PennyMac Mortgage Investment Trust (NYSE:PMT) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company assumed coverage on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research note issued to investors on Monday morning. The firm issued an equal weight rating and a $13.00 price target on the real estate investment trust’s stock.

Separately, Keefe, Bruyette & Woods downgraded PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $14.50 to $13.50 in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and a consensus price target of $14.00.

PennyMac Mortgage Investment Trust Trading Down 0.9%

NYSE PMT opened at $12.25 on Monday. The firm has a market capitalization of $1.07 billion, a P/E ratio of 17.01, a PEG ratio of 3.02 and a beta of 1.22. The business has a fifty day simple moving average of $12.47 and a 200 day simple moving average of $13.06. PennyMac Mortgage Investment Trust has a 12 month low of $11.70 and a 12 month high of $14.93. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 3.82.

PennyMac Mortgage Investment Trust (NYSE:PMT) last posted its quarterly earnings data on Tuesday, July 22nd. The real estate investment trust reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.39). The firm had revenue of $70.20 million for the quarter, compared to analysts’ expectations of $95.46 million. PennyMac Mortgage Investment Trust had a return on equity of 7.68% and a net margin of 34.65%. On average, analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 25th. Investors of record on Friday, July 11th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 13.1%. The ex-dividend date of this dividend was Friday, July 11th. PennyMac Mortgage Investment Trust’s dividend payout ratio is 222.22%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Inc. bought a new position in shares of PennyMac Mortgage Investment Trust in the fourth quarter worth $1,300,000. Barclays PLC increased its stake in PennyMac Mortgage Investment Trust by 2.7% in the 4th quarter. Barclays PLC now owns 152,767 shares of the real estate investment trust’s stock worth $1,924,000 after acquiring an additional 4,033 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of PennyMac Mortgage Investment Trust by 17.1% in the 4th quarter. Guggenheim Capital LLC now owns 26,115 shares of the real estate investment trust’s stock valued at $329,000 after acquiring an additional 3,810 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of PennyMac Mortgage Investment Trust by 5.5% in the 4th quarter. First Trust Advisors LP now owns 772,213 shares of the real estate investment trust’s stock valued at $9,722,000 after acquiring an additional 40,270 shares in the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of PennyMac Mortgage Investment Trust by 24.4% during the fourth quarter. Stifel Financial Corp now owns 42,659 shares of the real estate investment trust’s stock worth $537,000 after purchasing an additional 8,358 shares in the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

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.