PennyMac Mortgage Investment Trust (PMT) Receives Consensus Rating of “Hold” from Analysts
PennyMac Mortgage Investment Trust (NYSE:PMT) has earned a consensus recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $18.50.
Several research firms have recently commented on PMT. Zacks Investment Research upgraded PennyMac Mortgage Investment Trust from a “sell” rating to a “hold” rating in a research note on Thursday, October 5th. ValuEngine cut PennyMac Mortgage Investment Trust from a “buy” rating to a “hold” rating in a research note on Monday, November 6th. Finally, Keefe, Bruyette & Woods cut PennyMac Mortgage Investment Trust from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $19.00 to $18.00 in a research note on Tuesday, October 10th.
In related news, insider David Spector sold 18,750 shares of the firm’s stock in a transaction dated Wednesday, October 4th. The stock was sold at an average price of $17.61, for a total transaction of $330,187.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 56,250 shares of company stock worth $973,313 over the last ninety days. 2.08% of the stock is owned by corporate insiders.
PennyMac Mortgage Investment Trust (NYSE:PMT) traded down $0.19 on Tuesday, reaching $16.07. 443,000 shares of the company were exchanged, compared to its average volume of 492,159. The firm has a market cap of $1,053.68, a P/E ratio of 11.32 and a beta of 0.52. PennyMac Mortgage Investment Trust has a 12-month low of $14.87 and a 12-month high of $18.46. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.78 and a current ratio of 0.78.
PennyMac Mortgage Investment Trust (NYSE:PMT) last released its quarterly earnings results on Thursday, November 2nd. The real estate investment trust reported $0.20 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.18). The company had revenue of $75.80 million during the quarter, compared to analysts’ expectations of $81.72 million. PennyMac Mortgage Investment Trust had a return on equity of 7.59% and a net margin of 36.07%. The firm’s revenue was down 26.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.06 EPS. analysts expect that PennyMac Mortgage Investment Trust will post 1.32 EPS for the current year.
PennyMac Mortgage Investment Trust announced that its Board of Directors has authorized a stock buyback program on Wednesday, December 20th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the real estate investment trust to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 26th. Shareholders of record on Friday, December 29th will be given a $0.47 dividend. This represents a $1.88 annualized dividend and a yield of 11.70%. The ex-dividend date of this dividend is Thursday, December 28th. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 132.39%.
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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. (its Operating Partnership) and its subsidiaries.
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