PennyMac Mortgage Investment Trust (NYSE:PMT) Reaches New 12-Month Low – What’s Next?

PennyMac Mortgage Investment Trust (NYSE:PMT)’s share price hit a new 52-week low on Wednesday . The stock traded as low as $9.80 and last traded at $9.8350, with a volume of 1977170 shares. The stock had previously closed at $10.12.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PMT shares. Wells Fargo & Company cut their target price on PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. Weiss Ratings cut PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Keefe, Bruyette & Woods restated a “market perform” rating and set a $12.00 price objective (down from $13.50) on shares of PennyMac Mortgage Investment Trust in a research report on Friday, May 8th. Piper Sandler decreased their target price on shares of PennyMac Mortgage Investment Trust from $13.00 to $11.50 and set a “neutral” rating for the company in a research report on Tuesday, May 26th. Finally, Zacks Research lowered shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, PennyMac Mortgage Investment Trust presently has an average rating of “Hold” and an average price target of $12.80.

PennyMac Mortgage Investment Trust Stock Down 2.8%

The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 7.99. The firm has a market cap of $857.61 million, a P/E ratio of 8.55, a PEG ratio of 0.65 and a beta of 1.13. The stock’s 50-day simple moving average is $10.44 and its 200 day simple moving average is $11.63.

PennyMac Mortgage Investment Trust (NYSE:PMT) last issued its quarterly earnings results on Tuesday, May 5th. The real estate investment trust reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.20). PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.The business had revenue of $233.25 million for the quarter, compared to analyst estimates of $92.92 million. As a group, research analysts forecast that PennyMac Mortgage Investment Trust will post 1.16 EPS for the current fiscal year.

PennyMac Mortgage Investment Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Thursday, July 9th will be given a dividend of $0.40 per share. The ex-dividend date is Thursday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 16.3%. PennyMac Mortgage Investment Trust’s dividend payout ratio is presently 139.13%.

Institutional Investors Weigh In On PennyMac Mortgage Investment Trust

A number of hedge funds have recently added to or reduced their stakes in PMT. Bessemer Group Inc. boosted its holdings in shares of PennyMac Mortgage Investment Trust by 142.1% during the 1st quarter. Bessemer Group Inc. now owns 2,189 shares of the real estate investment trust’s stock worth $25,000 after buying an additional 1,285 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at $26,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of PennyMac Mortgage Investment Trust in the 4th quarter valued at $33,000. GAMMA Investing LLC lifted 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 valued at $35,000 after acquiring an additional 1,395 shares during the period. Finally, Clearstead Advisors LLC lifted its position in shares of PennyMac Mortgage Investment Trust by 184.3% during the 4th quarter. Clearstead Advisors LLC now owns 2,800 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 1,815 shares during the period. 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.