PennyMac Mortgage Investment Trust (NYSE:PMT) Stock Passes Above 200-Day Moving Average – Here’s What Happened

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.48 and traded as high as $12.72. PennyMac Mortgage Investment Trust shares last traded at $12.51, with a volume of 772,196 shares trading hands.

Analyst Ratings Changes

Several equities research analysts have recently commented on PMT shares. Keefe, Bruyette & Woods upgraded 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 research note on Thursday, December 18th. Weiss Ratings restated a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a research report on Monday, December 29th. UBS Group lifted their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $13.50 and gave the company a “neutral” rating in a report on Friday, October 24th. Citizens Jmp cut their price target on shares of PennyMac Mortgage Investment Trust from $15.50 to $15.00 and set a “market outperform” rating for the company in a report on Thursday, January 22nd. Finally, Zacks Research upgraded shares of PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, PennyMac Mortgage Investment Trust presently has a consensus rating of “Hold” and an average target price of $13.75.

PennyMac Mortgage Investment Trust Trading Down 1.0%

The company has a quick ratio of 0.88, a current ratio of 0.64 and a debt-to-equity ratio of 0.76. The business’s fifty day moving average is $12.82 and its 200 day moving average is $12.48. The stock has a market cap of $1.09 billion, a PE ratio of 12.77, a P/E/G ratio of 1.04 and a beta of 1.27.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its earnings results on Thursday, January 29th. The real estate investment trust reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $33.20 million during the quarter, compared to analysts’ expectations of $96.96 million. PennyMac Mortgage Investment Trust had a net margin of 41.59% and a return on equity of 9.53%. As a group, analysts predict that PennyMac Mortgage Investment Trust will post 1.54 earnings per share for the current year.

PennyMac Mortgage Investment Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, January 23rd. Shareholders of record on Friday, December 26th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 12.8%. The ex-dividend date was Friday, December 26th. PennyMac Mortgage Investment Trust’s payout ratio is presently 163.27%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC grew its stake in PennyMac Mortgage Investment Trust by 36.7% in the 1st quarter. AQR Capital Management LLC now owns 16,155 shares of the real estate investment trust’s stock valued at $237,000 after acquiring an additional 4,335 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of PennyMac Mortgage Investment Trust in the first quarter valued at about $4,166,000. Intech Investment Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 1.3% in the first quarter. Intech Investment Management LLC now owns 109,272 shares of the real estate investment trust’s stock valued at $1,601,000 after purchasing an additional 1,411 shares during the last quarter. Bank of Montreal Can increased its stake in shares of PennyMac Mortgage Investment Trust by 37.0% during the 2nd quarter. Bank of Montreal Can now owns 18,816 shares of the real estate investment trust’s stock worth $242,000 after purchasing an additional 5,086 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of PennyMac Mortgage Investment Trust by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 709,370 shares of the real estate investment trust’s stock worth $9,122,000 after purchasing an additional 28,206 shares during the last quarter. Institutional investors and hedge funds 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.