PennyMac Mortgage Investment Trust (NYSE:PMT) Shares Pass Above 200-Day Moving Average – What’s Next?

PennyMac Mortgage Investment Trust (NYSE:PMT) shares crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.41 and traded as high as $13.24. PennyMac Mortgage Investment Trust shares last traded at $13.1840, with a volume of 1,525,759 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PMT shares. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Wells Fargo & Company started 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. Keefe, Bruyette & Woods upgraded shares of PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and set a $13.50 price objective for the company in a research report on Thursday. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a report on Monday. Finally, UBS Group increased their price target on shares of PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the stock a “neutral” rating in a report on Friday, October 24th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, PennyMac Mortgage Investment Trust has an average rating of “Hold” and an average price target of $13.88.

PennyMac Mortgage Investment Trust Stock Performance

The stock’s 50 day moving average price is $12.41 and its two-hundred day moving average price is $12.41. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 4.72. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of 14.49, a PEG ratio of 2.56 and a beta of 1.28.

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

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 23rd. Investors of record on Friday, December 26th will be issued a $0.40 dividend. The ex-dividend date is Friday, December 26th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 12.1%. PennyMac Mortgage Investment Trust’s dividend payout ratio is currently 175.82%.

Insider Activity at PennyMac Mortgage Investment Trust

In other news, CEO David Spector acquired 10,000 shares of PennyMac Mortgage Investment Trust stock in a transaction that occurred on Monday, November 17th. The stock was purchased at an average cost of $12.40 per share, with a total value of $124,000.00. Following the completion of the acquisition, the chief executive officer owned 357,794 shares in the company, valued at $4,436,645.60. This trade represents a 2.88% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Catherine A. Lynch bought 2,823 shares of the stock in a transaction on Monday, September 22nd. The stock was purchased at an average cost of $12.02 per share, for a total transaction of $33,932.46. Following the acquisition, the director directly owned 54,711 shares of the company’s stock, valued at $657,626.22. The trade was a 5.44% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 14,293 shares of company stock valued at $176,557 over the last ninety days. 0.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PennyMac Mortgage Investment Trust

Several hedge funds have recently added to or reduced their stakes in PMT. Trust Co. of Vermont acquired a new position in PennyMac Mortgage Investment Trust during the second quarter worth about $25,000. Allworth Financial LP increased its stake 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 purchasing an additional 2,003 shares in the last quarter. Signaturefd LLC raised its position in shares of PennyMac Mortgage Investment Trust by 53.8% during the 2nd quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust’s stock worth $32,000 after purchasing an additional 870 shares during the last quarter. CWM LLC lifted its stake in PennyMac Mortgage Investment Trust by 57.7% in the 3rd quarter. CWM LLC now owns 2,943 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 1,077 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings 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 valued at $48,000 after buying an additional 2,162 shares during the last quarter. 67.38% of the stock is currently owned by hedge funds and other institutional investors.

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.