PennyMac Mortgage Investment Trust (PMT) Posts Quarterly Earnings Results, Misses Estimates By $0.18 EPS
PennyMac Mortgage Investment Trust (NYSE:PMT) announced its quarterly earnings results on Thursday. The real estate investment trust reported $0.20 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.18), Briefing.com reports. The firm had revenue of $75.80 million for the quarter, compared to analysts’ expectations of $81.72 million. PennyMac Mortgage Investment Trust had a net margin of 37.97% and a return on equity of 8.67%. The business’s quarterly revenue was down 26.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.06 EPS.
Shares of PennyMac Mortgage Investment Trust (PMT) traded down $1.01 during midday trading on Friday, reaching $15.22. The company’s stock had a trading volume of 1,456,363 shares, compared to its average volume of 505,649. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 9.45 and a beta of 0.54.
The business also recently announced a quarterly dividend, which was paid on Monday, October 30th. Shareholders of record on Friday, October 13th were paid a $0.47 dividend. The ex-dividend date was Thursday, October 12th. This represents a $1.88 annualized dividend and a yield of 12.35%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is presently 109.94%.
Several equities analysts have recently commented on PMT shares. BidaskClub lowered PennyMac Mortgage Investment Trust from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 16th. Zacks Investment Research upgraded PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods lowered PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and cut their target price for the company from $19.00 to $18.00 in a research note on Tuesday, October 10th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and an average price target of $17.00.
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In other PennyMac Mortgage Investment Trust news, insider David Spector sold 18,750 shares of PennyMac Mortgage Investment Trust stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $17.61, for a total value of $330,187.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 75,000 shares of company stock worth $1,299,563 in the last quarter. 1.80% of the stock is owned by insiders.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. (its Operating Partnership) and its subsidiaries.
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