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

PennyMac Mortgage Investment Trust (NYSE:PMT) has been given an average recommendation of “Hold” by the five research firms that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $14.58.

Several brokerages have recently issued reports on PMT. B. Riley increased their target price on PennyMac Mortgage Investment Trust from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. JMP Securities reiterated a “market outperform” rating and issued a $15.00 price objective on shares of PennyMac Mortgage Investment Trust in a report on Thursday, April 18th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of PennyMac Mortgage Investment Trust in a report on Wednesday, January 10th. They set a “hold” rating and a $15.00 target price on the stock.

Insiders Place Their Bets

In other news, Director Doug Jones sold 7,810 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $14.34, for a total transaction of $111,995.40. Following the completion of the transaction, the director now directly owns 53,311 shares in the company, valued at $764,479.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in PennyMac Mortgage Investment Trust by 16.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,858 shares of the real estate investment trust’s stock valued at $97,000 after acquiring an additional 1,115 shares in the last quarter. National Bank of Canada FI increased its holdings in shares of PennyMac Mortgage Investment Trust by 94.9% in the 4th quarter. National Bank of Canada FI now owns 3,292 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,603 shares in the last quarter. Roble Belko & Company Inc purchased a new position in shares of PennyMac Mortgage Investment Trust in the first quarter worth $29,000. Victory Capital Management Inc. lifted its holdings in shares of PennyMac Mortgage Investment Trust by 16.0% during the fourth quarter. Victory Capital Management Inc. now owns 17,702 shares of the real estate investment trust’s stock valued at $265,000 after purchasing an additional 2,439 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of PennyMac Mortgage Investment Trust by 22.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,788 shares of the real estate investment trust’s stock valued at $326,000 after buying an additional 3,929 shares during the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PMT opened at $13.91 on Wednesday. The company has a 50-day simple moving average of $14.06 and a two-hundred day simple moving average of $13.95. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.28 and a quick ratio of 0.28. The firm has a market capitalization of $1.21 billion, a PE ratio of 8.64 and a beta of 1.48. PennyMac Mortgage Investment Trust has a one year low of $10.52 and a one year high of $15.89.

PennyMac Mortgage Investment Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Shareholders of record on Friday, April 12th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 11.50%. The ex-dividend date is Thursday, April 11th. PennyMac Mortgage Investment Trust’s payout ratio is 99.38%.

PennyMac Mortgage Investment Trust Company Profile

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.