PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 1-Year Low – Here’s Why

PennyMac Mortgage Investment Trust (NYSE:PMT) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $12.28 and last traded at $12.37, with a volume of 72007 shares trading hands. The stock had previously closed at $12.48.

Analyst Upgrades and Downgrades

Separately, Wedbush reiterated a “neutral” rating and issued a $15.00 target price on shares of PennyMac Mortgage Investment Trust in a research note on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $15.17.

PennyMac Mortgage Investment Trust Trading Down 0.6 %

The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 1.56. The business’s fifty day moving average is $13.23 and its 200 day moving average is $13.69. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of 9.13 and a beta of 1.50.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Tuesday, October 22nd. The real estate investment trust reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.01). The company had revenue of $80.86 million during the quarter, compared to analyst estimates of $93.75 million. PennyMac Mortgage Investment Trust had a net margin of 53.81% and a return on equity of 11.90%. During the same period in the prior year, the firm posted $0.51 EPS. Equities analysts predict that PennyMac Mortgage Investment Trust will post 1.29 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Friday, December 27th will be given a $0.40 dividend. The ex-dividend date is Friday, December 27th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.89%. PennyMac Mortgage Investment Trust’s payout ratio is presently 117.65%.

Institutional Trading of PennyMac Mortgage Investment Trust

Several large investors have recently made changes to their positions in the company. Geode Capital Management LLC lifted its stake in shares of PennyMac Mortgage Investment Trust by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,021,922 shares of the real estate investment trust’s stock valued at $28,838,000 after purchasing an additional 31,479 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in PennyMac Mortgage Investment Trust by 1.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,456,613 shares of the real estate investment trust’s stock valued at $20,771,000 after buying an additional 18,368 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of PennyMac Mortgage Investment Trust by 1.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,219,206 shares of the real estate investment trust’s stock worth $17,386,000 after buying an additional 18,122 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of PennyMac Mortgage Investment Trust by 1.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 792,354 shares of the real estate investment trust’s stock worth $10,895,000 after buying an additional 9,506 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of PennyMac Mortgage Investment Trust by 18.2% in the 3rd quarter. Principal Financial Group Inc. now owns 506,349 shares of the real estate investment trust’s stock valued at $7,221,000 after acquiring an additional 77,955 shares in the last quarter. Institutional investors and hedge funds own 67.38% of the company’s stock.

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.