PennyMac Mortgage Investment Trust (NYSE:PMT) Receives Consensus Rating of “Hold” from Brokerages

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have been given an average rating of “Hold” by the eight research firms that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $12.80.

A number of brokerages have recently commented on PMT. Zacks Research lowered PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Weiss Ratings downgraded shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Wall Street Zen lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $12.00 target price (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research note on Friday, May 8th. Finally, Piper Sandler reduced their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating for the company in a report on Tuesday, May 26th.

PennyMac Mortgage Investment Trust Price Performance

NYSE PMT opened at $10.12 on Friday. The stock has a 50-day simple moving average of $10.55 and a 200 day simple moving average of $11.69. PennyMac Mortgage Investment Trust has a twelve month low of $9.83 and a twelve month high of $13.81. The stock has a market capitalization of $882.90 million, a PE ratio of 8.80, a P/E/G ratio of 0.67 and a beta of 1.13. The company has a debt-to-equity ratio of 7.99, a quick ratio of 1.39 and a current ratio of 1.39.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). The business had revenue of $233.25 million during the quarter, compared to analyst estimates of $92.92 million. PennyMac Mortgage Investment Trust had a net margin of 41.38% and a return on equity of 10.71%. Research analysts anticipate that PennyMac Mortgage Investment Trust will post 1.16 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Thursday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Thursday, July 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 15.8%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 139.13%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of institutional investors have recently added to or reduced their stakes in the company. Nuveen LLC increased its stake in PennyMac Mortgage Investment Trust by 350.3% during the fourth quarter. Nuveen LLC now owns 927,864 shares of the real estate investment trust’s stock valued at $11,645,000 after acquiring an additional 721,790 shares during the period. Royal Bank of Canada raised its holdings in PennyMac Mortgage Investment Trust by 1,469.4% in the 1st quarter. Royal Bank of Canada now owns 642,149 shares of the real estate investment trust’s stock valued at $7,488,000 after acquiring an additional 601,233 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of PennyMac Mortgage Investment Trust by 149.1% in the 4th quarter. JPMorgan Chase & Co. now owns 873,470 shares of the real estate investment trust’s stock worth $10,962,000 after acquiring an additional 522,839 shares during the period. SG Americas Securities LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 1,586.5% in the 4th quarter. SG Americas Securities LLC now owns 526,950 shares of the real estate investment trust’s stock worth $6,613,000 after acquiring an additional 495,704 shares during the period. Finally, Barclays PLC grew its holdings in shares of PennyMac Mortgage Investment Trust by 93.2% during the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock worth $12,169,000 after purchasing an additional 478,947 shares in the last quarter. 67.38% of the stock is owned by institutional investors and hedge funds.

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.