PennyMac Mortgage Investment Trust (NYSE:PMT) Given Average Recommendation of “Hold” by Brokerages

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $14.93.

Several brokerages recently weighed in on PMT. Keefe, Bruyette & Woods reduced their price target on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. Wedbush reiterated a “neutral” rating and issued a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. Piper Sandler reduced their price objective on PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. B. Riley reaffirmed a “buy” rating and issued a $16.00 price objective on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, July 24th. Finally, JMP Securities boosted their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a research report on Friday, July 19th.

PennyMac Mortgage Investment Trust Trading Up 0.9 %

Shares of PMT stock opened at $13.28 on Friday. The company has a current ratio of 0.33, a quick ratio of 0.34 and a debt-to-equity ratio of 1.51. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 8.85 and a beta of 1.51. PennyMac Mortgage Investment Trust has a 12-month low of $10.52 and a 12-month high of $15.89. The stock’s 50-day moving average price is $13.86 and its 200-day moving average price is $14.07.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Tuesday, July 23rd. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.17). The firm had revenue of $71.20 million during the quarter, compared to the consensus estimate of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same period in the previous year, the firm earned $0.16 EPS. Equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 26th. Investors of record on Friday, July 12th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 12.05%. The ex-dividend date of this dividend was Friday, July 12th. PennyMac Mortgage Investment Trust’s payout ratio is currently 106.67%.

Institutional Trading of PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently made changes to their positions in PMT. Roble Belko & Company Inc bought a new stake in PennyMac Mortgage Investment Trust during the 1st quarter valued at about $29,000. National Bank of Canada FI raised its stake in shares of PennyMac Mortgage Investment Trust by 94.9% during the fourth quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock valued at $49,000 after acquiring an additional 1,603 shares in the last quarter. EntryPoint Capital LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 251.8% in the first quarter. EntryPoint Capital LLC now owns 7,007 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 5,015 shares during the period. Entropy Technologies LP bought a new position in PennyMac Mortgage Investment Trust in the first quarter worth approximately $149,000. Finally, Essex Financial Services Inc. purchased a new position in PennyMac Mortgage Investment Trust during the 4th quarter worth $150,000. 67.38% of the stock is currently owned by institutional investors.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust, through its subsidiary, primarily invests in mortgage-related assets in the United States. The company operates through: Credit Sensitive Strategies, Interest Rate Sensitive Strategies, Correspondent Production segments. Its Credit Sensitive Strategies segment invests in credit risk transfer (CRT) agreements, CRT securities, subordinate mortgage-backed securities (MBS), distressed loans, and real estate.