 and a debt-to-equity ratio of 9.18. The company has a market cap of $815.32 million, a P/E ratio of 6.58, a P/E/G ratio of 0.69 and a beta of 1.14. The company’s 50-day moving average price is $9.88 and its 200 day moving average price is $10.84.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings results on Wednesday, July 29th. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.07). The company had revenue of ($46.00) million for the quarter, compared to analyst estimates of $93.93 million. PennyMac Mortgage Investment Trust had a net margin of 47.79% and a return on equity of 12.50%. On average, research analysts expect that PennyMac Mortgage Investment Trust will post 1.03 earnings per share for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Thursday, July 9th were given a $0.40 dividend. The ex-dividend date was Thursday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 17.1%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 112.68%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PMT. AQR Capital Management LLC grew its holdings in PennyMac Mortgage Investment Trust by 36.7% during the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust’s stock valued at $237,000 after buying an additional 4,335 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of PennyMac Mortgage Investment Trust in the first quarter worth $4,166,000. Intech Investment Management LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the first quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust’s stock valued at $1,601,000 after acquiring an additional 1,411 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of PennyMac Mortgage Investment Trust by 4.6% during the second quarter. JPMorgan Chase & Co. now owns 441,547 shares of the real estate investment trust’s stock valued at $5,678,000 after acquiring an additional 19,389 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in PennyMac Mortgage Investment Trust by 49.0% in the 2nd quarter. Russell Investments Group Ltd. now owns 4,861 shares of the real estate investment trust’s stock valued at $63,000 after purchasing an additional 1,599 shares during the last quarter. 67.38% of the stock is currently owned by institutional investors and hedge funds.

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.