Wedbush Weighs in on PennyMac Mortgage Investment Trust’s Q1 2020 Earnings (NYSE:PMT)

PennyMac Mortgage Investment Trust (NYSE:PMT) – Research analysts at Wedbush increased their Q1 2020 earnings estimates for shares of PennyMac Mortgage Investment Trust in a report released on Tuesday, November 5th. Wedbush analyst H. Coffey now anticipates that the real estate investment trust will post earnings per share of $0.50 for the quarter, up from their previous forecast of $0.43. Wedbush has a “Neutral” rating on the stock. Wedbush also issued estimates for PennyMac Mortgage Investment Trust’s Q2 2020 earnings at $0.52 EPS, Q3 2020 earnings at $0.53 EPS and Q4 2020 earnings at $0.56 EPS.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its quarterly earnings results on Thursday, October 31st. The real estate investment trust reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.51 by $0.20. The business had revenue of $130.76 million during the quarter, compared to analyst estimates of $116.95 million. PennyMac Mortgage Investment Trust had a net margin of 50.13% and a return on equity of 13.38%. During the same quarter in the previous year, the business posted $0.62 EPS.

A number of other brokerages have also commented on PMT. Deutsche Bank initiated coverage on shares of PennyMac Mortgage Investment Trust in a research note on Friday, October 11th. They set a “buy” rating and a $24.00 price target for the company. Zacks Investment Research lowered shares of PennyMac Mortgage Investment Trust from a “strong-buy” rating to a “hold” rating in a research note on Friday. Finally, Bank of America initiated coverage on shares of PennyMac Mortgage Investment Trust in a research note on Monday, September 23rd. They set a “buy” rating and a $23.00 price target for the company. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $23.14.

PMT stock traded up $0.09 during midday trading on Friday, reaching $22.70. 816,404 shares of the company’s stock traded hands, compared to its average volume of 824,944. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 11.41, a P/E/G ratio of 1.85 and a beta of 0.59. The firm’s fifty day moving average price is $22.50 and its 200-day moving average price is $21.87. The company has a quick ratio of 0.43, a current ratio of 0.56 and a debt-to-equity ratio of 0.27. PennyMac Mortgage Investment Trust has a 52 week low of $17.88 and a 52 week high of $23.35.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of PennyMac Mortgage Investment Trust by 15.4% in the 2nd quarter. BlackRock Inc. now owns 12,767,858 shares of the real estate investment trust’s stock worth $278,723,000 after acquiring an additional 1,705,455 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of PennyMac Mortgage Investment Trust by 11.6% in the 2nd quarter. Vanguard Group Inc. now owns 7,310,611 shares of the real estate investment trust’s stock worth $159,590,000 after acquiring an additional 762,048 shares in the last quarter. UBS Group AG grew its stake in shares of PennyMac Mortgage Investment Trust by 20.9% in the 2nd quarter. UBS Group AG now owns 2,026,356 shares of the real estate investment trust’s stock worth $44,235,000 after acquiring an additional 349,819 shares in the last quarter. Invesco Ltd. grew its stake in shares of PennyMac Mortgage Investment Trust by 21.4% in the 2nd quarter. Invesco Ltd. now owns 1,621,371 shares of the real estate investment trust’s stock worth $35,395,000 after acquiring an additional 285,719 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of PennyMac Mortgage Investment Trust by 1.2% in the 2nd quarter. LSV Asset Management now owns 1,393,510 shares of the real estate investment trust’s stock worth $30,420,000 after acquiring an additional 16,500 shares in the last quarter. Hedge funds and other institutional investors own 71.45% of the company’s stock.

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 30th. Stockholders of record on Monday, October 14th were paid a $0.47 dividend. The ex-dividend date of this dividend was Thursday, October 10th. This represents a $1.88 annualized dividend and a dividend yield of 8.28%. PennyMac Mortgage Investment Trust’s payout ratio is 94.47%.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust, a specialty finance company, invests primarily in residential mortgage loans and mortgage-related assets in the United States. The company's Correspondent Production segment engages in purchasing, pooling, and reselling newly originated prime credit mortgage loans directly or in the form of mortgage-backed securities (MBS).

Further Reading: Average Daily Trade Volume – ADTV

Earnings History and Estimates for PennyMac Mortgage Investment Trust (NYSE:PMT)

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