PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $14.93 Consensus Target Price from Brokerages

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned an average rating of “Hold” from the seven analysts that are covering the stock, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $14.93.

Several brokerages have recently commented on PMT. Piper Sandler lowered their price objective on shares of PennyMac Mortgage Investment Trust from $15.00 to $14.50 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Wedbush reaffirmed a “neutral” rating and set a $15.00 price target on shares of PennyMac Mortgage Investment Trust in a research report on Thursday, July 25th. Keefe, Bruyette & Woods cut their price objective on PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set an “outperform” rating on the stock in a research report on Thursday, July 25th. JMP Securities upped their target price on PennyMac Mortgage Investment Trust from $15.00 to $15.50 and gave the company a “market outperform” rating in a report on Friday, July 19th. Finally, B. Riley reiterated a “buy” rating and issued a $16.00 price target on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, July 24th.

PennyMac Mortgage Investment Trust Price Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $14.28 on Friday. The company has a debt-to-equity ratio of 1.51, a current ratio of 0.33 and a quick ratio of 0.33. PennyMac Mortgage Investment Trust has a one year low of $10.52 and a one year high of $15.89. The business’s 50 day simple moving average is $13.87 and its two-hundred day simple moving average is $14.02. The stock has a market capitalization of $1.24 billion, a P/E ratio of 9.52 and a beta of 1.51.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Tuesday, July 23rd. The real estate investment trust reported $0.17 EPS for the quarter, missing the consensus estimate of $0.34 by ($0.17). The firm had revenue of $71.20 million during the quarter, compared to analysts’ expectations of $90.26 million. PennyMac Mortgage Investment Trust had a return on equity of 13.29% and a net margin of 47.60%. During the same period in the previous year, the firm earned $0.16 earnings per share. Analysts forecast that PennyMac Mortgage Investment Trust will post 1.27 EPS for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 11th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $1.60 dividend on an annualized basis and a yield of 11.20%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 106.67%.

Insider Activity

In related news, Director Doug Jones sold 37,010 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $14.01, for a total value of $518,510.10. Following the completion of the transaction, the director now directly owns 49,114 shares in the company, valued at approximately $688,087.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have acquired 2,879 shares of company stock worth $39,028. Corporate insiders own 0.89% of the company’s stock.

Institutional Trading of PennyMac Mortgage Investment Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Jane Street Group LLC boosted its holdings in PennyMac Mortgage Investment Trust by 124.7% in the first quarter. Jane Street Group LLC now owns 291,367 shares of the real estate investment trust’s stock worth $4,277,000 after acquiring an additional 161,723 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 173.4% during the first quarter. O Shaughnessy Asset Management LLC now owns 155,309 shares of the real estate investment trust’s stock valued at $2,280,000 after acquiring an additional 98,500 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in PennyMac Mortgage Investment Trust by 4.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,360,869 shares of the real estate investment trust’s stock worth $20,345,000 after purchasing an additional 61,287 shares in the last quarter. QRG Capital Management Inc. purchased a new stake in PennyMac Mortgage Investment Trust during the 2nd quarter valued at about $302,000. Finally, ProShare Advisors LLC increased its stake in PennyMac Mortgage Investment Trust by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 17,524 shares of the real estate investment trust’s stock valued at $257,000 after purchasing an additional 1,207 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, 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.