PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target Cut to $15.00 by Analysts at Citizens Jmp

PennyMac Mortgage Investment Trust (NYSE:PMT) had its target price lowered by Citizens Jmp from $15.50 to $15.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a market outperform rating on the real estate investment trust’s stock.

A number of other research firms have also commented on PMT. Citigroup restated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday. Weiss Ratings restated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a report on Monday, December 29th. Keefe, Bruyette & Woods raised PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and set a $13.50 price target for the company in a report on Thursday, December 18th. UBS Group increased their price objective 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. Finally, 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. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.75.

PennyMac Mortgage Investment Trust Stock Down 0.4%

PMT opened at $13.25 on Thursday. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 14.56, a PEG ratio of 1.09 and a beta of 1.27. The company has a debt-to-equity ratio of 4.72, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day simple moving average is $12.83 and its 200-day simple moving average is $12.47. PennyMac Mortgage Investment Trust has a twelve month low of $11.60 and a twelve month high of $14.93.

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

PennyMac Mortgage Investment Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 23rd. Stockholders of record on Friday, December 26th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 12.1%. The ex-dividend date of this dividend is Friday, December 26th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is 175.82%.

Insider Buying and Selling at PennyMac Mortgage Investment Trust

In other PennyMac Mortgage Investment Trust news, CEO David Spector purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average cost of $12.40 per share, with a total value of $124,000.00. Following the completion of the purchase, the chief executive officer directly owned 357,794 shares in the company, valued at approximately $4,436,645.60. This represents a 2.88% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.92% of the stock is currently owned by company insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

Several institutional investors and hedge funds have recently made changes to their positions in PMT. Trust Co. of Vermont acquired a new position in shares of PennyMac Mortgage Investment Trust in the 2nd quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new stake in PennyMac Mortgage Investment Trust in the fourth quarter valued at about $26,000. Allworth Financial LP boosted its holdings in PennyMac Mortgage Investment Trust by 1,741.7% during the second 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. Signaturefd LLC boosted its holdings in PennyMac Mortgage Investment Trust by 53.8% during the second quarter. Signaturefd LLC now owns 2,486 shares of the real estate investment trust’s stock worth $32,000 after buying an additional 870 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in shares of PennyMac Mortgage Investment Trust by 102.8% during the 4th quarter. GAMMA Investing LLC now owns 2,752 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 1,395 shares during the period. Institutional investors own 67.38% of the company’s stock.

About PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust (NYSE: PMT) is a publicly traded real estate investment trust (REIT) that primarily acquires and manages residential mortgage loans and mortgage-related assets. The company focuses on generating attractive risk-adjusted returns through investment in agency and non-agency residential mortgage pools, credit risk transfer securities, and residential mortgage whole loans. As a mortgage REIT, PennyMac Investment Trust seeks to capture both interest rate spread and potential price appreciation in its portfolio holdings.

Established with external management by PennyMac Financial Services, Inc, the trust leverages the sponsor’s mortgage servicing, underwriting and capital markets expertise.