Citizens Jmp Cuts PennyMac Mortgage Investment Trust (NYSE:PMT) Price Target to $15.00

PennyMac Mortgage Investment Trust (NYSE:PMT) had its price objective reduced by Citizens Jmp from $15.50 to $15.00 in a report published on Thursday morning,Benzinga reports. They currently have a market outperform rating on the real estate investment trust’s stock.

PMT has been the topic of a number of other reports. Citigroup reiterated an “outperform” rating on shares of PennyMac Mortgage Investment Trust in a research report on Thursday. Zacks Research raised PennyMac Mortgage Investment Trust from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 21st. Keefe, Bruyette & Woods upgraded PennyMac Mortgage Investment Trust from a “market perform” rating to an “outperform” rating and set a $13.50 target price on the stock in a research note on Thursday, December 18th. UBS Group boosted their price target 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. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of PennyMac Mortgage Investment Trust in a report on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, PennyMac Mortgage Investment Trust currently has an average rating of “Hold” and an average target price of $13.75.

PennyMac Mortgage Investment Trust Price Performance

PMT opened at $13.40 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 4.72. The company’s 50-day moving average price is $12.85 and its 200 day moving average price is $12.47. PennyMac Mortgage Investment Trust has a fifty-two week low of $11.60 and a fifty-two week high of $14.93. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 14.72, a price-to-earnings-growth ratio of 1.10 and a beta of 1.27.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 23rd. Stockholders of record on Friday, December 26th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 11.9%. The ex-dividend date of this dividend was 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 related 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 acquired at an average price of $12.40 per share, with a total value of $124,000.00. Following the completion of the acquisition, the chief executive officer directly owned 357,794 shares of the company’s stock, valued at $4,436,645.60. This trade represents a 2.88% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.92% of the stock is currently owned by corporate insiders.

Institutional Trading of PennyMac Mortgage Investment Trust

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its holdings in shares of PennyMac Mortgage Investment Trust by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,096,625 shares of the real estate investment trust’s stock valued at $26,966,000 after acquiring an additional 28,689 shares in the last quarter. Bank of New York Mellon Corp lifted its position in PennyMac Mortgage Investment Trust by 4.1% in the second 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 period. Norges Bank bought a new position in PennyMac Mortgage Investment Trust during the 2nd quarter valued at $2,982,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of PennyMac Mortgage Investment Trust during the 2nd quarter valued at $482,000. Finally, Boston Partners raised its stake in shares of PennyMac Mortgage Investment Trust by 20.9% in the 2nd quarter. Boston Partners now owns 1,249,758 shares of the real estate investment trust’s stock worth $15,873,000 after buying an additional 216,056 shares in the last quarter. 67.38% of the stock is currently owned by institutional investors.

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.