PennyMac Mortgage Investment Trust (NYSE:PMT) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

PennyMac Mortgage Investment Trust (NYSE:PMT) announced its quarterly earnings results on Wednesday. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.07), Zacks reports. PennyMac Mortgage Investment Trust had a return on equity of 10.71% and a net margin of 41.38%.

PennyMac Mortgage Investment Trust Stock Down 1.1%

Shares of PennyMac Mortgage Investment Trust stock traded down $0.10 during trading on Wednesday, reaching $9.69. The company had a trading volume of 1,433,429 shares, compared to its average volume of 1,274,456. The company has a market cap of $844.71 million, a price-to-earnings ratio of 8.42, a price-to-earnings-growth ratio of 0.62 and a beta of 1.13. The firm’s fifty day moving average is $10.27 and its 200-day moving average is $11.43. The company has a debt-to-equity ratio of 7.99, a quick ratio of 1.39 and a current ratio of 1.39. PennyMac Mortgage Investment Trust has a fifty-two week low of $9.56 and a fifty-two week high of $13.81.

PennyMac Mortgage Investment Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Thursday, July 9th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 16.5%. The ex-dividend date of this dividend was Thursday, July 9th. PennyMac Mortgage Investment Trust’s dividend payout ratio (DPR) is currently 139.13%.

Analyst Ratings Changes

PMT has been the subject of several analyst reports. Piper Sandler decreased their target price on 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. Wells Fargo & Company lowered their price objective on shares of PennyMac Mortgage Investment Trust from $13.00 to $12.00 and set an “equal weight” rating for the company in a research report on Thursday, May 7th. Wall Street Zen cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded shares of PennyMac Mortgage Investment Trust from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, May 21st. Finally, Zacks Research cut shares of PennyMac Mortgage Investment Trust from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $12.80.

Institutional Trading of PennyMac Mortgage Investment Trust

Several hedge funds and other institutional investors have recently bought and sold shares of PMT. Invesco Ltd. lifted its holdings in PennyMac Mortgage Investment Trust by 8.8% during the 3rd quarter. Invesco Ltd. now owns 2,204,584 shares of the real estate investment trust’s stock worth $27,028,000 after buying an additional 178,834 shares during the last quarter. Geode Capital Management LLC grew its position in shares of PennyMac Mortgage Investment Trust by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 2,113,185 shares of the real estate investment trust’s stock worth $26,524,000 after acquiring an additional 11,764 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of PennyMac Mortgage Investment Trust by 7.0% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,501,206 shares of the real estate investment trust’s stock valued at $18,405,000 after acquiring an additional 98,701 shares during the last quarter. Millennium Management LLC increased its holdings in shares of PennyMac Mortgage Investment Trust by 41.8% in the 3rd quarter. Millennium Management LLC now owns 1,339,158 shares of the real estate investment trust’s stock valued at $16,418,000 after acquiring an additional 394,497 shares during the last quarter. Finally, Barclays PLC raised its position in shares of PennyMac Mortgage Investment Trust by 93.2% during the 3rd quarter. Barclays PLC now owns 992,581 shares of the real estate investment trust’s stock valued at $12,169,000 after acquiring an additional 478,947 shares in the last quarter. 67.38% of the stock is owned by institutional investors.

PennyMac Mortgage Investment Trust Company Profile

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.