PennyMac Mortgage Investment Trust (NYSE:PMT) Receives $13.88 Consensus Target Price from Analysts

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) have earned a consensus rating of “Hold” from the seven brokerages that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $13.8750.

PMT has been the topic of a number of analyst reports. Wells Fargo & Company initiated coverage on shares of PennyMac Mortgage Investment Trust in a research note on Monday, August 25th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of PennyMac Mortgage Investment Trust in a research note on Wednesday, October 8th. Zacks Research raised shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 21st. Keefe, Bruyette & Woods lowered shares of PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $14.50 to $13.50 in a research note on Friday, July 25th. Finally, UBS Group upped their price objective on shares of PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the company a “neutral” rating in a research note on Friday, October 24th.

PennyMac Mortgage Investment Trust Price Performance

Shares of NYSE:PMT opened at $12.19 on Friday. The firm has a 50 day moving average of $12.23 and a 200-day moving average of $12.43. The stock has a market capitalization of $1.06 billion, a PE ratio of 13.39, a PEG ratio of 2.73 and a beta of 1.29. The company has a current ratio of 0.57, a quick ratio of 0.80 and a debt-to-equity ratio of 0.66. PennyMac Mortgage Investment Trust has a 12 month low of $11.60 and a 12 month high of $14.93.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Tuesday, October 21st. The real estate investment trust reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.19. The business had revenue of $99.23 million during the quarter, compared to analysts’ expectations of $97.91 million. PennyMac Mortgage Investment Trust had a net margin of 37.92% and a return on equity of 9.01%. On average, equities research analysts predict that PennyMac Mortgage Investment Trust will post 1.54 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 24th. Shareholders of record on Friday, October 10th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 13.1%. The ex-dividend date of this dividend was Friday, October 10th. PennyMac Mortgage Investment Trust’s payout ratio is 175.82%.

Insiders Place Their Bets

In other PennyMac Mortgage Investment Trust news, Director Catherine A. Lynch bought 2,823 shares of the firm’s stock in a transaction dated Monday, September 22nd. The stock was bought at an average cost of $12.02 per share, with a total value of $33,932.46. Following the completion of the transaction, the director directly owned 54,711 shares in the company, valued at approximately $657,626.22. The trade was a 5.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 0.92% of the company’s stock.

Institutional Trading of PennyMac Mortgage Investment Trust

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in PennyMac Mortgage Investment Trust by 0.3% during the first quarter. Vanguard Group Inc. now owns 9,623,312 shares of the real estate investment trust’s stock worth $140,982,000 after buying an additional 30,334 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of PennyMac Mortgage Investment Trust by 0.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,895,196 shares of the real estate investment trust’s stock worth $86,365,000 after purchasing an additional 20,578 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of PennyMac Mortgage Investment Trust by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,096,625 shares of the real estate investment trust’s stock worth $26,966,000 after purchasing an additional 28,689 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of PennyMac Mortgage Investment Trust by 0.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,525,689 shares of the real estate investment trust’s stock worth $22,351,000 after purchasing an additional 5,295 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of PennyMac Mortgage Investment Trust by 5.0% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,402,505 shares of the real estate investment trust’s stock worth $18,036,000 after purchasing an additional 67,404 shares in the last quarter. Hedge funds and other institutional investors own 67.38% of the company’s stock.

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.