Brokerages Set PennyMac Mortgage Investment Trust (NYSE:PMT) Target Price at $14.00

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned a consensus recommendation of “Hold” from the six analysts that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $14.00.

A number of analysts have recently weighed in on the company. Wells Fargo & Company initiated coverage on PennyMac Mortgage Investment Trust in a research report on Monday, August 25th. They set an “equal weight” rating and a $13.00 price objective on the stock. Keefe, Bruyette & Woods cut PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $14.50 to $13.50 in a research note on Friday, July 25th.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

Several institutional investors have recently modified their holdings of PMT. Trust Co. of Vermont acquired a new position in PennyMac Mortgage Investment Trust in the second quarter valued at approximately $25,000. Allworth Financial LP lifted its position in shares of PennyMac Mortgage Investment Trust by 1,741.7% during the 2nd quarter. Allworth Financial LP now owns 2,118 shares of the real estate investment trust’s stock worth $27,000 after buying an additional 2,003 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 204.0% in the 1st quarter. GAMMA Investing LLC now owns 2,031 shares of the real estate investment trust’s stock valued at $30,000 after buying an additional 1,363 shares in the last quarter. Signaturefd LLC grew its position in shares of PennyMac Mortgage Investment Trust by 53.8% in the 2nd quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust’s stock valued at $32,000 after buying an additional 870 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in PennyMac Mortgage Investment Trust by 196.5% during the 1st quarter. Russell Investments Group Ltd. now owns 3,262 shares of the real estate investment trust’s stock worth $48,000 after acquiring an additional 2,162 shares in the last quarter. 67.38% of the stock is owned by hedge funds and other institutional investors.

PennyMac Mortgage Investment Trust Stock Performance

Shares of PennyMac Mortgage Investment Trust stock opened at $12.25 on Friday. The business has a 50-day moving average of $12.34 and a 200 day moving average of $12.89. The company has a debt-to-equity ratio of 3.82, a current ratio of 0.80 and a quick ratio of 0.80. PennyMac Mortgage Investment Trust has a 12 month low of $11.70 and a 12 month high of $14.93. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

PennyMac Mortgage Investment Trust (NYSE:PMT) last announced its earnings results on Tuesday, July 22nd. The real estate investment trust reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.39). The business 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%. As a group, sell-side analysts forecast that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

PennyMac Mortgage Investment Trust Announces Dividend

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

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.