Piper Sandler Cuts PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target to $13.00

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price target lowered by Piper Sandler from $13.50 to $13.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the real estate investment trust’s stock.

Several other analysts also recently issued reports on the company. Citigroup restated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a report on Thursday, January 22nd. Citizens Jmp dropped their target price on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 22nd. Keefe, Bruyette & Woods raised shares of PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and set a $13.50 target price on the stock in a research report on Thursday, December 18th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust has an average rating of “Hold” and a consensus price target of $13.60.

PennyMac Mortgage Investment Trust Stock Performance

PMT opened at $11.97 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 6.55. The firm has a market cap of $1.04 billion, a PE ratio of 12.21, a P/E/G ratio of 0.58 and a beta of 1.24. The business has a fifty day simple moving average of $12.09 and a 200-day simple moving average of $12.39. PennyMac Mortgage Investment Trust has a fifty-two week low of $11.15 and a fifty-two week high of $14.61.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Thursday, January 29th. The real estate investment trust reported $0.48 EPS for the quarter, beating the consensus estimate of $0.41 by $0.07. PennyMac Mortgage Investment Trust had a return on equity of 9.53% and a net margin of 41.59%.The business had revenue of $0.15 million during the quarter, compared to the consensus estimate of $96.96 million. As a group, equities analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Thursday, April 9th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 13.4%. The ex-dividend date of this dividend is Thursday, April 9th. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 163.27%.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently bought and sold shares of the business. Flagship Harbor Advisors LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the fourth quarter worth approximately $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in PennyMac Mortgage Investment Trust during the fourth quarter valued at approximately $33,000. GAMMA Investing LLC grew its position in PennyMac Mortgage Investment Trust by 102.8% during the fourth quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 1,395 shares in the last quarter. Clearstead Advisors LLC increased its stake in PennyMac Mortgage Investment Trust by 184.3% in the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 1,815 shares during the period. Finally, CWM LLC lifted its position in PennyMac Mortgage Investment Trust by 57.7% in the 3rd quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 1,077 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.