Analysts at Wedbush assumed coverage on shares of PennyMac Mortgage Investment Trust (NYSE:PMT) in a research report issued to clients and investors on Wednesday. The brokerage set a “neutral” rating and a $16.75 price target on the stock. Wedbush’s price objective points to a potential upside of 16.72% from the stock’s previous close.

A number of other equities research analysts also recently commented on PMT. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $18.50 price objective (up previously from $17.00) on shares of PennyMac Mortgage Investment Trust in a report on Monday, June 13th. Zacks Investment Research upgraded PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a report on Friday, July 29th. Barclays PLC set a $15.00 price objective on PennyMac Mortgage Investment Trust and gave the company a “hold” rating in a report on Monday, July 25th. Finally, Bank of America Corp. downgraded PennyMac Mortgage Investment Trust from a “neutral” rating to an “underperform” rating in a report on Tuesday, July 12th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. PennyMac Mortgage Investment Trust has a consensus rating of “Hold” and an average target price of $16.61.

Analyst Recommendations for PennyMac Mortgage Investment Trust (NYSE:PMT)

Shares of PennyMac Mortgage Investment Trust (NYSE:PMT) opened at 14.35 on Wednesday. The firm has a market capitalization of $970.85 million, a price-to-earnings ratio of 16.63 and a beta of 0.64. The stock’s 50 day moving average price is $15.19 and its 200 day moving average price is $15.02. PennyMac Mortgage Investment Trust has a one year low of $10.91 and a one year high of $16.93.

PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by $0.30. The company earned $47.60 million during the quarter, compared to the consensus estimate of $67.85 million. PennyMac Mortgage Investment Trust had a net margin of 26.07% and a return on equity of 4.41%. The company’s revenue for the quarter was down 31.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 EPS. Analysts expect that PennyMac Mortgage Investment Trust will post $2.52 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 27th. Shareholders of record on Friday, October 7th will be issued a $0.47 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $1.88 annualized dividend and a dividend yield of 13.10%. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 229.27%.

In other PennyMac Mortgage Investment Trust news, Director Scott W. Carnahan purchased 3,341 shares of the stock in a transaction on Wednesday, September 21st. The stock was bought at an average cost of $15.22 per share, for a total transaction of $50,850.02. Following the completion of the acquisition, the director now directly owns 49,203 shares of the company’s stock, valued at $748,869.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey Grogin sold 12,694 shares of the stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $16.23, for a total value of $206,023.62. The disclosure for this sale can be found here. 1.80% of the stock is owned by company insiders.

Large investors have recently made changes to their positions in the company. Magnetar Financial LLC increased its position in PennyMac Mortgage Investment Trust by 1.0% in the first quarter. Magnetar Financial LLC now owns 26,337 shares of the company’s stock worth $359,000 after buying an additional 256 shares during the last quarter. Wedbush Securities Inc. increased its position in PennyMac Mortgage Investment Trust by 0.7% in the second quarter. Wedbush Securities Inc. now owns 39,240 shares of the company’s stock worth $637,000 after buying an additional 273 shares during the last quarter. Whittier Trust Co. increased its position in PennyMac Mortgage Investment Trust by 1.2% in the second quarter. Whittier Trust Co. now owns 43,854 shares of the company’s stock worth $711,000 after buying an additional 533 shares during the last quarter. Teacher Retirement System of Texas increased its position in PennyMac Mortgage Investment Trust by 6.2% in the second quarter. Teacher Retirement System of Texas now owns 9,640 shares of the company’s stock worth $156,000 after buying an additional 565 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in PennyMac Mortgage Investment Trust by 10.4% in the second quarter. Public Employees Retirement System of Ohio now owns 6,707 shares of the company’s stock worth $109,000 after buying an additional 633 shares during the last quarter. Institutional investors own 61.30% of the company’s stock.

PennyMac Mortgage Investment Trust Company Profile

PennyMac Mortgage Investment Trust is a specialty finance company that invests primarily in residential mortgage loans and mortgage-related assets. The Company conducts all of its operations, and makes all of its investments, through PennyMac Operating Partnership, L.P. and its subsidiaries. It operates through two segments: correspondent production and investment activities.

5 Day Chart for NYSE:PMT

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